We saw continued flows into the recent Newcastle Greater issue yesterday with the margin of +162 in line with initial trading in the secondary market last week.
Macquarie Bank has this morning announced an upcoming Subordinated Notes (10 year, 5 year non-call) deal, expected to price in the near future.
Stand out 5 year rates from Rabobank (5.20%), plus 1 year rates of 5.18% from A1/A and A2/BBB+ names, attracted flows in the term deposit space.
Heads is the Call as ANZ Acquisition of Suncorp Given Green Light
ANZ’s $4.9 billion takeover of Suncorp has been given the green light by the Australian Competition Tribunal, which ruled in favour of the deal after the ACCC rejected it last year.
The tribunal found the acquisition represented a net public benefit and would not substantially lessen competition in home, business, or agribusiness lending.
This was partially due to the assessment by the tribunal of a “minimal” increase to ANZ’s market share as a result of the deal, and partially due to the emergence of Macquarie as a genuine competitor in the residential mortgage space.
Bendigo and other regional banks shared their concern after the decision, claiming it would “lessen competition and leave customers & communities worse off.”
Elsewhere, today’s wage price index data will provide further clues about the direction of Australian inflation. Surveyed economists project a 4.1% annual increase, 0.1% higher than the same point last year, but a decline of 0.4% to 0.9% QoQ in line with softer recent prints.