Debt Markets Week in Review

Size: px
Start display at page:

Download "Debt Markets Week in Review"

Transcription

1 A$ billion Debt Markets Week in Review Friday, 5 July 213 Debt Capital Markets Key events of the past week The retail hybrid market continues to perform strongly with ANZ launching Australia s first retail debt offering for the financial year in a new Basel III compliant tier one hybrid (CBA acting as Joint Lead Manager and Bookrunner). This follows similar transactions by Westpac, NAB and Macquarie Group earlier this calendar year (CBA acted as Joint Lead Manager and Bookrunner on each of these transactions). The ANZ Capital Notes offer is seeking to raise approximately A$75m at an expected margin of 6m BBSW bps, to be determined via a bookbuild with the final margin to be announced on Tuesday, 9th July. Domestically, the RBA left the cash rate unchanged at 2.75% on Tuesday in line with market expectations. The QII CPI data is widely considered to be a key determinant of the RBA s actions in August. Economic data was mixed this week, with residential building approvals falling by 1.1% in May and retail trade growing by.1% in May (market consensus:.3%). The May trade balance beat market expectations, with a trade surplus increase ($.7bn) in May due to a 3.6% increase in exports. Offshore, concerns over the strength of the Portuguese government have reignited fears of a Eurozone collapse. Market focus has also returned to the Greek debt crisis as the latest review of Greece s assistance program is underway. US economic news released Friday shows an increase in non-farm payrolls of 195k in June (market consensus: 165k), with the unemployment rate unchanged at 7.6%. The week ahead Domestically, there will be a number of key economic data releases this week. Consumer and business sentiment updates and June employment figures will be released on Wednesday and Thursday respectively with housing lending data closing the week on Friday. Offshore, the economic releases of note will be Chinese June CPI growth figures on Tuesday and the FOMC June meeting minutes on Thursday. Australian credit market conditions Credit spreads are largely unchanged this week, with the Australian generic 5 year itraxx closing the week at 138bps. Australian 3Y and 1Y bond yields have ended the week broadly unchanged since last week with 3Y and 1Y bond futures closing the week at and respectively. A$ MTN primary issuance update Rating Issuer Format Issuer Issue Maturity Amount Coupon Spread to benchmark No new issuance this week 213 primary issuance table Sector 213 year to date 212 year to date Comparison SSA A$1.3b A$13.21b -A$3.18b Domestic Banks A$14.14b A$24.95b -A$1.81b Foreign Bank/Branches A$7.87b A$7.54b +A$.33b Non-Bank Financial A$2.49b A$1.64b +A$2.85b Corporate A$2.9b A$3.2b -A$.27b Semi Government A$14.51b A$5.98b +A$8.53b Total A$51.93b A$56.51b -A$8b Source: CBA and Bloomberg Retail and Hybrid Market ANZ launched a A$75 million tier one hybrid transaction (see above). Hybrid Secondary Trading Margins Weekly Average Security Maturity/ Call Date Issue Margin Trading Margin CTXHA Sep % 3.496% AQHHA Mar % 3.241% CWNHA Sep-18 5.% 4.144% WBCPC Mar % 3.565% ANZPC Sep % 3.517% SUNPD Nov % 2.933% CBAPC, WBCPD, Dec-18, Mar- 3.8%, 3.2%, NABPA (Avg) 19, Mar % 3.139% NABHB, ANZHA, Jun-17, Jun-17, WBCHA (Avg) Aug % 2.328% A$ Hybrid Market Primary Issuance CY5 CY6 CY7 CY8 CY9 CY1 CY11 CY12 CY13 Non-financials Financials Contacts Global Debt Markets Debt Capital Markets Syndicated Loan Markets Asian Syndicated Loan Markets Simon Ling Rob Kenna Loretta Venton Ninghong Xie European & US Debt Capital Markets NZ Debt Capital Markets European Syndicated Loan Markets Debt Markets Securitisation Jan Keller Simon Rutz Andrew Powderly Rob Verlander

2 Margin %p.a. Margin %p.a. US$ (Billions) Debt Markets Week in Review Friday, 5 July 213 \Loan Markets The Loan Markets & Syndications team would be pleased to provide clients any updates on the Syndicated Loan Markets. For copies of the LMU 1H213, please contact Dzung Tran or Grazia Zappia (Dzung.Tran@cba.com,au & Grazia.Zappia@cba.com.au). AU/NZ Monthly Loan Volume Jan Feb Mar Apr May Jun* Jul Aug Sep Oct Nov Dec 3 Year Indicative Pricing Spread 5 Year Indicative Pricing Spread Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 A- BBB+ BBB BBB Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 A- BBB+ BBB BBB- Securitisation Fitch has released its half yearly report "Australian Mortgage Delinquency by Postcode -31 March 213". Delinquency rates across Australia have increased to 1.45% from 1.2% at the end of September 212, but remains below the five year average of 1.53%. Increased arrears, particularly in low income/high unemployment regions, indicate RBA s decision to reduce the cash rate did not positively impact mortgage performance in the six months to March 213. Australian Securitisation Issuance Summary Domestic and Offshore YTD Type YTD 213 YTD Comparison RMBS Prime $12.47b $4.1b $1.64b + $6.54b RMBS Non-conforming $.9b $.6b $1.5b + $.45b ABS $5.12b $1.81b $b + $.69b CMBS b +.25b Total Securitisation Issuance $18.49b $6.51b $14.43b + $7.93b Australian Securitisation Primary Pricing Summary b Prime RMBS ABS Non Conforming RMBS CMBS Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Contacts Global Debt Markets Debt Capital Markets Syndicated Loan Markets Asian Syndicated Loan Markets Simon Ling Rob Kenna Loretta Venton Ninghong Xie European & US Debt Capital Markets NZ Debt Capital Markets European Syndicated Loan Markets Debt Markets Securitisation Jan Keller Simon Rutz Andrew Powderly Rob Verlander

