K62 Finance

ASX chief puts weight behind Murray recommendations

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Original article by James Chessell
The Australian Financial Review – Page: 19 : 11-Mar-15

The final report of the Australian Government’s financial system inquiry included recommendations on the future regulation of the corporate bond market. ASX CEO Elmer Funke Kupper has urged bipartisan parliamentary support for the proposed reforms, arguing that issuing retail corporate bonds in particular is costly and time consuming in Australia. He notes that the disclosure and prospectus requirements are much more onerous that when raising capital on the sharemarket

CORPORATES
ASX LIMITED – ASX ASX, TABCORP HOLDINGS LIMITED – ASX TAH, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY

Australian dollar could plummet below US60c: Credit Suisse

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Original article by Karen Maley
The Australian Financial Review – Page: 11 & 17 : 10-Mar-15

The Australian dollar was buying $US0.7693 late in trading on 9 March 2015, and Ric Deverell of Credit Suisse is bearish about the currency’s outlook. He expects the dollar to fall below the $US0.70 level, and warns that it could potentially fall below $US0.60. He cites factors such as the prospect of monetary policy tightening in the US later in 2015, which will in turn discourage the carry trade. Deverell is also upbeat about the Australian economy, noting that it is still relatively strong

CORPORATES
CREDIT SUISSE (AUSTRALIA) LIMITED, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED STATES. FEDERAL RESERVE BOARD

Multibrand strategy baffles bank customers

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Original article by James Eyers
The Australian Financial Review – Page: 15 : 10-Mar-15

A Customer Owned Banking Association (COBA) submission to the financial system inquiry criticised Australia’s major banks for failing to adequately disclose their ownership of multibrands. A survey carried out by Essential Research on behalf of COBA found that nearly 75 per cent of respondents said the banks fail to do so, while more than 50 per cent were not sure which bank owns sub-brands such as Bank of Melbourne or Bankwest

CORPORATES
CUSTOMER OWNED BANKING ASSOCIATION, BANK OF MELBOURNE LIMITED, BANK OF WESTERN AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, ST GEORGE BANK LIMITED, BANK OF SOUTH AUSTRALIA LIMITED, UBANK, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, GROWTH SOLUTIONS GROUP PTY LTD, ONEPATH AUSTRALIA LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Virgin predicts lag before revival

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Original article by Matt O’Sullivan
The Australian Financial Review – Page: 15 : 6-Mar-15

Virgin Australia Holdings CEO John Borghetti says it will take some time for a lower Australian dollar to stimulate growth in the number of foreign tourists. The full impact is most likely to be experienced in the second half of 2015. The airline is expanding its regional routes. From 25 May 2015, Virgin will offer six flights a week between Sydney and Tamworth

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, SKYWEST AIRLINES LIMITED, QANTASLINK, QANTAS AIRWAYS LIMITED – ASX QAN, ALLIANCE AVIATION SERVICES LIMITED – ASX AQZ, SKYTRANS AIRLINES, BRINDABELLA AIRLINES, VINCENT AVIATION (AUSTRALIA) PTY LTD

Macquarie seals $5.1b aircraft deal

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 23 & 27 : 5-Mar-15

Australian-listed Macquarie Group will partially finance the acquisition of an aircraft fleet via a $A500m capital raising. The group will pay $US4bn ($A5.1bn) for the fleet of 90 passenger airplanes, which were sold by the Canada Pension Plan Investment Board and Terra Firma. Macquarie’s aircraft leasing business has made a number of acquisitions in recent years, and now boasts a fleet of 220 aircraft

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, TERRA FIRMA CAPITAL PARTNERS LIMITED, CANADA PENSION PLAN INVESTMENT BOARD, MACQUARIE AIRFINANCE LIMITED, SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED, ROYAL BANK OF SCOTLAND GROUP PLC, MORGAN STANLEY AND COMPANY INCORPORATED, AWAS AVIATION CAPITAL LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD, BOEING COMPANY, AIRBUS SAS, DEALOGIC (AUSTRALIA) PTY LTD, AIRLINE BUSINESS, GENERAL ELECTRIC COMPANY, GENERAL ELECTRIC CAPITAL AVIATION SERVICES, AERCAP HOLDINGS NV, BOEING CAPITAL CORPORATION, QANTAS AIRWAYS LIMITED – ASX QAN, AIR FRANCE SA, ETIHAD AIRWAYS, AMERICAN INTERNATIONAL GROUP INCORPORATED

Barclays Bank firing up in Australia

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Original article by Aaron Patrick
The Australian Financial Review – Page: 27 : 5-Mar-15

