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RBA
RBA: Further colour on collateral matters for OMOs: "To assist with the smooth
functioning of Australian capital markets, the Reserve Bank has broadened the
range of corporate debt securities that are eligible as collateral for domestic
mkt ops to investment grade. The minimum criteria for unsubordinated debt
securities issued in AUD by corporations that are not authorised deposit-taking
institutions (hereafter referred to as corporate debt securities) is now an avg
credit rating of investment grade. This also applies to debt securities issued
by entities established under an Australian Gov't, state or territory law
without an explicit Australian Gov't guarantee. For long-term corporate debt
securities, the minimum criteria corresponds to an avg credit rating of BBB-.
For short-term corporate debt securities the minimum criteria corresponds to an
avg credit rating of A-3. Previously, the min requirements for repo eligibility
were an avg credit rating of AAA for long-term corporate securities and A-1 for
short-term corporate securities. The eligibility of corporate debt securities
for purchase by the RBA under a repo remains subject to an approval process, as
with all securities except Australian Gov't & semi gov't securities."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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