3 Swap rate % Basis Swap (bps) Premium (bps) VIX (%) Spread (bps) A$ billion A$ billion Debt Capital Markets Market Data Domestic Corporate & Bank A$ MTN Issuance Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Non-Bank Financial Corporate Bank (Non-GG) Monthly A$ Maturities Jul-13 Aug-13 Sep-13 All Other Corporate Market Trends itraxx and Volatility 2 6% 16 4% 12 2% 8 % Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 itraxx VIX Major Bank 5 Year CDS Fri, 7 Jun 13 Fri, 21 Jun 13 Fri, 5 Jul 13 Major Bank Average Senior CDS Swap Rates Australian Swap Rates Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 5 Year Swap 1 Year Swap Australian Basis Swap Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 5 year 1 year Key Rates Actual Forecasts 5 Jul-13 Sep-13 Dec-13 Mar-14 Jun-14 RBA Cash Rate 2.75% % % % % AUD/USD day Bank Bill 2.83% 2.4% 2.4% % 2.6% 18-day Bank Bill 2.81% 2.3% 2.4% % 2.6% ACGB 3 Year 2.79% 2.7% 2.75% 2.9% 3.5% ACGB 1 Year 3.8% 3.5% 3.6% 3.7% 3.8%

4 Equity Capital Markets Market Update The ASX2 ended the week.8% higher as investor sentiment was boosted by the European central banks' commitment to continuing stimulus. Energy led the gains for the week, closing 3.5% higher as the turmoil in the Middle East pushed oil prices higher, whilst Staples led the losses, closing.7% lower. It was a muted week for equity capital market activity, with $112m raised via 3 transactions. GI Dynamics (ASX: GID) announced the largest deal of the week via a $58m placement to be accompanied by a $m SPP. The deal was upsized from an initial $35m, priced at $.53 per CDI, representing a 1.9% discount to last close with the proceeds raised to fund its US clinical trial for the EndoBarrier device and working capital. Bell Potter and Lazard Capital Markets acted as joint lead managers to the deal, with the latter managing the US portion of the placement. Galaxy Resources (ASX: GXY) also announced a $47m 1-for-1 non renounceable entitlement offer during the week, after being postponed from its first announcement on 27 May. The deal priced at $.8 per share, representing a 48.4% discount to TERP, with the proceeds raised to reduce debt, restructure the balance sheet and working capital. The deal was non underwritten but managed by Patersons. Block trades for FY14 kicked off with NEXTDC (ASX: NXT) selling its entire stake in Asia Pacific Data Centre Group (ASX: AJD) worth $28m. The block was conducted at $1.7 per security through RBS Morgans, representing a 5.3% discount to last close, with the proceeds used to fund the fit out of its S1 and M1 facilities. In the IPO market, insurance broker Steadfast Group has recently lodged its prospectus with an IPO book build date set for 3 July with a listing in August. The offer is expected to raise up to $522m with a price range of $1.-$1.2 per share, for a listing market capitalisation of $622m. JP Morgan and Macquarie Capital are acting as the joint lead managers to the deal. Market Data Issuance by Type ($bn) (deals over 1m) ECM issuance by size & sector ($bn) LTM Top 1 (1) 11-2 (19) Ex 2 (176) Ind x Fin (85) Fin (12) Mining (68) Prop (23) O&G (17) Placements Entitlement offers IPOs Pricing and Volatility Equity market performance local currency LTM indexed to ASX2 5,4 5,2 5, 4,8 4,6 4,4 4,2 4, 3,8 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul ASX2 MSCI World S&P5 ASX2 3-day Volatility & VIX Index (LTM) 3% 25% 2% 15% 1% 5% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul ASX2 3d volatility VIX Index 4 of 5

