Australia

Details

  • Service: Advisory, Transactions & Restructuring, Corporate Finance
  • Industry: Financial Services
  • Type: Survey report
  • Date: 25/02/2010

Debt Market Quarterly Update

Debt Market Quarterly Update
KPMG's Debt Market Update reviews debt market activity and provides insights into the latest trends and the implications for Australian companies.

Debt Market Quarterly Update: Q4 2009 

The final quarter of 2009 held much talk of market recovery and Australia escaping a large-scale recession. The debt markets evidenced some positive signs such as an increase in loan volumes with a number of major corporate refinancings closing during the fourth quarter.
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Despite these signs, liquidity continues to remain well short of pre-GFC levels as supported by the existence of range bound pricing, tighter structures and covenants and relatively short tenors on offer whilst the global landscape continues to show that investor confidence remains fragile.

 

Key themes

  • Burgeoning public debt levels in developed countries combined with macro shocks highlight the need for continued caution in credit markets.
  • Margins to remain range bound for the foreseeable future as refinancing volumes continue to be a focus and capital remain selectively held.
  • Negative growth in foreign bank loan books continue.
  • Securitisation market showing new signs of life.
  • The funding gap remains as alternative forms of capital continue to be considered.

 

 

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