UK-based Barclays Bank intends to significantly expand its presence in Australia’s investment banking industry. It will target sectors such as health and aged care, resources and agribusiness. Barclays boasts a market capitalisation of Stg43bn, and its assets totalled Stg1.3trn ($A2.5trn) at the end of 2013. It has just 100 employees in Australia, and a global workforce of more than 139,000

CORPORATES
BARCLAYS BANK PLC, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, RAMSAY HEALTH CARE LIMITED – ASX RHC, CREDIT AGRICOLE SA, PORT OF MELBOURNE, LEHMAN BROTHERS INCORPORATED, LONDON STOCK EXCHANGE, SOUTH32 LIMITED, BHP BILLITON LIMITED – ASX BHP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Private equity bosses tip rosier times ahead

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Original article by Sally Rose, Joyce Moullakis
The Australian Financial Review – Page: 26 : 5-Mar-15

Pacific Equity Partners (PEP) gained $A4.5bn from divesting businesses via IPOs and trade sales in 2013 and 2014. International buyers accounted for most of the firm’s trade sales, and Nathanial Thomson of Crescent Capital expects the trend for offshore buyers to purchase Australian businesses to continue. Meanwhile, PEP MD Tim Sims is upbeat about the outlook for Australia’s business sector, and says offshore investors should not be deterred by data showing that the economy is slowing

CORPORATES
PACIFIC EQUITY PARTNERS PTY LTD, CRESCENT CAPITAL PARTNERS LIMITED, XTRALIS PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, PITCHER PARTNERS CORPORATE ADVISORY PTY LTD, KING AND WOOD MALLESONS

Spike in $A seconds before rates call

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Original article by Sally Rose, Jonathan Shapiro, Gareth Hutchens
The Australian Financial Review – Page: 10 : 5-Mar-15

Concerns about insider trading in the foreign exchange market has intensified after the Australian dollar rose by 0.5 per cent less than a minute before the Reserve Bank announced that the cash rate would remain on hold in March 2015. The currency had fallen by 0.8 per cent only seconds before the previous rate announcement in February. Currency experts such as the Commonwealth Bank’s Richard Grace support the Australian Securities & Investments Commission’s decision to investigate the irregular trading activity

CORPORATES
RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, BLOOMBERG LP, THOMSON REUTERS PLC

Rate pause clobbers share prices

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Original article by Jacob Greber, Max Mason
The Australian Financial Review – Page: 1 & 8 : 4-Mar-15

The Australian sharemarket fell sharply and the dollar rallied after the Reserve Bank defied expectations and left official interest rates on hold on 3 March 2015. The benchmark S&P/ASX 200 Index ended the session at 5,933.9 points, and Tony Paterno of Ord Minnett says it is now unlikely to breach the 6,000-point level in the near-term. The central bank has maintained its easing bias, with governor Glenn Stevens indicating that there may be further rate cuts if this is deemed appropriate

CORPORATES
RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, ORD MINNETT GROUP LIMITED, DEUTSCHE BANK AG, AUSBIL INVESTMENT MANAGEMENT LIMITED, CONTANGO ASSET MANAGEMENT LIMITED, RP DATA LIMITED, CORELOGIC AUSTRALIA PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, UBS HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY

Banks to put out welcome mats for the disruptors

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 17 : 4-Mar-15

The New South Wales Government has unveiled plans for a financial technology hub in the Sydney CBD. The Stone & Chalk hub will receive financial backing from a range of companies, including major banks, insurers, retailers and technology groups. The hub will provide financial technology start-ups with subsidised office space and facilities to work with financial and technology companies to further develop their business

CORPORATES
NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, MACQUARIE GROUP LIMITED – ASX MQG, HSBC AUSTRALIA HOLDINGS PTY LTD, SUNCORP BANK, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, WOOLWORTHS LIMITED – ASX WOW, VEDA GROUP LIMITED – ASX VED, AMERICAN EXPRESS COMPANY, AMAZON.COM INCORPORATED, INTEL CORPORATION, ORACLE CORPORATION, FINZSOFT SOLUTIONS (AUSTRALIA) PTY LTD, ALLENS, KPMG AUSTRALIA PTY LTD, CAPITAL MARKETS CO-OPERATIVE RESEARCH CENTRE LIMITED, CENTRE FOR INTERNATIONAL FINANCE AND REGULATION, FINANCIAL SERVICES INSTITUTE OF AUSTRALASIA, AWI VENTURES LIMITED, SOCIETYONE AUSTRALIA PTY LTD, LEVEL39, LIBERAL PARTY OF AUSTRALIA