5 Disclaimer This document is produced by Commonwealth Bank of Australia ABN AFSL (Commonwealth Bank), a company incorporated in Australia with limited liability. The information is based on data collected from the relevant issuers. This is not a research report and is not generated by Commonwealth Research. The information contained in this document is made available only for persons who are wholesale clients and sophisticated investors in Australia as defined in the Corporations Act 21. This document is not, and is not intended to be, an offer or invitation for subscription or sale, or a recommendation, with respect to any securities or financial products discussed in this document, nor is it to form the basis of any contract or commitment. Information in this document should be regarded as provided for illustrative or discussion purposes only, and in no way binds Commonwealth Bank. This document does not purport to be a complete statement or summary. The pricing levels are indicative only. Actual pricing levels of any transactions could vary significantly as a result of the relevant transaction structure, the market and pricing conditions as at the time of issue or the result of any sounding activity. Commonwealth Bank provides the information as is without verifying it, and although we believe that the information is current as at the date of publication, no warranty is made in relation to accuracy, reliability or completeness and no commitment to update or keep current any information is made. To the extent permitted by law, neither Commonwealth Bank nor any of its subsidiaries accept liability (including for negligence) to any person for loss or damage arising from the use of this document. This document has been prepared without considering your objectives, financial situation or needs. Before acting you should consider its appropriateness to your circumstances after taking appropriate professional advice. Commonwealth Bank may, as principal or agent, have positions in, or enter into transactions in relation to any securities products referred to in this document. Commonwealth Bank has policies and procedures designed to minimise the risks that officers and employees are influenced by any conflicting interest or duty or that confidential information is improperly disclosed or made available. Commonwealth Bank, as a provider of investment, borrowing and other financial services undertakes financial transactions with many corporate entities in Australia, New Zealand and any other jurisdictions it is operating in. This may include any corporate issuer referred to in this document. This document may not be reproduced or distributed in any manner without the permission of Commonwealth Bank. Commonwealth Bank accepts no liability for any loss or damage of any kind arising out of the use or unauthorised distribution of this document. Document Distribution in New Zealand: The information contained in this document is made available in New Zealand only for persons who are wholesale clients as defined in the Financial Advisers Act 28 (NZ). Document Distribution in Singapore: This report is distributed in Singapore by Commonwealth Bank of Australia, Singapore Branch (company number F3137W) and must only be made available to persons who are Accredited Investors as defined in the Singapore Securities and Futures Act and the Financial Advisers Act. It has not been prepared for, and must not be distributed to or replicated in any form, to anyone who is not an Accredited Investor. Document Distribution in Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong Kong and are only made available to professional investors as defined in the Securities and Futures Ordinance (and any rules made under that Ordinance), or to other investors to whom disclosure through a prospectus as defined in the Companies Ordinance (Cap 32) of Hong Kong would not be required. You are advised to exercise caution in relation to the contents of this document. If you are in any doubt about any of the contents, you should obtain independent professional advice. The provision of this document to any person in the Hong Kong does not constitute an offer of securities in Hong Kong. Neither this document nor any part of it is, and under no circumstances are they to be construed as, a prospectus (as defined in the Companies Ordinance) or an advertisement of securities in Hong Kong. The products have not been, nor will they be, qualified for sale to the public under applicable Hong Kong securities laws except on a basis that is exempt from the prospectus requirements of those securities laws. The prices of products fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather and profit made as a result of buying and selling securities. 5 of 5

AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook. Ken Hanton May 2018

AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook. Ken Hanton May 2018 AUSTRALIAN SECURITISATION FORUM Australian Market Review and Outlook Ken Hanton May 2018 Australian Bond Market Source: Australian Fixed Income Securities in a Low Rate World. Christopher Kent, RBA, Assistant

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 8 November 12 November 2010 Australian $MTN Market Update Rating Issue Maturity Amount Coupon Spread to Benchmark Volkswagen Australia A- / A3 A- / A3 Aug-13 A$100m New total A$250m 6.50% Swap + 140 Telstra

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 17 January - 21 January 2011 Australian $MTN Market Update (Format) Rating Issue Maturity Amount Coupon Spread to Benchmark Volkswagen Financial Services Australia Senior Unsecured Bank of Nova Scotia

More information

For personal use only

For personal use only ANZ Subordinated Notes Offer AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED February 2012 Disclaimer Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) ("ANZ") is the proposed issuer

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation David Morgan Chief Executive Officer March 2007 Westpac Banking Corporation at a glance Australia s first bank est. 1817 Top 50 bank globally 1 Consistent earnings growth Strong

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 04 April 2011 08 April 2011 A$ MTN Primary Issuance Update s in the primary domestic MTN market this week picked up significantly, with a total of A$4.4 billion raised between SSA and Semi Government issuers,

More information

JP Morgan Australasian Conference Edinburgh

JP Morgan Australasian Conference Edinburgh JP Morgan Australasian Conference Edinburgh Ralph Norris CHIEF EXECUTIVE OFFICER 18 September 2008 Commonwealth Bank of Australia ACN 123 123 124 Disclaimer The material that follows is a presentation

More information

Protected Loan Taxation Guide

Protected Loan Taxation Guide Protected Loan Taxation Guide An Explanatory Note The taxation implications of your Protected Loan (PL) can depend on a number of factors. In order to assist you in identifying the implications of your

More information

For personal use only

For personal use only AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 15 November 19 November 2010 Australian $MTN Market Update (Format) Rating Issue Maturity Amount Coupon Spread to Benchmark Stockland Trust Management Lloyds TSB Bank Plc, Australia Branch A- A- Nov-20

More information

ANZ Capital Notes Offer

ANZ Capital Notes Offer ANZ Capital Notes Offer AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 2 July 2013 Disclaimer Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) ("ANZ") is the issuer of the ANZ Capital

More information

PERLS V Offer. Investor Information Pack. 28 August Commonwealth Bank of Australia ACN

PERLS V Offer. Investor Information Pack. 28 August Commonwealth Bank of Australia ACN PERLS V Offer Investor Information Pack 28 August 2009 Commonwealth Bank of Australia ACN 123 123 124 1 Disclaimer This presentation has been prepared in August 2009 by Commonwealth Bank of Australia (the

More information

Presentation of Half Year Results 13 February

Presentation of Half Year Results 13 February Presentation of Half Year Results 13 February 2001 www.commbank.com.au Disclaimer The material that follows is a presentation of general background information about the Bank s activities current at the

More information

ANZ Convertible Preference Shares (CPS) Australia and New Zealand Banking Group Limited August 2008

ANZ Convertible Preference Shares (CPS) Australia and New Zealand Banking Group Limited August 2008 ANZ Convertible Preference Shares (CPS) Australia and New Zealand Banking Group Limited August 2008 1 Disclaimer Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) ("ANZ") is the proposed

More information

Westpac Subordinated Notes (WBCHA)

