• May 16, 2014, 7:40 AM
    • KeyCorp (KEY) and Fifth Third Bancorp (FITB) are among the regional lenders stepping up their commodities business as the big Wall Street banks pull back. "[Regional lenders] are definitely beginning to fill the void left by some of the big guys," says Bonanza Creek Energy CFO Bill Cassidy.
    • Others stepping in include Australian bank Macquarie (MQBKY), Cargill, and BP. Last year, the top ten regional banks held an average of $23B in commodity derivatives on their books, up nearly 50% from 2009. Still, the amount is just a speck compared to the $3.9T on the books of the top 6 Wall Street banks.
    • Even this modest amount is meaningful though, says Guggenheim's Marty Mosby, as it allows the regionals to "pop out and create some incremental revenue growth."
    May 16, 2014, 7:40 AM
  • Feb. 12, 2014, 4:50 AM
    • Goldman Sachs (GS) and Deutsche Bank (DB) are looking to exit an area of operations that not that many people know they're involved in: trading supplies of raw uranium, which is also known as yellow cake.
    • Between them, the companies have built up stockpiles of low-grade uranium larger than those held by Iran.
    • However, with scrutiny of banks' physical-commodities trading increasing and uranium demand low following the Fukushima disaster, the firms are looking to sell their uranium trading desks.
    • Australian bank Macquarie (MCQEF) is reportedly interested in Goldman's operations, which are called NUFCOR.
    Feb. 12, 2014, 4:50 AM
  • Aug. 27, 2012, 1:50 AM

    After two years of trying, Hertz (HTZ) is set to acquire Dollar Thrifty (DTG) in a deal worth $2.3B. The price of $87.50/share represents a premium of 8% on the latter's close of $81 on Friday. To help obtain the blessing of regulators, Hertz also agrees to sell its Advantage Rent-A-Car unit to Franchise Services of North America and Macquarie Capital for a reported $16M. (PR)

    Aug. 27, 2012, 1:50 AM | 1 Comment
  • May 16, 2012, 3:56 PM
    E.ON (EONGY.PK) confirms the sale of its natural gas transmission grid to a consortium led by Macquarie (MQBKY.PK) for €3.2B ($4.07B). E.ON's sale of Open Grid Europe will help the German utility reduce debt amid a weak domestic electricity market; the Australian bank will gain a network that accounts for ~70% of Germany's total annual shipping volume. May 16, 2012, 3:56 PM
  • May 15, 2012, 4:16 AM

    Macquarie Group (MQBKY.PK), Principal Financial Group (PFG) and Singapore's United Overseas Bank (UOVEF.PK) are said to be among the firms that submitted bids for ING's (ING) Asian asset management business. A deal could be worth $500M-600M.

    May 15, 2012, 4:16 AM
  • May 11, 2012, 8:34 AM
    German utility E.ON (EONGY.PK) reportedly is close to selling its Open Grid Europe gas transmission network for ~€3.2B ($4.14B) to a consortium led by Macquarie's (MQBKY.PK) infrastructure funds. The acquisition of the grid that's key to shipping large volumes of gas from Europe's east to west would be the second gas network purchase by the Australian bank in just over a year. May 11, 2012, 8:34 AM
  • Apr. 18, 2012, 3:01 PM

    Might Genworth's (GNW -21%) delay of its Australian mortgage insurance business IPO be ringing a bell for the Oz property market? The company cites deteriorating market conditions in the Aussie mortgage market "as lenders accelerated the processing of late-stage delinquencies ... at a higher rate and severity than expected." Westpac WBK -1%.

    Apr. 18, 2012, 3:01 PM | 1 Comment
  • Apr. 2, 2012, 11:42 AM

    Australia's Macquarie (MQBKY.PK) is planning to this year raise a $2B infrastructure fund focused on the U.S. and Canada after fully investing its second, $1.6B fund, Reuters reports. Macquarie has averaged gross internal rates of return of over 20% in its previous investments in North American infrastructure.

    Apr. 2, 2012, 11:42 AM
  • Jan. 5, 2012, 5:24 AM
    China Development Bank and Japan's Sumitomo Mitsui (SMFG) are the finalists in an auction for RBS's (RBS) aircraft leasing unit in a transaction that could be worth up to $7.5B, Reuters reports. With Wells Fargo (WFC) and a Macquarie (MQBKY.PK) led group dropping out, RBS could disclose the winner next week. Jan. 5, 2012, 5:24 AM
  • Nov. 28, 2011, 8:21 AM
    RBS (RBS +8%) is examining final bids for its aircraft leasing business, which could fetch up to $8B, Reuters reports. Those in the running for RBS Aviation Capital are China Development Bank, Wells Fargo (WFC), Sumitomo Mitsui (SMFG) and a Macquarie-led consortium (MQBKY.PK). Nov. 28, 2011, 8:21 AM
  • Jul. 27, 2011, 7:10 AM
    Australian inflation for Q2 rises 0.9% and 3.6% Y/Y, ahead of expectations. "A disaster for the market and those hoping for a near-term rate cut," says Goldman Sachs. The aussie skyrockets to a new record vs. the dollar and shares -0.8%, with banks and currency-sensitive stocks hit hardest. Jul. 27, 2011, 7:10 AM
  • Jul. 15, 2011, 7:11 AM

    Westpac reverses its call for higher rates in Australia, now saying it expects a series of rate cuts to commence by 2011's end. "Interest rates are too high ... given the state of the non-mining sectors and a downward adjustment is required to avert a damaging round of contraction." The aussie dives 1% on the news, now buying $1.0652.

    Jul. 15, 2011, 7:11 AM
  • May 23, 2011, 5:25 PM
    Last week's downgrade of Australia's banks has put a bullseye on their back for hedge funds to shoot at, says a fund manager. "If (they) target one bank from the short side, it will be Westpac (WBK -4.3%). Off 15.7% in the last month, Westpac's shares are still 22.5% higher Y/Y. May 23, 2011, 5:25 PM
  • May 18, 2011, 7:13 AM
    Moody's downgrades Australia's four major banks, saying they are too reliant on overseas funding. "The GFC has underlined the speed with which shifts in investor confidence can impact bank funding." Bank shares are unaffected, but the aussie is lower, -0.3%, despite a "risk on" day. May 18, 2011, 7:13 AM
  • May 16, 2011, 4:39 PM

    The downturn in Australia's housing market has real estate types researching the U.S. circa 2007 for cliches with which to lure customers. "It's definitely a buyer's market," says an agent as the number of homes available in Melbourne doubles while the pace of sales drops. "We are likely to see considerable price falls," counters a research group.

    May 16, 2011, 4:39 PM | 3 Comments
  • May 3, 2011, 7:27 AM
    Australia begins to say "uncle" to the continued surge in its currency, as chatter begins regarding intervention. "We're seeing the worst trading conditions experienced in the last 30 years," says the head of a tourism council. Shares -0.85% last night, down nearly 5% the last 3 weeks. Aussie -0.6%. May 3, 2011, 7:27 AM