Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There are no home loan rate changes to report today.
TODAY'S DEPOSIT RATE CHANGES
Nor are there any term deposit rate changes today either.
EXTENDED SEASON
Home loan approval levels have jumped after the Easter break and last week's full five days was pretty high for this time of year. Maybe one reason is this: ANZ is reporting a surge in the number of customers wanting to use KiwiSaver to help buy their first home following the April 1 introduction of new regulations for KiwiSaver first home withdrawals.
CATCHING UP
MBIE has shifted its tenancy resources into a new webiste called tenancy.govt.nz. This is intended to be a one-stop-shop of resources for the 450,000 homes that are rented in New Zealand. The next step is to enable landlords to record their bond transactions online, avoiding the frustrating current need to use cheques. But they are still not quite there yet.
CHEAP LONG TERM MONEY
The Goodman Property Trust today borrowed US$150 mln on the US Private Placement Market, essentially avoiding New Zealand banks or the New Zealand bond market. While the effective interest rate they are paying swaps back to equivalent local rates, it is the term that is impressive - 10, 12 and 15 years. There will some bank lending managers with a tear in their eyes having missed out on this one.
ANOTHER BIG KAURI
Rentenbank, Germany's AAA agency for agribusiness (and guaranteed by the Federal Republic of Germany), has mandated the increase of its April 2024 NZD Kauri bond which has a coupon of 5.375%. The line currently has NZ$525m outstanding. ANZ, BNZ and Westpac are jointly managing the increase.
WHOLESALE RATES
Wholesale swap rates have risen again today +2 bps across the whole curve. The 90 day bank bill rate is up as well, +1 bp at 3.61%.
NZ DOLLAR MIXED
The NZ dollar is higher today against the US dollar but lower against the Aussie. As of late this afternoon it is at 76.8 USc, 98.8 AUc, 71.6 euro cents, and the TWI is at 81.7. Check our real-time charts here.
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Daily exchange rates
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4 Comments
Interesting 2015 sequel to the flash-crash of May 2010 that brought global markets to their knees momentarily. President of the USA went on the record demanding an explanation and promising one. Some months later it was announced that a fund manager liquidated a large portfolio and a number of algorithm systems were triggered. And that was the end of it.
Nicely swept under the carpet and forgotten
Now 5 years later it transpires those declarations were not true.
A whistleblower has blown the whistle
A UK based high-speed trader has just been arrested for market manipulation
It turns out the guy was on the radar in 2009
But hey, 5 years have gone by, that's boring
http://www.smh.com.au/business/markets/uk-speed-trader-arrested-over-20…
all the watchdogs in the world couldn't find it - took a whistleblower
Australasian property seen as hot destination for money laundering
Australia told to tighten safeguards against money laundering in its booming property market, which has attracted Chinese funds with likely links to corruption, an international anti-money laundering body said in a report released late on Tuesday.
Australia is seen as an attractive destination for foreign proceeds, particularly corruption-related proceeds flowing into real estate, from the Asia-Pacific region, FATF said in its year-long review of Australia.
Lawyers, accountants, real estate agents ... blah blah
http://www.smh.com.au/business/australian-property-seen-as-hot-destinat…
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