APRA offers significant concessions to securitisers in new APS 120 draft
The latest draft version of APS 120, the Australian Prudential Regulation Authority (APRA) rules governing securitisation, offers securitisers more user-friendly oversight than that set out in previous iterations of the standard. Significant moves include a potentially lighter-touch warehouse regime, the removal of a range of restrictions which many believed would block the development of master trusts in Australia, and the end of proposed 'skin in the game' requirements.
Intel debuts in Australia with A$800 million, two-tranche deal [UPDATED]
Intel Corporation (Intel) (A+/A1/A+) priced its debut Kangaroo deal late in the Australian day on November 24. The deal includes fixed-rate tranches of four- and seven-year maturity but did not print the four-year floating-rate notes which were sounded. It follows a series of calls with Australian investors which began on November 18.
AOFM puts its RMBS divestment programme on hold
After selling zero volume in its latest auction of residential mortgage-backed securities (RMBS), the Australian Office of Financial Management (AOFM) revealed on November 5 that the auctions scheduled for November and December 2015 would not proceed and that no auction will be held in January next year.
"Unquestionably strong" not just a capital issue, APRA's Byres says
Wayne Byres, chairman of the Australian Prudential Regulation Authority (APRA), used a November 5 speech to highlight the process of ensuring Australian banks are "unquestionably strong" as a key focus for 2016. However, Byres also gave a nod to recent capital-raising efforts when acknowledging local banks' solid starting place for next year's dialogue.
Westpac's capital position maintains the unified big-four front
Westpac Banking Corporation (Westpac)'s annual results for the year ending September 30 2015, published on November 2, maintain the recent trend for Australian major banks' common-equity tier-one (CET1) capital ratios to fall into a very narrow band. Westpac reported CET1 of 9.5 per cent at the end of its financial year.