World Bank highlights strategic importance of AUD
In the wake of its return as a Kangaroo and Kauri issuer, the World Bank (AAA/Aaa/AAA) has reaffirmed its strategic commitment to the growing Australian market and expressed satisfaction at the development of opportunities in New Zealand. On February 3 the World Bank sold a A$1.5 billion (US$1.3 billion) Kangaroo and a NZ$300 million (US$205.95 million) Kauri in its first Australasian transactions of 2010.Guaranteed era over for Australian banks with states to follow
The Australian government is confident that the country's smaller banks will be able to fund themselves subsequent to the withdrawal of the guarantee on bank funding, which federal treasurer, Wayne Swan, said will occur on March 31. While the domestic big four banks have already moved away from guaranteed funding, the market for unguaranteed paper from lower-rated Australian financial-institutions (FI) has yet to reopen.