Westpac Subordinated Notes (WBCHA) 18 July 2012 Westpac Subordinated Notes (WBCHA) Special Report Recommendation: Subscribe Overview Westpac (WBC) will raise $500m via an ASX-listed security issue, Westpac Subordinated Notes (WBCHA). WBCHA

More information

APOLLO Series Pricing Term Sheet A$1.478 Billion

APOLLO Series Pricing Term Sheet A$1.478 Billion APOLLO Series 2009-1 Pricing Term Sheet A$1.478 Billion Tranche Details Class Volume Expected Rating WAL* Expected Coupon Recommended Credit (Fitch/S&P) (yrs) Maturity Credit Support Support of Notes before

More information

Fixed income. income investors. Michael Korber Head of Credit. August 2009

Fixed income. income investors. Michael Korber Head of Credit. August 2009 Fixed income Old lessons re-learned for income investors Michael Korber Head of Credit August 2009 Role of fixed income in a portfolio The role of fixed income in a portfolio a fixed or floating rate of

More information

Tuesday, 28 October About the CBG Fund 1. CBG Australian Equities Fund Performance

Tuesday, 28 October About the CBG Fund 1. CBG Australian Equities Fund Performance MARKET ANNOUNCEMENT CBG Fund September 2014 Quarterly Report Tuesday, 28 October 2014 The September 2014 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian

More information

Fixed Interest Weekly

Fixed Interest Weekly Fixed Interest Weekly Table of Contents Debt Securities AGLHA - AGL Energy Subordinated Notes AMPHA - AMP Subordinated Notes II ANZHA - ANZ Subordinated Notes AQHHA - APA Subordinated Notes CTXHA - Caltex

More information

PERLS VI. Perpetual Exchangeable Resaleable Listed Securities. Prospectus and PERLS IV Reinvestment Offer Information

PERLS VI. Perpetual Exchangeable Resaleable Listed Securities. Prospectus and PERLS IV Reinvestment Offer Information Issuer Commonwealth Bank of Australia ABN 48 123 123 124 Date of Prospectus 3 September 2012 Prospectus and PERLS IV Reinvestment Offer Information PERLS VI Perpetual Exchangeable Resaleable Listed Securities

More information

ANZ Trading Update. Australia and New Zealand Banking Group Limited 28 July Investor Pack

ANZ Trading Update. Australia and New Zealand Banking Group Limited 28 July Investor Pack ANZ Trading Update Australia and New Zealand Banking Group Limited 28 July 2008 Investor Pack 1 Portfolio arrears trending upwards Australia Credit Cards 60+ Days Arrears 2.0% Credit Card & Home Loan 60+

More information

2001 Investor Roadshow Presentation 12 November

2001 Investor Roadshow Presentation 12 November 2001 Investor Roadshow Presentation 12 November 2001 www.commbank.com.au Disclaimer The material that follows is a presentation of general background information about the Bank s activities current at

More information

Asia s strongest brand in banking, banking the world s strongest economies

Asia s strongest brand in banking, banking the world s strongest economies Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 6 December 10 December 2010 This will be our final edition of Australian Debt Securities Update for 2010. We would like to wish all our readers a Merry Christmas and a successful 2011. Australian $MTN

More information

The Role of Securitisation in Australia s Financial Markets. Chris Dalton 28 September 2009 Melbourne Centre for Financial Services

The Role of Securitisation in Australia s Financial Markets. Chris Dalton 28 September 2009 Melbourne Centre for Financial Services The Role of Securitisation in Australia s Financial Markets Chris Dalton 28 September 2009 Melbourne Centre for Financial Services Securitisation in Australia 1. Role of Securitisation in the Australian

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 22 July 2011 29 July 2011 A$ MTN Primary Issuance Update Primary issuance momentum continued in the A$ MTN market this week with a number of Kangaroo transactions from SSAs and foreign banks. International

More information

Australian Banks. Funding markets open for now

Australian Banks. Funding markets open for now AUSTRALIA Weekly performance 4% 2% % -2% -4% -6% -8% -1% Source: IRESS, August 212 Rolling monthly performance 8% 6% 4% 2% % -2% -4% -6% Source: IRESS, August 212 Rolling yearly performance % 15% 5% -5%

More information

4. MACQUARIE SECURITIES GROUP

4. MACQUARIE SECURITIES GROUP 4. MACQUARIE SECURITIES GROUP Roy Laidlaw Group Head Macquarie Group Limited Operational Briefing 5 February 2009 Presentation to Investors and Analysts 49 Three Divisions Macquarie Securities Group Sales

More information

Half-Year 2016 Results Presentation

Half-Year 2016 Results Presentation Half-Year 2016 Results Presentation ASX Limited Elmer Funke Kupper Peter Hiom 11 February 2016 Disclaimer The material contained in this document is a presentation of general information about the ASX

More information

David Craig CHIEF FINANCIAL OFFICER

David Craig CHIEF FINANCIAL OFFICER David Craig CHIEF FINANCIAL OFFICER 14 November 2007 Commonwealth Bank of Australia ACN 123 123 124 MORGAN STANLEY ASIA PACIFIC SUMMIT 2007 SINGAPORE Disclaimer The material that follows is a presentation

More information

Bank of Queensland. Half-Year Results 29 February FY08 Half-Year Results

Bank of Queensland. Half-Year Results 29 February FY08 Half-Year Results Bank of Queensland Half-Year Results 29 February 2008 1 Agenda Result highlights Financial result in detail BOQ Portfolio Strategy and outlook David Liddy Managing Director & CEO Ram Kangatharan Group

