CBA prices massive $3bn RMBS issue
The first Commonwealth Bank RMBS bond sale in over four years has been tripled to $3 billion as investors return to the securitisation markets to support the major bank.
ASX’s future: predator, not prey
Following the Treasurer’s rejection of the deal with the Singapore Exchange, analysts have turned their attention to the next merger partners for the ASX, including the Hong Kong exchange.
Swan defends integrity of FIRB process
Updated | Treasurer Wayne Swan has defended suggestions that there was political interference in the FIRB process after he put a road-block in front of the ASX deal.
Busy day for raisings as companies eye growth
Southern Cross Media, Ausdrill and Allied Gold ensured a busy day for equity capital markets bankers on Wednesday, raising more than $700 million between them.
Regent Pacific takeover withdrawal ‘unacceptable’
The Takeovers Panel has made a declaration of unacceptable circumstances in regards to Regent Pacific’s efforts to withdraw from its $345 million takeover of Western Australian iron ore junior BC Iron.
Ausdrill announces $150m capital raising
Mining services company Ausdrill is raising $149.5 million to fund growth, including the possible acquisition of Barminco.
Southern Cross should re-rate after raising
Southern Cross Media’s investors say uncertainty overhanging its stock will be lifted after a capital raising to pay for the Austereo acquisition was announced.
SEC proposes trading limits after flash crash
The US securities watchdog is considering limits on the amount by which a stock’s price can move in any five-minute period.
RBS back in the leveraged loans game
The Royal Bank of Scotland is once again making its balance sheet available to key private equity clients, as it it looks to re-establish its presence as a major force in Australian leveraged loans.
S&P reviews UBS small caps rating
The potential walk-out of two members of the UBS small caps team has led Standard & Poor’s to put its rating of the UBS Australian small companies fund on hold.
Qube seeks assent for sale to Carlyle
Qube Logistics’ shareholders are today expected to approve the final part of the group’s sale of a 15 per cent stake to Carlyle Infrastructure Partners as it raises cash to invest in assets and pay for acquisitions.
Financial Review TV
Legal Conference: Alternative billing
Will Irving, Group General Counsel for Telstra outlines the alternative billing arrangement Telstra now have with Gilbert and Tobin. The address is followed by a panel discussion.
CBA prices massive $3bn RMBS issue
The first Commonwealth Bank RMBS bond sale in over four years has been tripled to $3 billion as investors return to the securitisation markets to support the major bank.
Perennial boosts FKP stake
Funds manager Perennial Investment Partners has rapidly boosted its stake in listed FKP Property Group
RBS reveals key equities hires
Royal Bank of Scotland has made key appointments to its Asia-Pacific equities business, including installing Randolf Clinton as co-head of markets and head of equities for Australia.
US market begins to lose heat
US sharemarket volumes have dried up in recent sessions even as stocks continue to trade near post-crisis highs and mergers and acquisitions appear to be on the rise.
Swansong for ASX integration
A deal that was arguably the first step in the closer integration of Asian and Australian capital markets is now dead in the water.
M&A
| Pos | Name | Value ($m) | No | % share |
| 1 | UBS | 15,784 | 5 | 31.7 |
| 2 | Barclays Capital | 14,150 | 2 | 28.4 |
| 3 | JPMorgan | 13,544 | 3 | 27.2 |
DCM
| Pos | Name | Value ($m) | No | % share |
| 1 | Westpac | 8,583 | 22 | 18.5 |
| 2 | ANZ | 6,137 | 24 | 13.2 |
| 3 | Commonwealth Bank of Australia | 6,109 | 19 | 13.2 |
ECM
| Pos | Name | Value ($m) | No | % share |
| 1 | UBS | 978 | 6 | 20.4 |
| 2 | Morgan Stanley | 891 | 2 | 18.6 |
| 3 | JPMorgan | 499 | 3 | 10.4 |
Syndicated Loans
| Pos | Name | Value ($m) | No | % share |
| 1 | ANZ | 2,879 | 22 | 17.8 |
| 2 | Commonwealth Bank of Australia | 2,576 | 20 | 15.9 |
| 3 | Westpac | 2,492 | 20 | 15.4 |
Expert gives Reflex the green light
Independent expert Lonergan Edwards gives the thumbs-up to the offer from Macquarie Group and Carlyle Group for Redflex Holdings.
