|Bid||16.24 x 0|
|Ask||16.25 x 0|
|Day's Range||16.04 - 17.16|
|52 Week Range||13.19 - 30.00|
|Beta (5Y Monthly)||0.86|
|PE Ratio (TTM)||9.88|
|Earnings Date||May 08, 2020|
|Forward Dividend & Yield||1.66 (10.08%)|
|Ex-Dividend Date||Nov 14, 2019|
|1y Target Est||28.81|
Companies in the Asia Pacific need to raise a near record $69.3 billion to refinance their existing borrowings in the second quarter, Refinitiv figures show, as the region's capital markets remain turbulent due to the coronavirus pandemic. The level of U.S. dollar corporate debt due to mature in the region, including Japan and China, is the second highest on record and only slightly behind the $71.4 billion that was due during the same time last year. The data shows a Soft Bank Group bond worth $2.48 billion due to mature on April 18, and the conglomerate flagged it planned to carry out $41 billion worth of asset sales to buy back shares and pay down debt.
To the annoyance of some shareholders, National Australia Bank (ASX:NAB) shares are down a considerable 34% in the...
SYDNEY/LONDON, March 16 (Reuters) - Only a year after losing their homes to floods in parts of Australia's north eastern coast of Queensland, people are moving into new houses built on or near the same plots. A tradesman who has bought a new home in Townsville after walking away from his water-damaged dwelling 15 kilometres (9.32 miles) away, said the insurance premium had risen 350%, a price he was not willing to pay to protect against another flood. Banks appear to be taking a similar view, with long-term funding still widely available for new and existing housing, while insurers are more picky.
To the annoyance of some shareholders, National Australia Bank (ASX:NAB) shares are down a considerable 31% in the...
(Bloomberg) -- Australian stocks staged a record-breaking intraday rebound in the midst of near universal market gloom, a move that bewildered some traders but nonetheless quickly spread to other riskier assets.In one of the wildest sessions ever for Australia’s nearly $1 trillion market, the benchmark S&P/ASX 200 Index swung from an 8.1% loss to a 4.4% gain -- the biggest intraday move since the gauge was created in 2000. Everything from S&P 500 Index futures to Indian shares and the Chinese yuan soon followed suit, though in some equity markets the rebound wasn’t enough to lift indexes into the green.Traders cited multiple potential reasons for the sudden recovery, from simple bargain hunting to a Reserve Bank of Australia cash injection into the financial system and Prime Minister Scott Morrison’s decision to refrain from closing schools and public transport. Yet the move still shocked some investors and underscored the historic levels of volatility in financial markets as the coronavirus pandemic clouds the outlook for economies around the world.“Much of this remains in peril’s path with no headline to confirm what is going on,” said Stephen Innes, chief Asia market strategist at Axicorp.The S&P/ASX 200 ended the day with its biggest advance since November 2008, though it was still down nearly 11% for the week. It fell into a bear market on Wednesday, 14 trading days after hitting a record high.Read more investor views on the market turbulence.The RBA pumped the most extra cash into funding markets in at least seven years on Friday, after financial institutions’ demand came in at more than double the amount the central bank signaled it would inject. The RBA dealt A$8.8 billion ($5.5 billion) in its open market operations, after saying it intended to offer A$3.7 billion.“It’s the central bank injection that has probably calmed investors nerves over a liquidity crisis, major buyers could be the big pension funds,” said Justin Tang, head of Asian research at United First Partners in Singapore. “Looks like nerves are steadied.”Of the country’s big four banks, shares of National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. saw the wildest fluctuations, swinging more than 15% through the session. Hearing aid maker Cochlear Ltd. rose as much as 17% after early losses of 5.6%. Viva Energy Ltd. fluctuated between a 13% gain and 11% decline.Most sectors finished up for the day, led by health care and energy shares. Utilities and real estate stocks were the biggest laggards, down more than 2%.Volume on the ASX 200 skyrocketed to levels more than three times its three-month daily average, according to data compiled by Bloomberg.“You’re getting a lot of people potentially trying to think that this is the bottom,” said Jessica Amir, a market analyst at Bell Direct Ltd. “You’re seeing volume increase, people taking advantage of cheaper prices that are comparatively different from where they were about three weeks ago.”