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Macquarie

Macquarie grew out of the Australian business of Hill Samuel Australia, commencing operations in 1969. Macquarie Bank Ltd ("MBL") is a licenced bank while the group's securities and other non-bank businesses are conducted through sister companies under Macquarie Group Ltd ("MGL") which is the listed entity. From the 1990s the group was associated with the "Macquarie Model" which focused on identifying cash-generating infrastructure assets & packaging them into funds that could be sold, with Macquarie taking fees as banker, arranger and asset manager. The global financial crisis prompted it to diversify its operations which it did through acquisitions of asset managers including Delaware Investments in the US and Blackmont Capital in Canada, boutique investment bank Fox-Pitt Kelton and specialists such as Tristone Energy (Canada). It has expanded its lending business through acquiring portfolios of aircraft and auto leases. It has just under A$551 bn of funds under management, most in "traditional" funds management but also including its specialist infrastructure and real assets funds. (29 Nov 2018)

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CBA: Makes More Reg Provisions & Some Recoveries

Worth Watching: 11 Dec 2018, 4:20 AM ET - CBA (Commonwealth Bank of Australia) has announced that it is setting aside more provisions to cover compliance and remediation-related costs which will impact earnings in its current financial year. It is making a A$100 mn provision to cove ..

Australian Banks: House Prices Slip 2% yoy in Sept

Worth Watching: 11 Dec 2018, 12:23 AM ET - Australian Banks  will be keenly watching the unfolding downturn in the country's housing market. According to data from the Australian Bureau of Statistics, average prices were down in the September quarter in Sydney, Melbourne and Perth and thi ..

Australian Banks: ACCC Reports on Mortgage Pricing

Worth Watching: 11 Dec 2018, 12:23 AM ET - Australian Banks have been under investigation by the country's competition watchdog, the ACCC, specifically in regard to their moves to raise their standard variable lending rates in 2017 (see here) following the introduction of Australia's ba ..

Australian Banks 2019 Outlook: Tier 2 Subs Senior

Sector Outlook: 06 Dec 2018, 3:27 AM ET - As we head into 2019 the major Australian banks are sound but facing some downside risks. Their senior debt should become safer thanks to the greatly enlarged subordinated debt the banks will have to issue to meet their TLAC requirement. 

Australian Banks: APRA Sets Leverage Ratio at 3.5%

Worth Watching: 27 Nov 2018, 12:01 AM ET - Australian Banks are currently in the final phases of implementing changes to the capital adequacy regime that were deemed necessary by global regulators and by APRA in the wake of the Global Financial Crisis. The latest development (see here) ..

Australian Banks: Thoughts of the RBA Governor

Worth Watching: 21 Nov 2018, 5:57 AM ET - Australian Banks are operating in what is, according to the latest RBA data, a mostly very benign economic environment. In its latest Monetary Policy Minutes (see here) the Reserve Bank notes that Australia's growth has been running ahead of ex ..

Australian Banks: APRA Proposes Tier 2 For TLAC

Sector Analysis: 08 Nov 2018, 12:56 AM ET - APRA has adopted a distinctive approach to TLAC, suggesting no new debt instruments and that banks should meet their expanded loss-absorbing capacity through issuing more regulatory capital instruments. 
Focused

Macquarie: Looking Good for FY2019

Worth Watching: 05 Nov 2018, 5:49 AM ET - Macquarie  has managed to build on its already strong performance and has achieved a 5% YoY increase in 1HFY19 net profit and stated that full year net profit should be up 10% vs FY18. As the table shows, there was a marked shift in profit ..

Westpac FY18: Flat Net Absorbs Remediation Costs

Earnings Note: 05 Nov 2018, 5:22 AM ET - Westpac has not booked restructuring charges, and its earnings were able to absorb customer remediation costs, leading to the expected erosion of its ROE, which was still a respectable 13%.   

NAB FY2018 Down But Business Bank Supports NIM

Earnings Note: 01 Nov 2018, 5:37 AM ET - NAB's net profits have been hit by restructuring and remediation, but asset quality remains very sound, and its key Business Bank unit is doing well.  

Asia Credit Calendar: Week of 29 October 2018

Strategy Analysis: 25 Oct 2018, 11:47 PM ET - 3Q earnings season begins. Issuers reporting this week include Bank of China, Agricultural Bank of China, ICBC, Minsheng Banking, ANZ, NAB, Macquarie, Nomura, OCBC, Health & Happiness, Alibaba and Baidu. 

ANZ and NAB: More Restructuring and Redress Costs

Worth Watching: 21 Oct 2018, 10:42 PM ET - ANZ and NAB  have followed Westpac (see here) in disclosing that their soon to be announced results for the financial year ended 30 September 2018 will be impacted by additional regulatory and compliance costs. NAB has announced additional 2 ..

Asia-Pac Financials Relative Value: October 2018

Asia Relative Value / Fin Movers: 21 Oct 2018, 8:55 PM ET - We summarize our relative value views for Asia Pacific Financials for October 2018.

Bank of Queensland: Outperforms on Higher NIM

Worth Watching: 04 Oct 2018, 12:02 AM ET - Bank of Queensland  reported a better than expected result for 2HFY2018 thanks to given the widely reported pressures on Australian banks' margins from higher domestic short-term rates. BOQ's NIM was up 1bp HoH to 1.98% in 2HFY18.  Lending spre ..

Australian Banks: Royal Commission Interim Report

Sector Analysis: 02 Oct 2018, 11:07 PM ET - We take a look at the Interim Report published last week by Australia's Royal Commission into misconduct in the financial sector. 
Focused

Australian Banks: S&P Still Neg, Sovereign Stable

Worth Watching: 26 Sep 2018, 7:40 AM ET - Australian Banks  have been on negative outlook at S&P in part due to the country's sovereign rating of AAA being on negative outlook as a lower sovereign rating would reduce the government's ability to support the banks. S&P last week changed the ..

Australian Banks: House Prices Deflating

Worth Watching: 19 Sep 2018, 11:56 PM ET - Australian Banks are facing the challenge of deflating house prices. This one of the factors considered by the RBA at its most recent meeting in early September when it decided to keep its cash rate unchanged at 1.5%. It noted that growth was fai ..

Asia-Pac Financials Relative Value: September 2018

Asia Relative Value / Fin Movers: 10 Sep 2018, 1:34 AM ET - We summarize our relative value views for Asia Pacific Financials for September 2018.

Australian Banks: CBA & ANZ Raise Rates

Worth Watching: 06 Sep 2018, 4:22 AM ET - Australian Banks are seeing their net interest margins narrow under pressure from higher short-term market rates in Australia. As we noted in Westpac: Raises Lending Rate As NIM Falls, Westpac was the first among the major banks to raise its key ..

Westpac: Raises Lending Rate As NIM Falls

Worth Watching: 03 Sep 2018, 5:45 PM ET - Westpac  has disclosed its Pillar 3 report for June 2018 along with some commentary on its performance trend, the most notable element of which was that its group NIM had come down 11bp in the June quarter to 2.06%, vs 2.17% in the six months t ..

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