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Australian Banks Jump to Tap Overseas Investor Demand May 04
Standard & Poors, May 2004
Abstract
Australian banks have not been idle in tapping favorable investor demand for high-quality issuance that pays internationally good yield. To fund the gap between what they can mobilize in the retail market and what is required to fund credit growth, the 'big four' Australian banks issued nearly A$41.5 billion in offshore debt securities in 2003 alone, excluding any securitized paper. This sum represents a substantial spike in issuance from the preceding three years. The banks had also sought to diversify their wholesale sources of funds and lengthen the maturity profile of their liability base, by accessing various offshore debt markets and issuing a range of security types. The combined liabilities of the big four were about A$1 trillion at the...
Companies mentioned in this report are: National Australia Bank Ltd.,Australia and New Zealand Banking Group Ltd.,Westpac Banking Corp.,Commonwealth Bank of Australia
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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