K64 Auxiliary Finance and Insurance Services

Year’s gains lost in three weeks

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Original article by Philip Baker
The Australian Financial Review – Page: 1 & 11 : 23-Sep-14

The Australian sharemarket has shed more than five per cent so far in September 2014, paring the S&P/ASX 200’s gains in the year to date to just 0.2 per cent. In contrast, the S&P 500 has gained nearly nine per cent and the Hang Seng Index has risen by three per cent. Banks have borne the brunt of bearish investor sentiment, with all of the four major banks shedding more than the S&P/ASX 200 in September

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WILSON ASSET MANAGEMENT, STANDARD AND POOR’S 500 INDEX, HANG SENG INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, NIKKEI 225 INDEX, UNITED STATES. FEDERAL RESERVE BOARD, MORGAN STANLEY AUSTRALIA LIMITED

NAB pitches $1.7b US bank ahead of major sell-down

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Original article by John Kehoe
The Australian Financial Review – Page: 13 : 22-Sep-14

National Australia Bank (NAB) is believed to be planning a partial IPO of US-based Great Western Bank, which it acquired in 2007. The banking major will retain a stake of around 70 per cent, which is expected to be divested during the 12 months following the IPO. NAB will hold a roadshow for US investors in October 2014, and there are expectations that it could gain around $US1.5bn ($A1.7bn) in total from the sale of Great Western

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, GREAT WESTERN BANK, NEW YORK STOCK EXCHANGE, HOMESIDE LENDING INCORPORATED, CLYDESDALE BANK PLC, YORKSHIRE BANK PLC, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, DEUTSCHE BANK AG, BANK OF AMERICA CORPORATION, MERRILL LYNCH AND COMPANY INCORPORATED, ROYAL BANK OF SCOTLAND GROUP PLC, CITIZENS FINANCIAL GROUP INCORPORATED

Arrium plunge in wake of raising

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Original article by Matt Chambers, Barry FitzGerald
The Australian – Page: 19 : 19-Sep-14

The share price of steel and iron ore miner Arrium fell on 18 September 2014 after its capital raising. The company wanted to raise $A754 million. However, only 79 per cent of institutional shareholders participated, raising $A465 million. Arrium’s stock dropped by $A0.0165 to a record low of $A0.40

CORPORATES
ARRIUM LIMITED – ASX ARI, BHP BILLITON LIMITED – ASX BHP, ALLAN GRAY AUSTRALIA PTY LTD

ASX buys stake in e-trading provider

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Original article by Mitchell Bingemann
The Australian – Page: 23 : 19-Sep-14

The Australian Securities Exchange has paid $A65 million for a 49 per cent in Yieldbroker, a specialist electronic markets company. The acquisition will strengthen the ASX’s derivatives trading business. Twelve banks have invested in Yieldbroker, which was founded in 1999. It operates electronic markets for trading more than 800 Australian and New Zealand debt securities and interest rate derivatives

CORPORATES
ASX LIMITED – ASX ASX, YIELDBROKER PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CITI AUSTRALIA PTY LTD, DEUTSCHE BANK AG, JP MORGAN AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ROYAL BANK OF CANADA, ROYAL BANK OF SCOTLAND GROUP PLC, TORONTO DOMINION AUSTRALIA LIMITED, UBS HOLDINGS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC

UBS, Macquarie in box seat for analysis kudos

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Original article by Michael Bennet
The Australian – Page: 23 : 18-Sep-14

The annual East Coles equities markets awards will be held in Sydney on 18 September 2014. The best analysts and traders will be chosen by 79 institutional investors representing $A300 billion in domestic equities. UBS has received the most nominations, followed by Macquarie Group, Credit Suisse, Citi and Deutsche Bank

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, CITI AUSTRALIA PTY LTD, DEUTSCHE BANK AG, EAST COLES PTY LTD, CANACCORD GENUITY (AUSTRALIA) LIMITED, MORGANS FINANCIAL LIMITED, TAYLOR COLLISON LIMITED, EVANS AND PARTNERS PTY LTD, EUROZ LIMITED – ASX EZL, PETRA CAPITAL PTY LTD, CLSA AUSTRALIA PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, GOLDMAN SACHS AUSTRALIA PTY LTD, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, PETER LEE ASSOCIATES PTY LTD, STARMINE PTY LTD

Rush for exits belies optimism

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Original article by Vesna Poljak, Max Mason
The Australian Financial Review – Page: 17 & 24 : 17-Sep-14