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 25 June 29 June The Week Ahead Market reaction to the outcome of the EU summit will set the tone for the market next week. EU data updates along with China s manufacturing PMI will also provide direction

More information

Westpac 2009 Full Year Results

Westpac 2009 Full Year Results Westpac 2009 Full Year Results Gail Kelly Chief Executive Officer Westpac Banking Corporation ABN 33 007 457 141 Key areas of focus in 2009 Position the Group strongly through the GFC and economic downturn

More information

BT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009

BT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009 BT Personal Portfolio Service: Superannuation and Pension Annual Report for the year ended 30 June 2009 Contents 3 Recent developments and changes 6 Investment overview 9 Understanding the risks of investing

More information

Ralph Norris CHIEF EXECUTIVE OFFICER

Ralph Norris CHIEF EXECUTIVE OFFICER Ralph Norris CHIEF EXECUTIVE OFFICER 27 September 2007 Commonwealth Bank of Australia ACN 123 123 124 JP MORGAN ASIA PACIFIC AUSTRALASIAN CONFERENCE 2007 EDINBURGH Disclaimer The material that follows

More information

7 March Senior Executive, Financial Market Infrastructure. Level 5, 100 Market Street SYDNEY NSW 2000 SYDNEY NSW 2000

7 March Senior Executive, Financial Market Infrastructure. Level 5, 100 Market Street SYDNEY NSW 2000 SYDNEY NSW 2000 7 March 2016 Australian Securities and Investments Commission ASX Market Announcements Office Mr Oliver Harvey ASX Limited Senior Executive, Financial Market Infrastructure 20 Bridge Street Level 5, 100

More information

Suncorp Group Limited Subordinated Notes Offer

Suncorp Group Limited Subordinated Notes Offer Suncorp Group Limited Subordinated Notes Offer 10 April 2013 1 Important Notice This presentation has been prepared and authorised by Suncorp Group Limited (ABN 66 145 290 124) ( Suncorp ) in relation

More information

4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market

4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market 4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market September 217 Derek Armstrong Credit Suisse Head of Debt Capital Markets, Asia Pacific These materials may not be used or relied

More information

Investor Presentation Sandler O Neill Global Exchange and Brokerage Conference. Peter Hiom June 2015

Investor Presentation Sandler O Neill Global Exchange and Brokerage Conference. Peter Hiom June 2015 Investor Presentation Sandler O Neill Global Exchange and Brokerage Conference Peter Hiom June 2015 Disclaimer The material contained in this document is a presentation of general information about the

More information

Commonwealth Bank PERLS VI Investor Presentation

Commonwealth Bank PERLS VI Investor Presentation Commonwealth Bank PERLS VI Investor Presentation 3 September 2012 Investments in PERLS VI are an investment in CBA and may be affected by the ongoing performance, financial position and solvency of CBA.

More information

Suncorp Metway Ltd. John Mulcahy, Chief Executive Officer. UBS Global Financial Services Conference. 12 May 2008

Suncorp Metway Ltd. John Mulcahy, Chief Executive Officer. UBS Global Financial Services Conference. 12 May 2008 Suncorp Metway Ltd John Mulcahy, Chief Executive Officer UBS Global Financial Services Conference 12 May 2008 Agenda Overview of Suncorp Key numbers Key challenges Summary Suncorp at a glance Group total

More information

Australia: Economic and Financial Outlook

Australia: Economic and Financial Outlook Australia: Economic and Financial Outlook Greg Noonan Head of Business Markets Queensland & Agribusiness 5 June 2015 Australian economy and financial markets continue to be impacted by a large number of

More information

A Global Economic and Market Outlook

A Global Economic and Market Outlook A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05

More information

Lonsec Diversified Direct Model Portfolios

Lonsec Diversified Direct Model Portfolios Lonsec Diversified Direct Model Portfolios ISSUE DATE 06-11-2014 Performance review Model portfolios RETURNS TO 30 SEP 2014 SECURE DEFENSIVE CONSERVATIVE BALANCED GROWTH HIGH GROWTH 3 MONTHS (%) MODEL

More information

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Figure 1. ANZ-Roy Morgan Australian Consumer Confidence and inflation expectations

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Figure 1. ANZ-Roy Morgan Australian Consumer Confidence and inflation expectations ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 17 APRIL 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist +91 80 6795 3801 mustafa.arif@anz.com David Plank

More information

Macquarie Group Capital Notes 2 (MQGPB) * MANDATORY CONVERSION IS SUBJECT TO SATISFYING THE MANDATORY CONVERSION CONDITIONS

Macquarie Group Capital Notes 2 (MQGPB) * MANDATORY CONVERSION IS SUBJECT TO SATISFYING THE MANDATORY CONVERSION CONDITIONS 23 November 2015 Analysts Damien Williamson 613 9235 1958 Barry Ziegler 613 9235 1848 Authorisation Macquarie Group Capital Notes 2 (MQGPB) TS Lim 612 8224 2810 Fixed Interest Issue overview Issuer Issue

More information

Power. Schroder Asian Income. your way to higher yields. p.a.

