ANZ acknowledged the Australian Securities and Investments Commission was investigating the bank’s execution of a 2023 bond issuance.
The corporate watchdog is investigating ANZ Bank over its role as a risk manager in the issuance of $14 billion in Australian government bonds last year, amid suspected breaches of the law.first reported that ANZ was being investigated by the corporate regulator over concerns its traders manipulated the sale of government debt last year.
“ANZ understands that ASIC is investigating suspected contraventions of a number of provisions of the ASIC Act and the Corporations Act,” the bank said. “ANZ takes compliance with its regulatory obligations seriously and is co-operating fully with ASIC.”The AOFM issues debt securities on behalf of the Australian government, managing its cash and debt portfolios, and providing advice on a range of financial risks. Last year, it issued $78.8 billion in Treasury bonds.
A spokesperson for the AOFM said the Treasury bond transaction in question involving ANZ was for the issue of the December 2034 Treasury bond which, when priced on April 19, 2023, was worth $14 billion at face value.“ANZ was one of four banks appointed as joint lead managers for this transaction,” they said, noting that it was routine for the AOFM to debrief ASIC on all of its syndicated bond issues. “The AOFM has made no specific complaint to ASIC about ANZ.
ASIC’s investigation comes less than a decade after some lenders, including ANZ, were accused of rigging the bank bill swap rate – a benchmark interest rate. ANZ reached a settlement with ASIC, paying fines and admitting toby some of its traders. In 2017, ANZ said it had changed the way it ran the markets business since 2015, including through
Ahead of the federal budget to be delivered on Tuesday, global financial services group Nomura said it expected Australian government debt issuance to increase from $80 billion to about $95 billion in the 2024 to 2025 period, largely reflecting the maturity of the bonds.is a business reporter at The Sydney Morning Herald and The Age. She covers banks, financial services and markets, and writes opinion pieces with a focus on economics.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Corporate social responsibility | Australian Financial ReviewThe latest Corporate social responsibility news, articles and analysis from the Australian Financial Review
Read more »
Australian-first review led by South Australian government to explore social media ban for kids7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Matt Denny Sets New Australian Discus Record at Australian Athletics ChampionshipsMatt Denny sets a new national discus record at the Australian Athletics Championships, solidifying his chances of winning an Olympic medal.
Read more »
ANZ wants to revisit AustraliaPost’s Bank@Post deal amid scrutiny of branch closures, Senate reportIt is the only major bank not to allow customers to access services through Australia Post. Rural branch closures will be a focus on Senate report this week.
Read more »
'Outrageous disregard': Anger as ANZ prepares to shut local branch in the Blue MountainsAn online petition has been launched calling on the banking giant to keep the branch open.
Read more »
The bad news in ANZ, Westpac and NAB’s $4.5 billion buyback bonanzaANZ joined the bank buyback party on Tuesday. Investors love getting excess capital back, but do these buybacks show the banks are short of growth options?
Read more »