insto - Australian financial markets

As part of our 2009 review, Insto caught up with Craig Drummond, Chief executive, Australia, Bank of America-Merrill Lynch.

How has investment banking in Australia changed during 2009

US stocks ended a strong quarter on a low after manufacturing data disappointed investors.

The S&P500 fell 0.4 per cent after a Chicago ISM report showed a surprising decline in factory orders. US GDP numbers however were positive, as the US economy was shown to have declined by 0.7 per cent, less than the forecast 1.2 per cent.

The S&P500 index has now gained for the seventh straight month and its 15 per cent quarterly gain is the highest in almost a decade.

Bank of America-Merrill Lynch is making positive noises about hiring in Australia as it battles to repair its battered reputation in the local employment market, says efinancial careers editor Simon Mortlock

Merrill has begun a recruitment drive in Asia Pacific because sentiment surrounding the bank has “turned a corner”, according Jayanti Bajpai, co-head of APAC global corporate and investment banking.

The Commonwealth Bank of Australia has issued a EUR1 billion (A$1.62891), fixed rate EMTN. It priced at 80 basis points over mid-swaps with a coupon of 5.875 per cent.

CBA, Citi, JP Morgan and Merrill Lynch joint led the transaction.