Power. Schroder Asian Income. your way to higher yields. p.a. Schroder Asian Income POTENTIAL PAYOUTS 6% PAID MONT HLY* p.a. Power your way to higher yields * It is Schroder Investment Management (Singapore) Ltd s (the Manager s ) current intention to declare distributions

More information

Bank of New Zealand Ltd

Bank of New Zealand Ltd Bank of New Zealand Ltd Unsecured Unsubordinated Bonds 21 MARCH 2013 Key Features Issue Ticker Amount on Issue $000,000 Maturity Date Coupon %pa Coupon Payment Date BNZ090 460 27/05/2013 8.56 27 May /

More information

2009 Half Year Results. Analyst and shareholder briefing 18 February 2009

2009 Half Year Results. Analyst and shareholder briefing 18 February 2009 2009 Half Year Results Analyst and shareholder briefing 18 February 2009 Agenda Group highlights David Deverall Financial results Roger Burrows Outlook David Deverall 1 Agenda Group highlights David Deverall

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 15 July 2011 22 July 2011 A$ MTN Primary Issuance Update The A$ MTN market saw plenty of primary issuance activity this week with almost A$6bn being issued. Banks, Supranational and Semi Governments took

More information

Returns To: 1mth 3mths 6mths 1yr 2yrs 3yrs Inception 30 June 2016 (%) (%) (%) (%) (% p.a.) (% p.a.) (% p.a.) T (08) T (08)

Returns To: 1mth 3mths 6mths 1yr 2yrs 3yrs Inception 30 June 2016 (%) (%) (%) (%) (% p.a.) (% p.a.) (% p.a.) T (08) T (08) Friday, 29 July 2016 MARKET ANNOUNCEMENT CBG Fund June 2016 Quarterly Report The June 2016 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian Equities Fund

More information

Credit Suisse First Boston Asian Investment Conference

Credit Suisse First Boston Asian Investment Conference Credit Suisse First Boston Asian Investment Conference Philip Chronican Chief Financial Officer Westpac Banking Corporation 25 March 2004 Westpac at a glance Established 1817 Top 100 bank globally 1 Core

More information

Ride the recovery. Figure 1: Trading margins on debt and equity securities. (prior to exchange) over BBSW Mand Conv* Call

Ride the recovery. Figure 1: Trading margins on debt and equity securities. (prior to exchange) over BBSW Mand Conv* Call 17 May 2016 Analysts Damien Williamson 613 9235 1958 Barry Ziegler 613 9235 1848 Authorisation TS Lim 612 8224 2810 Fixed Income Issue overview Issuer Issue ASX code BELL POTTER SECURITIES LIMITED ACN

More information

WESTPAC CAPITAL NOTES OFFER

WESTPAC CAPITAL NOTES OFFER WESTPAC CAPITAL NOTES OFFER January 2013 Structuring Adviser Joint Lead Managers Westpac Banking Corporation ABN 33 007 457 141. Disclaimer THIS PRESENTATION IS NOT FOR DISTRIBUTION TO ANY US PERSON This

More information

Fixed Income: Australian Debt Securities Update

Fixed Income: Australian Debt Securities Update 27 June 2011 1 July 2011 A$ MTN Primary Issuance Update As concerns regarding a Greek default intensified early in the week, domestic primary issuance markets were temporarily sidelined. Loss of momentum

More information

For personal use only

For personal use only Level 43, Grosvenor Place 225 George Street, Sydney NSW 2000 PO Box N43, Grosvenor Place, NSW 1220 1300-iShares (1300 474 2737) ishares.com.au ISHARES 4 March 2015 Market Announcements Office ASX

More information

AMP Capital Notes Investor Presentation

AMP Capital Notes Investor Presentation 26 October 2015 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street

More information

ETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018

ETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018 ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange

More information

Indonesia Economic Outlook and Policy Challenges

Indonesia Economic Outlook and Policy Challenges Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27

More information

11,000 10,500 10,000 9,500. 9,000 Dec Source: Bloomberg. Cash

11,000 10,500 10,000 9,500. 9,000 Dec Source: Bloomberg. Cash Commentary Growth of $, INCOME REINVESTED PORTFOLIO COMMENTARY The big news in markets for the month of June centred around the UK's decision to leave the European Union, this generally impacted equity

More information

A S X S P O T L I G H T

A S X S P O T L I G H T A S X S P O T L I G H T B L U E S K Y A L T E R N A T I V E I N V E S T M E N T S L I M I T E D M A Y 2 0 1 4 Private Equity Private Real Estate Hedge Funds Real Assets blueskyfunds.com.au Page 1 DISCLAIMER

More information

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005

More information

Spheria Australian Smaller Companies Fund

Spheria Australian Smaller Companies Fund 29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771

More information

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Four-week average. Figure 2. Confidence has recovered strongly since early November

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Four-week average. Figure 2. Confidence has recovered strongly since early November ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 19 DECEMBER 2017 Last issue for 2017 Next due 9 January 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist

More information

Opportunities in Turbulent Markets:

Opportunities in Turbulent Markets: Opportunities in Turbulent Markets: Risk and Reward Budgeting in Below-Investment Grade Ty Anderson Global Head of High Yield Strategies When the tide goes out, we get to see who s not wearing a bathing

More information

Term Deposits. Deposit Review May Background on Term Deposits

Term Deposits. Deposit Review May Background on Term Deposits Deposit Review May Term Deposits Simon Fletcher Head of Research (+61) 3 9670 8615 simon.fletcher@bondadviser.com.au Ethan Xing Quantitative Analyst (+61) 3 9670 8615 ethan.xing@bondadviser.com.au With

More information

Prospectus. Simple steps to invest in a new security called ANZ StEPS

Prospectus. Simple steps to invest in a new security called ANZ StEPS Prospectus Simple steps to invest in a new security called ANZ StEPS Co-managers ABN AMRO Morgans Limited ANZ Securities Limited Bell Potter Securities Limited Citigroup Global Markets Australia Pty Limited

