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Australian Fixed-Income Newsletter: Beyond The Curve Jun 08
Standard & Poors, June 2008
Abstract
Bank of Queensland, Macquarie Group, nab, Resimac, Columbus Capital, SMART Series 2008-1E Trust, Royal Bank of Scotland Australia Branch, St.George, Westpac ANZ, CBA, Municipal Finance PLC, ANZ National Bank Origin Energy Ltd., Santos Ltd., BBI (DBCT) Finance Pty Ltd. SMART Series 2008-1E Trust (upsize) Qantas Airways Ltd., Lion Nathan Ltd., Bemax Resources Ltd. Subordinated debt issuance pipped ongoing activity in the structured finance market, as the theme of the week, if only because we saw more tangible activity in relation to sub-debt issuance rather than just talk. Bank of Queensland launched and priced, on the same day, a A$170 million, lower Tier II, subordinated debt issue split into a A$140 million fixed-rate tranche and a A$30 million floating-rate tranche. The...
Companies mentioned in this report are: National Australia Bank Ltd.,Westpac Banking Corp.,Commonwealth Bank of Australia,Qantas Airways Ltd.,Santos Ltd.,Suncorp-Metway Ltd.,Lion Nathan Pty Ltd.,Bank of Queensland Ltd.,St.George Bank Ltd.,ANZ National Bank Ltd.,Origin Energy Ltd.,DBCT Finance Pty Ltd.,Bemax Resources Ltd.,Macquarie Group Ltd.,SMART Series 2008-1E Trust
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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