NSW plans mini budget in battle to save TCorp's AAA rating
New South Wales (NSW) will issue a mini budget by the end of October as the postponement of its plan to sell off electricity assets led Standard & Poor’s (S&P) to revise its outlook on the state to negative. An S&P report, issued after the Australian close on August 28, had a negative impact on the price of bonds of both NSW Treasury Corporation (TCorp) and other Australian states.Local demand robust as BNZ prices another domestic
Bank of New Zealand (AA/Aa2) (BNZ) says domestic demand for bank paper is holding up in the wake of a self-led NZ$60 million (US$42.29 million) increase to its 2011 line, which priced at 90 basis points over three-month mid-rate swap on August 25.
BoS 2011 illustrates new credit pricing regime
Pricing of the A$525 million (US$453.39 million) 2010 deal brought by Bank of Scotland Australia Branch (AA/Aa1) (BoS) on August 14 is indicative of an environment in which investors are differentiating more between credits in the same ratings band, fund managers say.