insto - Australian financial markets

Mortgage finance lender FirstMac today (10 November) successfully upsized, placed and priced an RMBS deal with the support of the AOFM. The transaction was initially launched at A$400 million but was increased to A$470 million following greater than anticipated investor bids.

The FirstMac 2-2009 placement, arranged by HSBC Bank, includes A$215.14 million from the AOFM as a cornerstone investor, with A$254.86 million provided by an additional six domestic investors.

In other apparently co-incidental news today (1 October), Macquarie Bank announced the acquisition of a portfolio of auto leases and loans from “a leading Australian automotive financier”. A spokeswoman said the deal was funded by Macquarie’s "internal resources".

Another asset backed securitisation transaction is underway. Both Moody’s and Fitch have released “expected ratings” for an ABS from Macquarie.

US stocks sold off sharply on Thursday as poor manufacturing numbers tipped sentiment lower ahead of Friday’s key monthly jobs reading.

The S&P500 lost 2.58 per cent, its worst day since 2 July while all 30 stocks in the Dow Index declined. Financial stocks were among the day’s weakest performers in a broad sell-off with AMEX trading down 4.3 per cent and JPMorgan falling 5.6 per cent.

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.

The soon to be wholly owned Westpac vehicle, Ascalon Capital Managers has established a boutique hedge fund called Helix Partners. This fund will invest in global equities through a quantitative process developed by partners Brandt Leahy, Justin Webb and Matthew Perone.

US stocks had another positive session, after higher energy prices outweighed weaker Asian equities.

The S&P500 and Dow Industrial index both gained 0.69 per cent during an interesting session.

US stock futures had pointed to a lower opening after a 4.3 per cent fall in Chinese stocks. That market is fearful that loose lending has led to a run up in property and stocks, which the government is seeking to restrict.

US stocks hit new heights on upbeat jobs numbers, more solid earnings and firmer Chinese markets.

The S&P500 gained 1.19 per cent while thel Dow Industrial closed up 0.92 per cent.

It was a busy and significant night week Australian issuers in offshore debt markets as Macquarie Group and CBA ventured into non-guaranteed waters.

While Australian banks are being urged to ease themselves off the wholesale guarantee scheme, CBA went one better overnight issuing lower down the capital structure.

US stocks declined after more weak data, a sell off in Asia and a weak bond auction led to fears of a pullback.

The S&P500 shed 0.46 per cent, the Dow closed 0.29 per cent lower while, the NASDAQ ended the session in the red.