The Australian Office of Financial Management (AOFM) will offer $900 million of short-dated Treasury notes in two tranches at a tender on Thursday July 2.
The issue comprises $600 million of notes maturing on October 23, 2009 and $300 million of notes maturing on January 22, 2010.
The RBA said it would not take up any of the offer.
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Australian owned, mortgage finance lender FirstMac today successfully placed and priced its 1-2009 Residential Mortgage Backed Securities (RMBS) Issue. The transaction has been one in a series initiated by the Australian Office of Financial Management (AOFM) since November 2008 to stimulate the Australian mortgage market.
The FirstMac 1-2009 placement, arranged by Macquarie Bank, includes $499 million from the AOFM as a cornerstone investor, with a further $126 million provided by external investors.
The AOFM’s investment is part of a scheme to foster competition in Australia’s mortgage market through the purchase of RMBS, as announced by Treasurer Swan in September 2008. Up to $8 billion was made available for investment, with $4 billion allocated to issuers / originators that are non-authorised deposit taking institutions.
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Investment managers Perpetual Ltd is suing the Bank of New York in a British court on behalf of more than 1,000 investors who bought credit-linked notes issued by Mahogany Capital.
Perpetual’s subsidiary, Perpetual Trustee Company (PTCo), has started legal action against BNY Corporate Trustee Services (BNYT), which is a member company of the Bank of New York Mellon Corporation, in England’s High Court.
Retail investors bought $125 million of Mahogany notes through Grange Securities, an Australian subsidiary of Lehman Brothers Holdings Inc.
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photo credit: eek the catFear of toxic assets has crippled financial markets, but buying them will be easier than banishing the fear.
Equity markets reacted gleefully on Monday to the long-awaited details of the US Treasury’s plan to buy up unwanted financial assets from American banks.
In short, the plan will set up funds with equal amounts of public and private capital as equity, boosted by government-guaranteed loans, to buy loan assets and asset-backed securities.
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How to Write a Guest Post for Lending Central
These days, everyone has got something to say. However, not everywhere is there an outlet for you to get your thoughts out to the world.
While it’s our job to get you the news that you want to know, there are plenty of times where you have just got to get your thoughts out there. With that in mind, we’ve now introduced the ability for anyone to write a guest post for Lending Central! That’s right, you too can be a blogger!
So, you want to write an article…Where to begin I can hear you all thinking!
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Get the news delivered to your own website today!
We are very happy to announce that as from today, you can now enhance your own website with a direct news feed from Lending Central. That’s right, this means that you can now enhance your own traffic and provide your clients with even more information than ever before by keeping up with the latest happenings as we report them on Lending Central.
Want to know how?
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Finance lawyer Stuart Fuller has been appointed as the new chairman of the Australian Securitisation Forum (ASF).
Mr Fuller is recognised as one of Australia’s pre-eminent layers in securitisation and structured finance, ASF said on Wednesday, being involved in most major securitisation transactions undertaken in the Asia Pacific region in the past decade.
The ASF is the peak industry body representing the securitisation market in Australia.
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Bendigo and Adelaide Bank Ltd has reported a 16.9 per cent fall in first half net profit as the regional lender was hit by the valuation of hedging acquired together with Adelaide Bank.
Net profit for the six months to December declined to $60.5 million, from $72.8 million in the previous corresponding period, the Bendigo-based bank said in a statement on Monday.
Net profit fell 27.2 per cent from a restated $83.1 million based on adjustments made to take into account the merger with Adelaide Bank.
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The Obama administration is scrapping the Bush administration’s economic recovery plan and has unveiled a financial stability plan that includes further stabilization of the banking sector, expanded modifications and a revival of the secondary market.
Execution of the plan will involve trillions of dollars.
U.S. Treasury Secretary Timothy Geithner discussed today details about the new plan. He said that the financial system is working against an economic recovery - forcing millions of layoffs, pushing foreclosures higher and making it harder for credit-worthy borrowers to obtain home financing as banks are pressured by the recession.
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By Scott Spencer
On the wake of the global financial crisis, 2009 will now also be known as the year that we had the worst bushfires in history. Bigger than Ash Wednesday, more horrific than Black Friday. The death toll from the fires that ravaged Victoria is climbing higher and higher. Entire towns gone. Friends and loved ones missing, people being left with nothing. You can’t help but to have seen it on the news over the weekend.
I used to camp around these areas as a child and it’s not nice to see places you had such fond memories of, gone. We had a long look at ourselves over the weekend and realised just how lucky those of us not directly affected by the tragedy really are and decided that somehow, we have to help.
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2008 was certainly a tumultuous year, with the global economy going from bad to worse to…well better or worse again depending on who you speak to.
Now that 2009 is upon us, it’s always good to look back at the year that was and for those of you who may have missed a lot of the going on’s here at Lending Central, we count-down the top 5 articles of the year…as discussed by you!
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The Australian securitisation market could remain frozen for up another two years, experts say.
According to The Australian, Greg Medcraft, CEO of the Australian Securitisation Forum, said that the underlying issue on the massive decline in RMBS is due to an extreme lack of liquidity.
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