Buffett’s ruthlessness is now oddly absent
‘Lose money for my firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless’: Warren Buffett.
Supranational borrowers to drive local bonds
It was another strong quarter for Australian debt markets. Westpac’s Tony Masciantonio talks about the $34 billion issued.
Packer buys chunk of online department store
James Packer’s Ellerston Capital steps into online retailing by buying a third of Sydney-based business DealsDirect.
Roc Oil clears the deck for growth
Alan Linn had barely warmed the CEO’s chair at Roc Oil’s headquarters before he was making big changes.
Uncertainty surrounding loss mars council claims
Even if they prove Lehman Brothers in the wrong, councils are unlikely to get all they’re asking.
Citi poaches UBS’s Jeff Emmanuel
Citigroup poaches Jeff Emmanuel from UBS to head its financial institutions group businesses in Australia & NZ.
Minmetals offers cash for Equinox
Minmetals Resources announces a $6.3 billion all-cash offer to acquire dual-listed copper producer Equinox Minerals.
Fundies expect further bids for Equinox
A tug-of-war is expected over Equinox Minerals, after Minmetals Resources put it in play with a $6.3 billion bid.
Bob Joss: what banking needs
The former Westpac chief and Citigroup director holds strong views on the future of the industry.
Mergers & Acquisitions
ASX’s future: predator, not prey
Following the Treasurer’s rejection of the deal with the Singapore Exchange, analysts have turned their attention to the next merger partners for the ASX, including the Hong Kong exchange.
Regent Pacific takeover withdrawal ‘unacceptable’
The Takeovers Panel has made a declaration of unacceptable circumstances in regards to Regent Pacific’s efforts to withdraw from its $345 million takeover of Western Australian iron ore junior BC Iron.
Equity Capital Markets
The private equity parallels with Buffett
Since the story broke over questionable stock trades by David Sokol, a former top lieutenant to Warren Buffett, DealBook has heard from a range of people about the controversy.
SEC proposes trading limits after flash crash
The US securities watchdog is considering limits on the amount by which a stock’s price can move in any five-minute period.
Debt Markets
CBA prices massive $3bn RMBS issue
The first Commonwealth Bank RMBS bond sale in over four years has been tripled to $3 billion as investors return to the securitisation markets to support the major bank.
Portugal hit with new downgrade
Portuguese banks have raised the pressure on the government to seek emergency international financing with a warning that domestic institutions should not be burdened with more sovereign debt.
Private Equity
RBS back in the leveraged loans game
The Royal Bank of Scotland is once again making its balance sheet available to key private equity clients, as it it looks to re-establish its presence as a major force in Australian leveraged loans.
Colorado puts up sale signs
Receivers of failed shoe and apparel retailer Colorado Group launched a sale process for the group on Tuesday.
Legal
ASX’s future: predator, not prey
Following the Treasurer’s rejection of the deal with the Singapore Exchange, analysts have turned their attention to the next merger partners for the ASX, including the Hong Kong exchange.
Swan defends integrity of FIRB process
Updated | Treasurer Wayne Swan has defended suggestions that there was political interference in the FIRB process after he put a road-block in front of the ASX deal.
Strategy
Roberts to head up NAB infrastructure
NAB named Dave Roberts, from Macquarie, head of infrastructure and natural resources advisory.
Ex-Goldman trader Sze to launch $1bn hedge fund
Updated | Former Goldman Sachs trader Morgan Sze is set to launch his highly anticipated $US1 billion-plus hedge fund in Hong Kong on Friday, three sources familiar with the plans said on Thursday.
Accounting
Accoutants struggle to merge
Jamie O’Rourke, the head of the Sydney office of national accounting firm RSM Bird Cameron is not giving up his goal of finding another partnership that wants to merge with his practice.
Deloitte invests in diversity skills
The new head of a big four human resource practice expects to expand staff numbers as corporates seek to address their employment diversity issues.