(Updates with market close)\--With assistance from Garfield Reynolds and Ishika Mookerjee.To contact the reporters on this story: Jackie Edwards in Sydney at firstname.lastname@example.org;Abhishek Vishnoi in Singapore at email@example.comTo contact the editors responsible for this story: Lianting Tu at firstname.lastname@example.org, Tim Smith, Michael PattersonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The S&P/ASX 200 index erased an early loss and surged out of bear market territory amid hopes for government measures that will offset the economic impact of the spreading coronavirus.Australia’s benchmark index rose 3.1% to close at 5,939.6, its largest gain since Nov. 2016, after having earlier declined as much as 3.9%. The market flirted with a bear run, briefly falling more than 20% from its Feb. 20 record amid growing concerns over the virus and a sharp plunge in oil prices.The S&P/ASX 200 index followed U.S. stock futures higher after President Donald Trump promised “very substantial relief” for the economy as the coronavirus spreads. Contracts on the S&P 500 E-mini futures erased earlier losses as Trump said he’s considering payroll-tax cuts.Australia’s government is also finalizing a fiscal package aimed at keeping companies in business and protecting jobs, as the outbreak hits an economy already reeling from a prolonged drought and a brutal summer of wildfires.“Australia is on the front foot with an imminent announcement of sensible pre-budget stimulus,” said AMP Capital Investors Ltd. portfolio manager Dermot Ryan. “It’s always better to move early and keep economic momentum.”Expect erratic swings in the market amid heightened volatility and lower liquidity, said Eleanor Creagh, a strategist at Saxo Capital Markets.“Bear markets witness some of the fiercest upside rallies,” she said. “To have real confidence in buying into any relief rally, volatility needs to reset meaningfully lower -- that sentiment is flowing through to the Aussie market.”A price war for oil sent energy stocks tumbling on Monday, pushing the S&P/ASX 200 to its biggest one-day retreat since 2008. Energy shares were among the biggest gainers Tuesday, helping to offset sharp declines on Monday. Viva Energy Group Ltd. was the top performer on the benchmark with a 14% jump, while Cooper Energy Ltd. closed 12% higher.The nation’s big-four banks also soared on Tuesday. Westpac Banking Corp., National Australia Bank Ltd., Australia & New Zealand Banking Group Ltd. and Commonwealth Bank of Australia all posted their biggest advances since Prime Minister Scott Morrison’s shock election win last year.(Updates with charts, market close)To contact the reporter on this story: Jackie Edwards in Sydney at email@example.comTo contact the editors responsible for this story: Lianting Tu at firstname.lastname@example.org, Tim Smith, Kurt SchusslerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service has upgraded the ratings on two classes of notes issued by Interstar Millennium Series 2004-4E Trust. The upgrade reflects (1) the switch to sequential principal repayments following the February 2020 quarterly payment date and until the Class A1 and A2 Notes (together, the Class A Notes) are repaid in full; and (2) the exposure to Westpac Banking Corporation (Westpac, Aa2(cr)), the currency swap counterparty. The currency swap documents do not oblige Westpac to transfer its rights and obligations to another counterparty upon being downgraded.
(Bloomberg) -- Australia’s economy will record its first recession since 1991 as the hit from China’s virus-induced slowdown is amplified by slumping confidence and domestic disruptions from the outbreak intensifying Down Under, according to Bloomberg Economics’s James McIntyre.Gross domestic product will fall 0.4 percentage point in the first three months of the year and 0.3 percentage point in the second quarter, ending a 28-1/2-year stretch of economic growth, he said in a report Monday.“Isolations and domestic disruptions to contain the spread of the virus will have a mounting economic impact, which is likely to result in a further GDP contraction in 2Q and potentially beyond,” McIntyre said. “Stimulus, both fiscal and monetary, will help to reduce the damage, but is unlikely to be enough to offset the impacts.”GDP will expand by just 0.4% in 2020, he forecasts, some 1.5 percentage points below his pre-coronavirus estimate.The Reserve Bank cut interest rates last week and money markets are pricing in a further reduction in April, which would bring it to the estimated lower bound of 0.25% and open the door to unconventional policy. The government is finalizing a fiscal “boost” that could amount to A$10 billion ($6.6 billion) to support firms struggling with cash flow and help them keep on employees.McIntyre predicts large budget deficits ahead as the automatic stabilizers -- increased welfare payments and reduced tax collection -- begin to take hold. That’s on top of the fiscal stimulus needed to boost demand and confidence.Alan Oster, chief economist at National Australia Bank Ltd., expects the RBA will deploy unconventional policy as early as May, after reducing the cash rate to its estimated lower bound of 0.25% in April.He sees the preferred option as yield-curve control -- setting a target level for government bond yields at a specific duration -- with the aim of flattening the yield curve and lowering the cost of debt funding.Panic SellingAn all-out price war between the world’s biggest oil producers is adding to the prospect of a recession as the coronavirus wreaks havoc across the world. Panic reigned in currency markets Monday as orders from traders and algorithmic machines snowballed.That saw the Australian dollar plunge almost 5% in less than 20 minutes, the biggest one-day decline since 2008. Australia’s benchmark S&P/ASX 200 stock index slumped 7.3%.The Treasury and RBA estimate the impact on tourism and education from China’s shutdown and other virus fallout will