K: Financial and Insurance Services

Bankers pick plenty of M&A in 2015

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 25 : 26-Mar-15

Data from Dealogic shows that mergers and acquisitions activity involving Australian companies has topped $US32bn ($A40bn) so far in 2015. Major deals have included the acquisition of Toll Holdings by Japan Post and the proposed merger between Federation Centres and Novion Property Group. Geoff Joyce of Macquarie Capital is upbeat about the outlook for M&A activity, while Simon Ranson of JP Morgan notes that deal-making is being spurred on by reduced financing costs

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, TOLL HOLDINGS LIMITED – ASX TOL, JAPAN POST, FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, MACQUARIE CAPITAL PTY LTD, IFM INVESTORS PTY LTD, INDIANA TOLL ROAD CONCESSION COMPANY, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, VARDE PARTNERS INCORPORATED, DEUTSCHE BANK AG, GE CAPITAL CORPORATION, PACIFIC EQUITY PARTNERS PTY LTD, BAIN CAPITAL LLC, BRADKEN LIMITED – ASX BKN, UBS HOLDINGS PTY LTD, MORGAN STANLEY REAL ESTATE INVESTING, INVESTA PROPERTY GROUP, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, GPT GROUP – ASX GPT, MOELIS AND COMPANY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ESANDA FINANCE CORPORATION LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

6300 in sight for Citi

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Original article by Sally Rose
The Australian Financial Review – Page: 31 : 26-Mar-15

The S&P/ASX 200 remains close to the 6,000-point level, but some equity strategists are bullish about the benchmark index’s outlook. Tony Brennan and Vivian Jiang of Citigroup forecast that it will top 6,300 points by the end of 2015, while Credit Suisse has a year-end target of 6,500 points. The market is tipped to push higher due to factors such as rising support for shares due to low interest rates in Australia and overseas

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CITIGROUP PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, ZURICH INVESTMENT MANAGEMENT LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, BANK OF ENGLAND, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Retirement lump sum could end

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Original article by Sally Rose
The Australian Financial Review – Page: 21 : 25-Mar-15

The financial system inquiry’s recommendation that future retirees should not receive a superannuation lump sum payout may be implemented. The Department of the Treasury’s executive director John Lonsdale addressed the Australian Securities & Investment Commission’s annual conference on 24 March 2015. He raised the prospect of new rules that would require superannuants to finance their retirement via a default pension fund rather than a lump sum payout

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SUPERANNUATION CONSUMERS CENTRE, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Commentators look forward as ASX 200 flirts with 6000

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Original article by John Wasiliev
The Australian Financial Review – Page: 28 : 24-Mar-15

Australia’s S&P/ASX 200 Index continued to test the 6,000-point level again on 23 March 2015. Ric Spooner of CMC markets expects it to rise above 6,000 points in the near-term, adding that if the benchmark index finds support above this level it could potentially rise to around 6,180. Meanwhile, ThinkForex’s Matt Simpsons says the Australian dollar is likely to trade within the range of $US0.755 to $US0.7912 in the near-term

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CMC MARKETS PTY LTD, THINKFOREX, IG MARKETS LIMITED, OANDA AUSTRALIA PTY LTD, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CSL LIMITED – ASX CSL, RESMED INCORPORATED – ASX RMD, WESTFIELD CORPORATION – ASX WFD, QUAY EQUITIES PTY LTD, HC SECURITIES

Debt markets may also move to T+2 settlements

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 18 : 24-Mar-15

An ASX working party has proposed shifting to a two-day settlement cycle for cash-based share trades from 7 March 2016, in line with European bourses. New Zealand may also adopt the so-called T+2 settlement cycle in 2016, as many stocks are listed in both Australia and New Zealand. Australian debt markets may also adopt T+2 in 2016

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, RESERVE BANK OF AUSTRALIA, OMGEO PTY LTD

Pioneer Credit to launch ‘no-frills’ card

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Original article by Sally Rose
The Australian Financial Review – Page: 17 : 23-Mar-15

Australian-listed Pioneer Credit will begin offering its own branded credit card later in 2015. The group will team up with an as-yet unnamed regional lender to launch the credit card, which will have a credit limit of between $A2,000 and $A3,000. CEO Keith John says the company eventually aims to offer personal and home loans. Its shares closed at $A1.96 on 20 March 2015

CORPORATES
PIONEER CREDIT LIMITED – ASX PNC

ANZ-Roy Morgan New Zealand Consumer Confidence – Somebody to Love

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 20-Mar-15

The ANZ-Roy Morgan New Zealand Consumer Confidence Index has risen from 124.0 in February 2015 to 124.6 in March. Stripping out the seasonal noise, the index showed a three point lift. The Current Conditions Index rose from 123.0 to 123.7, which is still consistent with solid rates of consumer spending, while the Future Conditions Index nudged up from 124.6 to 125.3, reinforcing the optimistic tone

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Murdoch eyes radio assets in APN play

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Original article by Dominic White, Sarah Thompson
The Australian Financial Review – Page: 13 & 18 : 20-Mar-15

Independent News & Media (INM) and Baycliffe have exited the share register of Australian-listed APN News & Media. INM netted about $A180m for its 191 million shares, while Baycliffe offloaded 125 million shares for $A117m. Meanwhile, News Corporation has built a 14.99 per cent stake in APN, although under existing media ownership laws it is prohibited from increasing this. APN shares were placed in a trading halt at $A0.94 on 19 March 2015

CORPORATES
APN NEWS AND MEDIA LIMITED – ASX APN, INDEPENDENT NEWS AND MEDIA PLC, BAYCLIFFE LIMITED, NEWS CORPORATION – ASX NWS, NOVA ENTERTAINMENT PTY LTD, KIIS1065, AUSTRALIAN RADIO NETWORK PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, 101.7 WS-FM, NOVA 96.9 PTY LTD, SMOOTHFM, 2DAY FM AUSTRALIA PTY LTD, NZME, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, CREDIT SUISSE (AUSTRALIA) LIMITED, ALLAN GRAY AUSTRALIA PTY LTD

Third of super funds ‘vulnerable’

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Original article by Clancy Yeates
The Australian Financial Review – Page: 6 : 19-Mar-15

The Australian Prudential Regulation Authority (APRA) has found evidence of insufficient awareness of conflicts of interest among superannuation funds. A third of the 40 funds reviewed by APRA were found to have policies on conflicts of interest that were judged to be "weak" or "vulnerable". APRA will send a letter to super funds about the need for more vigilance in this area

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CONFERENCE OF MAJOR SUPERANNUATION FUNDS (CMSF) PTY LTD, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Boral launches $236m program to buy back shares

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Original article by Tim Binsted
The Australian Financial Review – Page: 21 : 19-Mar-15

Australian-listed building materials group Boral has revealed plans for an on-market share buyback. The group aims to repurchase about five per cent of its shares over the next year, which could cost up to $A236m. Boral boasted cash holding of $A357m at the end of 2014, and Andrew Peros of Credit Suisse says the buyback will place the group in a strong financial position to pursue acquisitions

CORPORATES
BORAL LIMITED – ASX BLD, CREDIT SUISSE (AUSTRALIA) LIMITED, RIO TINTO LIMITED – ASX RIO, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ORICA LIMITED – ASX ORI, AMCOR LIMITED – ASX AMC, USG CORPORATION, TRANSPACIFIC INDUSTRIES GROUP LIMITED – ASX TPI