Fund managers are cautious about the strong activity in the Australian sharemarket. In the third quarter of 2014, IPOs have reached a record $US2.4 billion. Private equity firms are also exiting as escrow periods expire. Debt capital market activity reached $US99 billion between 1 January and 15 September, while merger and acquisition deals are worth $US8.5 billion. Fund managers said that private equity firms are taking the opportunity to exit in a strong market, but investors may be becoming complacent

CORPORATES
UNITED STATES. FEDERAL RESERVE BOARD, HEALTHSCOPE LIMITED – ASX HSO, VEDA GROUP LIMITED – ASX VED, DICK SMITH HOLDINGS LIMITED – ASX DSH, ANCHORAGE CAPITAL PARTNERS PTY LTD, DEALOGIC (AUSTRALIA) PTY LTD, INVESTORS MUTUAL LIMITED, AUSBIL DEXIA LIMITED, WAVESTONE CAPITAL PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, GOLDMAN SACHS AUSTRALIA PTY LTD

Beijing sends 7.5pc of investment our way

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Original article by Rowan Callick
The Australian – Page: 20 : 17-Sep-14

Australia received about 7.5 per cent of China’s total outbound investment in the first half of 2014. This was worth about $A2.6 billion. PricewaterhouseCoopers said that two mining deals accounted for 88 per cent of the investment. China’s total outward investment rose by 40 per cent to $A35 billion. The investment focus has moved to real estate, hi-tech and telcos, which have risen from one per cent to 36 per cent of total overseas investment

CORPORATES
PRICEWATERHOUSECOOPERS, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Drop in dollar helps, but don’t bet on its slide

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Original article by Adam Creighton
The Australian – Page: 18 : 16-Sep-14

Economists do not expect the Australian dollar to fall much further. The currency has remained high since the global financial crisis. However, it dropped below $US0.90 in mid-September 2014. The fall in the price of iron ore will reduce Federal Government revenues, but the lower dollar will lift the US dollar earnings of Australian companies. Robert Rennie, of Westpac Banking, believes that the currency is close to "fair value" of about $US0.88

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. FEDERAL RESERVE BOARD

GPT wins support for new float

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Original article by Bridget Carter
The Australian – Page: 21 : 12-Sep-14

GPT Group proposes to spin off six suburban office properties in a new listed property trust to be known as the GPT Metro Office Fund. Around 127 million units in the new trust would be issued in an IPO that would be worth up to $A225.2m. SG Hiscock & Company MD Stephen Hiscock describes the new trust’s upfront yield as "relatively attractive"

CORPORATES
GPT GROUP – ASX GPT,{SPAC}GPT METRO OFFICE FUND,{SPAC}SG HISCOCK AND COMPANY LIMITED,{SPAC}360 CAPITAL INDUSTRIAL FUND – ASX TIX,{SPAC}360 CAPITAL OFFICE FUND – ASX TOF,{SPAC}360 CAPITAL GROUP LIMITED – ASX TGP,{SPAC}INDUSTRIA REIT FUND – ASX IDR,{SPAC}AUSTRALIAN INDUSTRIAL REIT – ASX ANI,{SPAC}NATIONAL AUSTRALIA BANK LIMITED – ASX NAB,{SPAC}MORGANS FINANCIAL LIMITED,{SPAC}ORD MINNETT GROUP LIMITED,{SPAC}ALLENS,{SPAC}UBS HOLDINGS PTY LTD

Hedge funds chase self-managed super billions

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Original article by Jonathan Shapiro, Gretchen Friemann
The Australian Financial Review – Page: 1 & 12 : 10-Sep-14

There is growing interest in listed investment companies (LICs) in Australia, and hedge funds believe that these investment vehicles may allow them to attract capital from self-managed superannuation funds. Ellerston Capital and Global Wealth Partners are among the hedge funds that have launched investment vehicles that are modelled on LICs. It is estimated that SMSFs now hold some $A550bn

CORPORATES
ELLERSTON CAPITAL PTY LTD, GLOBAL WEALTH PARTNERS FUND LIMITED – ASX GWP, WHITEHAVEN FUNDS, ZG ADVISORS PTY LTD, BLUE SKY CAPITAL INVESTMENTS LIMITED, PERSHING SQUARE CAPITAL MANAGEMENT LP, RF CAPITAL PTY LTD