More information

Commonwealth Bank of Australia

Commonwealth Bank of Australia NOT FOR RELEASE IN THE UNITED STATES: This presentation is not for distribution or release in the United States or to any U.S. person and may not be forwarded, reproduced, disclosed or distributed in whole

More information

> Macro Investment Outlook

> Macro Investment Outlook > Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9

More information

Media Presentation. Results Presentation FOR THE FULL YEAR ENDED 30 JUNE Ian Narev Chief Executive Officer. 10 February 2010

Media Presentation. Results Presentation FOR THE FULL YEAR ENDED 30 JUNE Ian Narev Chief Executive Officer. 10 February 2010 Media Presentation FOR THE FULL YEAR ENDED 30 JUNE 2012 Results Presentation Ian Narev Chief Executive Officer For the half year ended 31 December 2009 10 February 2010 Commonwealth Bank of Australia ACN

More information

Multi Asset Indices Selection and Rebalance Dates

Multi Asset Indices Selection and Rebalance Dates 29 January 2015 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future dates of selection and rebalance of various Multi-Asset

More information

MACQUARIE PRIVATE PORTFOLIO MANAGEMENT

MACQUARIE PRIVATE PORTFOLIO MANAGEMENT MACQUARIE PRIVATE PORTFOLIO MANAGEMENT Macquarie Private Portfolio Management Limited Diversified Fixed Interest Strategy Discussion Paper January 2013 Executive Summary Purpose The purpose of this discussion

More information

HSBC INVESTMENT FUNDS TRUST HSBC GLOBAL INVESTMENT TRUST AND HSBC COLLECTIVE INVESTMENT TRUST FUND HOLIDAY CALENDAR 2017

HSBC INVESTMENT FUNDS TRUST HSBC GLOBAL INVESTMENT TRUST AND HSBC COLLECTIVE INVESTMENT TRUST FUND HOLIDAY CALENDAR 2017 HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay #06-01 HSBC Building Singapore 049320 T: 65 6658 2900 F: 65 6225 4324 www.assetmanagement.hsbc.com/sg HSBC INVESTMENT FUNDS TRUST HSBC GLOBAL

More information

Term Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits

Term Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits Deposit Review November 2016 Term Deposits Jack Pobjoy Credit Analyst (+61) 3 9670 8615 jack.pobjoy@bondadviser.com.au While global interest rate volatility continues, term deposit (TD s) rate spreads

More information

For personal use only

For personal use only Investor Update 1Q17 Overview Half Year to 31 December 2016 Well positioned for growth and diversification. NPAT 1 $5.6 million NPAT 1 (Before merger transaction and restructure costs) $8.2 million Net

More information

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Weekly change, % Four-week average Budget. Budget. Budget. Budget.

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Weekly change, % Four-week average Budget. Budget. Budget. Budget. Index ANZ RESEARCH ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE 29 MAY 2018 CONTACT research@anz.com CONTRIBUTORS Mustafa Arif Junior Economist +91 80 6795 3801 mustafa.arif@anz.com David

More information

Angel Oak Capital Advisors, LLC

Angel Oak Capital Advisors, LLC Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations

More information

Personal Division Strategy Day. Wednesday, September

Personal Division Strategy Day. Wednesday, September Personal Division Strategy Day Wednesday, September 19 2007 ANZ Personal Strategy Day 19 September 2007 AGENDA 10:05 10:20 Introduction / Personal Division Brian Hartzer Group MD Personal Division Session

More information

Credit Suisse First Boston Asian Investment Conference

Credit Suisse First Boston Asian Investment Conference Credit Suisse First Boston Asian Investment Conference Philip Chronican Chief Financial Officer 17 March 25 Westpac at a glance Established 1817 Top 1 bank globally 1 Core markets of Australia, New Zealand

More information

UDIA NSW Annual State Conference

UDIA NSW Annual State Conference UDIA NSW Annual State Conference Westpac Institutional Bank Presented by Bill Evans September 217 The Big Issues Inflation and Central Bank policies; Australia s growth challenge; Australia s construction

More information

Presentation to Tier 1 Investors April 2005

Presentation to Tier 1 Investors April 2005 Presentation to Tier 1 Investors April 2005 Michael Oliver Director of Investor Relations John Gillbe Group Capital and BSM Director Overview of Lloyds TSB Group plc 3 businesses* UK Retail Banking: GBP

More information

Spectrum Insights. All in equities - is it worth the risk? Different portfolios, different risk

Spectrum Insights. All in equities - is it worth the risk? Different portfolios, different risk Spectrum Insights Damien Wood, Principal APRIL 20, 2016 All in equities - is it worth the risk? Many investors have financial goals. These presume certain returns over defined time frames. To achieve this,

More information

MEDIA RELEASE. ASX Limited earnings update for the nine months to 31 March 2015

MEDIA RELEASE. ASX Limited earnings update for the nine months to 31 March 2015 MEDIA RELEASE 5 May 2015 ASX Limited earnings update for the nine months to 31 March 2015 ASX Limited (ASX) is providing this earnings update for the nine months to 31 March 2015 ahead of its participation

More information

Lonsec Income Investments NAB Subordinated Notes 2 (NABPE)

Lonsec Income Investments NAB Subordinated Notes 2 (NABPE) P 1-15 Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 07-02-2017 Lonsec Income Investments P 2-15 AMPHA WBCHB SUNPD NABPE Risk rating categories LOW MOD HIGH SPEC FINANCIAL STRUCTURAL MATURITY