cut 0.5 percentage point from GDP in the first quarter. That doesn’t include supply chain disruptions and is in addition to a 0.2 point cut from wildfires over summer.Bill Evans, chief economist at Westpac Banking Corp., revised his economic growth forecasts Monday and predicts contractions in the first and second quarters of 0.3% respectively, before a sharp rebound in the second half. McIntyre said the comparison with the 2003 SARS epidemic is problematic because of the massive increase of China’s importance to both the Australian and global economies. He notes that in the Australian Dollar Trade-Weighted Index of the exchange rate, the weighting of the renminbi rose to 30%, higher than any other currency in the 36-year history of the gauge.The channels through which the reduction in domestic activity transmits during a pandemic were laid out in a 2006 Treasury paper whose author is Steven Kennedy, the current secretary to the Australian Treasury. That analysis saw the economy contracting 5% in the first year.Transmission of the virus in Australia is now occurring, meaning disruptions and shutdowns of aged-care facilities, child-care centers and schools. Health authorities anticipate several months of disruptions from the virus.The economy will bounce back, McIntyre said, noting that fourth-quarter GDP released last week showed several segments turning around, including housing and mining investment. China is also set to stimulate its economy, which traditionally benefits Australia.Property prices Down Under have surged since late last year when the RBA resumed easing.“How Australia’s housing market weathers the virus outbreak will be a key area of interest given the earlier downturn in construction activity,” he said. “Australia’s resources sector also stands well placed to benefit from a resumption of activity in China’s construction sector and stimulus measures.”(Updates with Westpac’s Evans revising growth forecast in 12th paragraph.)To contact the reporter on this story: Michael Heath in Sydney at email@example.comTo contact the editors responsible for this story: Paul Jackson at firstname.lastname@example.org, Alexandra Veroude, Victoria BatchelorFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Australia's financial regulators will discuss the impact of a new coronavirus outbreak on Australia's A$2 trillion ($1.3 trillion) economy in an emergency meeting on Monday, a source familiar with the matter told Reuters. The Reserve Bank of Australia (RBA) will meet on Tuesday for its monthly rate review. A Reuters poll last week found few analysts expected a cut from a record low 0.75%, but the sheer scale of market losses around the globe prompted financial futures to now imply a 96% chance of a move compared with just 18% last week.
Rating Action: Moody's assigns definitive ratings to Liberty's first auto ABS transaction for 2020. Global Credit Research- 07 Feb 2020. Liberty Series 2020-1 Auto- AUD 298.5 million equivalent of debt ...
Rating Action: Moody's upgrades two Interstar Millennium Series RMBS. Global Credit Research- 05 Feb 2020. Sydney, February 05, 2020-- Moody's Investors Service has upgraded the ratings on two classes ...
Australian regulators would consider intervening to stop banks from automatically directing "tap-and-go" card payments through the world's largest payment processors Visa and Mastercard Inc., the Reserve Bank of Australia (RBA) said Wednesday. Banks needed to stop automatically directing debit card payments through the two global networks, and instead give retailers the cheaper option to use EFTPOS, a local payment network, Governor Philip Lowe told reporters after a speech in Canberra. Global card schemes MasterCard and Visa, alongside the major four banks, dominate card payments systems in Australia.
Rating Action: Moody's assigns provisional ratings to Liberty's first auto ABS transaction for 2020. Global Credit Research- 28 Jan 2020. Liberty Series 2020-1 Auto- AUD 248.75 million equivalent of debt ...
Could National Australia Bank Limited (ASX:NAB) be an attractive dividend share to own for the long haul? Investors...
Australia's biggest lenders are bracing for another year of pain as the fallout from a string of scandals shows no sign of letting up following a blistering public inquiry into financial sector misconduct. "The Royal Commission didn't mark the end of their problems," said Sean Sequeira, chief investment officer at Australian Eagle Asset Management, referring to the government-led inquiry into wrongdoings in the industry. This week, National Australia Bank executives endured a six-hour annual general meeting as investors grilled management a day after regulators filed a lawsuit against the bank over fee charges.
Moody's Investors Service ("Moody's") has today affirmed Aa3 long-term issuer and the Aa3 senior unsecured debt ratings of National Australia Bank Limited ("NAB"). For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
Moody's Investors Service has assigned definitive ratings to the notes issued by Perpetual Corporate Trust Limited in its capacity as the trustee of the Flexi ABS Trust 2019-2. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Moody's Investors Service has today upgraded the rating on one class of notes issued by National RMBS Trust 2018-1. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS.