Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* TMB Bank’s (TMB.TB) run of improving fundamentals have come to an end; * The core niche SME loan segment hasn’t grown for several quarters, and TMB is now reliant on lower yielding      mortgage lending for growth; * The only offset to credit weakness and lower NIMs is TMB’s latest bancassurance deal; and* Readacross to other Thai commercial banks remains negative.  INVESTMENT SUMMARYAfter being the last bank to struggle with legacy Asian Financial Crisis problem assets, seven years of bank…

* TMB Bank’s (TMB.TB) run of improving fundamentals have come to an end; * The core niche SME loan segment hasn’t grown for several quarters, and TMB is now reliant on lower yielding      mortgage lending for growth; * The only offset to credit weakness and lower NIMs is TMB’s latest bancassurance deal; and* Readacross to other Thai commercial banks remains negative.  INVESTMENT SUMMARYAfter being the last bank to struggle with legacy Asian Financial Crisis problem assets, seven years of bank…

Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

Credit

The BondAdviser Market Review is an end of month report designed to give users information on events, corporate actions, news and announcements affecting our strategic thinking (i.e. duration positioning, fundamental credit view) plus tactical opportunities as they arise.It also includes our "Data Tracker" which is designed to provide consistent and objective measures of performance and risk across the universe of domestic debt and hybrid securities.Please see attached our June 2017 edition.Summ…

The BondAdviser Market Review is an end of month report designed to give users information on events, corporate actions, news and announcements affecting our strategic thinking (i.e. duration positioning, fundamental credit view) plus tactical opportunities as they arise.It also includes our "Data Tracker" which is designed to provide consistent and objective measures of performance and risk across the universe of domestic debt and hybrid securities.Please see attached our June 2017 edition.Summ…

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Australia & New Zealand Bankin / Equity Bottom-Up

Ratings downgrades and bank levies are not enough. <a href="https://www.smartkarma.com/entities/443" target="_blank" data-smartkarma-citation="entities:443:1">Australia And New Zealand Banking Group (ANZ) (ANZ AU)</a> is now being hit by operational risk. Reportedly, the bank has taken nickel receipts in its commodities trading division which are fake.  While nearly impossible to forecast risk of fraud, banks must model risk assets here and hold appropriate capital. For ANZ, what stands out is the relatively high growth in this risk asset compared with its other risk assets, and compared with peer…

Ratings downgrades and bank levies are not enough. Australia And New Zealand Banking Group (ANZ) (ANZ AU) is now being hit by operational risk. Reportedly, the bank has taken nickel receipts in its commodities trading division which are fake.  While nearly impossible to forecast risk of fraud, banks must model risk assets here and hold appropriate capital. For ANZ, what stands out is the relatively high growth in this risk asset compared with its other risk assets, and compared with peer…

There are often signs at the periphery of heightened bank risk. It can be the cutting of wholesale funding lines. Deposit flight at bank branches. A high-profile default in the news. For sure, quarterly data on credit costs, non-performing loans (NPLs), and other base credit metrics will rarely be as timely. Australia &amp; New Zealand Banking Corp (ANZ) shows a sharp rise of its credit default swap (CDS) rates in recent days. The perception of the bank’s credit worthiness has worsened.ANZ - Credit…

There are often signs at the periphery of heightened bank risk. It can be the cutting of wholesale funding lines. Deposit flight at bank branches. A high-profile default in the news. For sure, quarterly data on credit costs, non-performing loans (NPLs), and other base credit metrics will rarely be as timely. Australia &amp; New Zealand Banking Corp (ANZ) shows a sharp rise of its credit default swap (CDS) rates in recent days. The perception of the bank’s credit worthiness has worsened.ANZ - Credit…

Credit Default Swap Spreads Ramping Higher

As we move into the new month, demand for corporate bonds remains strong. The balance has been skewed for most of 2017, with bonds being easy to sell but difficult to buy. But as primary supply has increased (mostly in institutional markets), this skew has eased slightly. This suggests that credit spreads are likely to trade in a tight range over the next quarter, subject to no material event causing a correction in the broader market.Year to date (YTD) returns have been broadly in-line with…

As we move into the new month, demand for corporate bonds remains strong. The balance has been skewed for most of 2017, with bonds being easy to sell but difficult to buy. But as primary supply has increased (mostly in institutional markets), this skew has eased slightly. This suggests that credit spreads are likely to trade in a tight range over the next quarter, subject to no material event causing a correction in the broader market.Year to date (YTD) returns have been broadly in-line with…

Weekly Highlights: Month End, Bank Reporting, Corporate News

Australia

Australia and New Zealand Banking Group Limited provides banking services. The Bank offers accounts checking, savings  deposits, money market, mortgage, and term loans services, as well as card facilities and Internet  banking services. Australia and New Zealand Banking Group serves customers in New Zealand and Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Australia & New Zealand Bankin (AN3 AU)

TMB Bank - Going Nowhere…Fast

* TMB Bank’s (TMB.TB) run of improving fundamentals have come to an end; * The core niche SME loan segment hasn’t grown for several quarters, and...

Thomas J. Monaco

BondAdviser Market Review - June 2017

The BondAdviser Market Review is an end of month report designed to give users information on events, corporate actions, news and announcements...

BondAdviser

ANZ Hit by Operational Risk

Ratings downgrades and bank levies are not enough. Australia And New Zealand Banking Group (ANZ) (ANZ AU) is now being hit by operational risk....

Daniel Tabbush

Credit Default Swap Spreads Ramping Higher

There are often signs at the periphery of heightened bank risk. It can be the cutting of wholesale funding lines. Deposit flight at bank branches....

Daniel Tabbush

Weekly Highlights: Month End, Bank Reporting, Corporate News

As we move into the new month, demand for corporate bonds remains strong. The balance has been skewed for most of 2017, with bonds being easy to...

BondAdviser

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)