More information

Australian Credit Monthly January 2017

Australian Credit Monthly January 2017 ? Australian Credit Monthly January 2017 Morningstar Credit Research 3 February 2017 John Likos, CFA Senior Credit Analyst, Australia +61 2-9276-4513 john.likos@morningstar.com Government Bond & Money

More information

Richard Cooper Director, Head of Infrastructure Group nabcapital

Richard Cooper Director, Head of Infrastructure Group nabcapital INFRASTRUCTURE INTEGRATION AND ECONOMIC DEVELOPMENT IN THE HUNTER REGION Investing in demographic shift and urban infrastructure growth in the Hunter P A N E L L I S T Richard Cooper Director, Head of

More information

Zenith Monthly Market Report Zenith Monthly Market Report (30 June 2010)

Zenith Monthly Market Report Zenith Monthly Market Report (30 June 2010) Zenith Monthly Market Report (30 June 2010) Market Indicators Market Indicator End of Month Previous Month 1 Month Change 12 Months Ago 12 Month Change Interest Rates Overnight Cash 4.50 4.50 0.00% 3.00

More information

Power your way to higher yields

Power your way to higher yields Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will

More information

Australia: Are We There Yet?

Australia: Are We There Yet? Australia: Are We There Yet? Michael Blythe Chief Economist (612) 9118 111 michael.blythe@cba.com.au October 29 Important Information This advice has been prepared without considering your objectives,

More information

1Q18 Capital, Funding and Asset Quality Update

1Q18 Capital, Funding and Asset Quality Update 200 years proudly supporting Australia 1Q18 Capital, Funding and Asset Quality Update 5 February 2018 This document should be read in conjunction with Westpac s Pillar 3 Report December 2017, incorporating

More information

PILLAR 3 & CAPITAL UPDATE FOR 30 JUNE 2013

PILLAR 3 & CAPITAL UPDATE FOR 30 JUNE 2013 PILLAR 3 & CAPITAL UPDATE FOR 30 JUNE 2013 19 August 2013 This document should be read in conjunction with Westpac s Pillar 3 Report for June 2013, incorporating the requirements of APS330 All comparisons

More information

Figure 1: ASX listed debt redemptions Figure 2: Trading margins on debt and equity securities

Figure 1: ASX listed debt redemptions Figure 2: Trading margins on debt and equity securities 8 February 2017 Analysts Damien Williamson 613 9235 1958 Barry Ziegler 613 9235 1848 Authorisation (NABPE) TS Lim 612 8224 2810 Fixed Income Issue overview Issuer Issue ASX code NAB NABPE Face value $100

More information

Bloomberg AusBond Indices

Bloomberg AusBond Indices 1 October 2015 Bloomberg AusBond Indices Month in Review - September, 2015 Performance: Fixed income market closes quarter with continued gains The fixed income market added to August s gains with mostly

More information

Bendigo and Adelaide Bank Convertible Preference Shares 2 Offer and SPS Reinvestment Offer

Bendigo and Adelaide Bank Convertible Preference Shares 2 Offer and SPS Reinvestment Offer Bendigo and Adelaide Bank Convertible Preference Shares 2 Offer and SPS Reinvestment Offer 3 September 2014 2 This presentation has been prepared by Bendigo and Adelaide Bank Limited (ABN 11 068 049 178,

More information

Multi Asset Indices Selection and Rebalance Dates

Multi Asset Indices Selection and Rebalance Dates 30 Jan 2017 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future selection and rebalance dates of various Multi-Asset Indices

More information

Presentation of Full Year Results for period ended 30 June 2004

Presentation of Full Year Results for period ended 30 June 2004 Presentation of Full Year Results for period ended 30 June 2004 David Murray Chief Executive Officer Michael Cameron Chief Financial Officer 11 August 2004 www.commbank.com.au Disclaimer The material that

More information

MyState Limited A Growing Banking & Wealth Management Group

MyState Limited A Growing Banking & Wealth Management Group ASX Code: MYS December 20 MyState Limited A Growing Banking & Wealth Management Group Melos Sulicich Managing Director & CEO UBS Australian Small Caps Conference Our core businesses Customers 240,000 Branch

More information

Presentation of Full Year Results 22 August

Presentation of Full Year Results 22 August Presentation of Full Year Results 22 August 2001 www.commbank.com.au Disclaimer The material that follows is a presentation of general background information about the Bank s activities current at the

More information

Not for distribution or release in the United States or to, or for the account or benefit of, US Persons

Not for distribution or release in the United States or to, or for the account or benefit of, US Persons 3 December 2008 DEXUS Funds Management Limited ABN 24 060 920 783 AFSL: 238163 Level 9, 343 George Street Sydney NSW 2000 The Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

More information

Hybrids Daily. Commentary on yesterday s market FIG.1: UP FIG.2: DOWN FIG.3: BEST SWITCH FIG.4: UPCOMING DISTRIBUTIONS FIG.5: THE SWAP CURVE 2.

Hybrids Daily. Commentary on yesterday s market FIG.1: UP FIG.2: DOWN FIG.3: BEST SWITCH FIG.4: UPCOMING DISTRIBUTIONS FIG.5: THE SWAP CURVE 2. Interest Rate BAILLIEU HOLST RESEARCH 13 April 2016 INTERNAL ONLY Hybrids Daily Commentary on yesterday s market Business conditions have soared to the highest level in eight years, according to NAB, with

More information