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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CREDIT SUPPLY
- ANZ is taking IOIs for a 15NC10 Tier 2 issue, indicative pricing is SQ ASW +[190-195]bps area, which equates to an indicative yield of [6.255-6.305]%
- This deal means the major banks are largely done on T2 sub debt issuance for the year, following WSTP issuing a dual tranche deal earlier this month.
- It should also be mentioned Australian major banks have recently been upgraded by the ratings agencies which pushed T2 sub debt to A3 (Moody’s) | A- (S&P) | A- (Fitch).
- ANZ has been in the news recently for allegedly overstating the dollar value of bonds they traded for clients, in order to secure primary sales mandates with the AOFM in 2023. If found guilty the AFR suggest fines of up to A$782.5m could be given out, while Bloomberg believe the penalty would be more in the realm of A$50-$100m or 1.5% of expected fiscal 2024 profit.
A$ Aussie Bank Tier 2 Fixed Rate Universe - (Source - BBG)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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