Commonwealth Bank of Australia top stories-
RBA to follow France with blockchain exploration
The Reserve Bank of Australia has announced plans to explore the potential uses and implications of a central bank digital currency using distributed ledger technology. The RBA follows the Banque de France, which last year worked with Société Générale to settle a crypto covered bond — a product that offers a number of ways to deploy blockchain technology.
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Australian govvies hit by climate challenge
In a world first this week, 23-year-old student and Australian retail government bond investor Katta O’Donnell filed a legal challenge against the sovereign on Wednesday, claiming that the government does not do enough to disclose the risks of climate change to investors. If successful, the case could change issuers’ obligations regarding climate risk disclosure.
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Aussie rules out bail-in senior as part of TLAC regime
The Australian Prudential Regulation Authority has taken a very different approach from the rest of the world with its total loss-absorbing capacity (TLAC) rules, proposing that banks meet these new capital requirements with tier two rather than any new form of bail-inable senior debt.
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First bond issue on blockchain for QTC
Queensland Treasury Corp ran a prototype bond auction on Commonwealth Bank of Australia’s blockchain platform, the bank said on Tuesday. QTC generated a bond tender, viewed investor bids in real time, finalised investment allocation and settled the dummy issue instantly — although it was on both sides of the deal, as sole issuer and investor.
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New syndicate tech platform passes CBA test
Investor Access, a platform which allows investors to submit orders for a new bond issue directly into the order book was deployed for the first time last week on a Commonwealth Bank of Australia sterling covered bond. Now work is underway to convince more dealers of the initiative’s worth.
Latest market news
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Greater China issuers ride on strong liquidity to push out bonds
Issuers from Greater China flooded the market with dollar deals on Tuesday, capitalising on strong appetite from investors ready to put money to work in the new year.
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Macquarie hits decade low in Aussie dollars
Macquarie achieved a decade low print for a five year Australian dollar floater this week, as the lack of supply from financial issuers in 2020 has sent spreads grinding downwards.
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Westpac mandates AT1 amid US election uncertainty
While election results rolled in across the US on Wednesday, Westpac decided in Australia that it would launch a new additional tier one (AT1) deal, targeting retail and institutional investors.
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Greencoat Renewables takes term loan in leverage strategy shift
Greencoat Renewables, the Irish renewable infrastructure company, has signed a €200m term loan, as it looks to manage its longer duration leverage.
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UOB goes tight in Aussie dollars
United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.
Commonwealth Bank of Australia In The Key League Tables
| Asset | Rank | STLY | Amount $bn | No of issues | Share % | STLY Share % |
|---|---|---|---|---|---|---|
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| Bookrunners of G3 Syndicated Loans (Asia Pacific ex-Japan) | 11 | 56 | 1.66 | 5 | 3.25% | 0.33% |
| Australia DCM | 9 | 10 | 0.12 | 1 | 4.42% | 2.26% |
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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SNCF SA EUR1.5bn 1% Jan 61
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Spain EUR10bn 0.1% Apr 31
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CEB EUR1bn 0% Jan 31
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World Bank EUR2bn 0.2% Jan 61
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NIB USD1.25bn 0.5% Jan 26
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EFSF EUR3bn 0% Jan 31, EFSF EUR2bn 0.05% Jan 52
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KfW USD5bn 0.625% Jan 26
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LBBW EUR750m 0.375% Feb 31 bail-in senior social
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UniCredit EUR1bn 0.325% Jan 26 / EUR1bn 0.85% Jan 2031
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Credit Suisse Group EUR1.5bn 0.625% Jan 33 / €1.5bn FRN Jan 26
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Banco BPM EUR400m 6.5% PNC5 AT1
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IADB USD4bn 1.125% Jan 31 sustainable development bond
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Italy EUR10bn 0.95% Mar 37
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KfW GBP1bn 0.125% Dec 26
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Land NRW EUR2bn 0.95% Jan 21
All International Bonds
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 28.16 | 118 | 8.09% |
| 2 | Citi | 27.35 | 87 | 7.86% |
| 3 | BofA Securities | 20.32 | 74 | 5.84% |
| 4 | BNP Paribas | 19.76 | 67 | 5.68% |
| 5 | HSBC | 19.56 | 72 | 5.62% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 60.87 | 123 | 14.06% |
| 2 | Credit Agricole CIB | 28.59 | 93 | 6.60% |
| 3 | Santander | 25.41 | 90 | 5.87% |
| 4 | JPMorgan | 23.88 | 61 | 5.52% |
| 5 | UniCredit | 21.51 | 103 | 4.97% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 0.94 | 4 | 13.47% |
| 2 | Goldman Sachs | 0.78 | 5 | 11.09% |
| 3 | Credit Suisse | 0.67 | 3 | 9.64% |
| 4 | HSBC | 0.61 | 3 | 8.77% |
| 5 | BofA Securities | 0.61 | 2 | 8.70% |
