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Asian Legal business: Australia's bond market is likely to take more lending business away from banks as tighter banking regulations make market-based finance...

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Livewire

Asian Legal business: Australia's bond market is likely to take more lending business away from banks as tighter banking regulations make market-based finance relatively cheaper, a top central banker said on Tuesday. Reserve Bank of Australia (RBA) Assistant Governor Guy Debelle said corporate bond issuance had already increased markedly, both onshore and abroad, with investors happier to buy lower-rated and longer-term debt. Australian corporates had sold A$35.1 billion ($33 billion) of paper since the start of 2013 while domestic issuance of debt rated BBB+ to BBB- was the strongest on record. While bank-based finance remains dominant today, in the future we may well see the Australian financial system move to more market-based sources of finance, particularly bond issuance, Debelle said in a speech. Tighter global regulations on banks, including requirements for holding more liquid assets, had raised their cost of funding, he said. Full report here: (VIEW LINK)


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