Rio Postpones Investor Meetings on Financial Crisis (Update2) Nov 14, 2008
Swaps on London-based Rio were quoted at 690 basis points at 12:00 p.m. in Sydney, compared with 350 for BHP, ABN Amro Holding NV prices show. Both mining companies are listed in Australia and London. (Bloomberg)
Bond Risk Falls in Asia-Pacific After Stock Rally in the U.S., Swaps Show Nov 14, 2008
Swap prices for BHP Billiton Ltd., the world's largest mining company, were quoted at 350 basis points at 11:50 a.m. in Sydney, down 10 basis points, according to ABN Amro Holding NV. Contracts on Rio Tinto Group, its smaller rival, were also down 10 basis points at 690. Credit-default swaps are used to protect against or speculate on default. (Bloomberg -- Australia & New Zealand)
Alcoa Stops Work on Wagerup Expansion Because of Global Financial Crisis Nov 11, 2008
The expansion would have cost $4 billion, according to ABN Amro Holding NV resources analyst. The world's largest producers of aluminum, iron ore and steel are cutting output and reviewing investment plans as the global economy slows and commodity prices decline. (Bloomberg -- Australia & New Zealand)
Zero-Interest-Rate World Looms as King, Trichet Race to Salvage Economies Nov 9, 2008
The problems in money markets are still quite severe,'' said , an economist at ABN Amro Holding NV in London. Market rates are above where central banks have their rates, and that's alarming them. (Bloomberg)
Global Money Rates Fall on Central Bank Cash Infusions, Interest-Rate Cuts Nov 7, 2008
The Markit iTraxx Australia index was quoted 17 basis points higher at 265, ABN Amro Holding NV data show. The indexes are benchmarks for protecting bonds against default and traders use them to speculate on changes in credit quality. (Bloomberg -- Europe)
PBL Media Leveraged Buyout Loans Drop After Billionaire Packer Quits Board Oct 28, 2008
Packer and CVC raised funding for PBL at the height of the buyout boom in early 2007, with support from lenders including Credit Suisse Group, UBS AG, GE Capital Finance Ltd., ING Groep NV, ABN Amro Holding NV and Bank of America Corp., data compiled by Bloomberg show. The loans, maturing in 2013, pay interest of between 137. (Bloomberg -- Australia & New Zealand)
Trichet May Need to Prove Inflation-Fighting Credentials After Rate Cut Oct 23, 2008
The move, which followed the worst stock-market drops since the 1987 crash, marked a shift in the bank's focus toward economic growth and away from its usual preoccupation with prices, said , senior economist at ABN Amro Holding NV in London. Different Objective. (Bloomberg -- Germany)
France Will Invest $14 Billion in Nation's Top Six Banks to Boost Lending Oct 21, 2008
The Dutch government bought local units of Fortis and ABN Amro Holding NV for 16. 8 billion euros. (Bloomberg -- Europe)
Allco Finance May Default on Senior Debt as It Struggles to Sell Assets Oct 21, 2008
Bankers including ABN Amro Holding NV, Westpac Banking Corp. and Commonwealth Bank of Australia waived the right in July to recall loans early after Allco agreed to higher interest rates. Allco is required to reduce its senior to A$400 million by June 30 next year. (Bloomberg -- Australia & New Zealand)
Netherlands pumps billions into ING Oct 20, 2008
The government bought the Dutch units of Fortis and ABN Amro Holding earlier this month for 16. 8 billion euros. (Sydney Morning Herald -- Business)
ING Will Get $13.4 Billion From Netherlands Government to Increase Capital Oct 20, 2008
The Dutch government bought local units of Fortis and ABN Amro Holding NV earlier this month for 16. 8 billion euros. (Bloomberg -- Europe)
ING to post loss after massive writedowns Oct 18, 2008
The Dutch government, which bought local units of Fortis and ABN Amro Holding earlier this month for 16. 8 billion euros, made 20 billion euros available to financial firms on October 10 as the global credit crisis worsened. (Sydney Morning Herald -- Business)
Standard Chartered Would Consider Buying RBS Assets in Asia, Meddings Says Oct 18, 2008
RBS bought the Asian and investment-banking units of Amsterdam- based ABN Amro Holding NV for $19 billion last year. Meddings declined to comment specifically on whether the bank would bid for RBS's 40 percent stake in Saudi Hollandi Bank. (Bloomberg -- UK)
ING Sees Third-Quarter Loss of $674 Million as Shares Slump for Third Day Oct 18, 2008
The Dutch government, which bought local units of Fortis and ABN Amro Holding NV earlier this month for 16. 8 billion euros, made 20 billion euros available to financial firms on Oct. 10 as the global credit crisis worsened. (Bloomberg -- Europe)
Asian Stocks Slump on Recession Concerns; BHP, Toyota, Woori Finance Fall Oct 16, 2008
Everybody's just very suspect of trading any emerging market or any name in Asia,'' said , a credit trader for ABN Amro Holding NV in Sydney. Credit-default swaps pay the buyer face value in exchange for the underlying securities, or cash equivalent, if a borrower fails to adhere to its debt agreements. (Bloomberg -- Asia)
Bond Risk Increases on Concern a U.S. Recession May Sap Earnings Globally Oct 16, 2008
If the U.S. has a recession we'll definitely be affected here,'' said , a credit trader for ABN Amro Holding NV in Sydney. Everybody's just very suspect of trading any emerging market or any name in Asia. (Bloomberg -- Asia)
Bank Ownership Stakes by European Governments: Scorecard Oct 14, 2008
The Netherlands took over the Dutch businesses of Brussels- and Amsterdam-based , including its holding in ABN Amro Holding NV, for 16. 8 billion euros on Oct. 3 after an earlier rescue plan failed. (Bloomberg)
Fortis Gets $19.7 Billion From Sale of Assets to BNP, Belgium, Netherlands Oct 14, 2008
The Dutch government on Oct. 3 bought assets from Fortis in the Netherlands, including its stake in ABN Amro Holding NV. BNP Paribas agreed on Oct. 5 to buy 75 percent of Fortis Bank Belgium from that government for 8. 25 billion euros in stock, leaving the Belgian state with an 11. (Bloomberg -- Europe)
RBS Surrenders Control to U.K., Seeks $34 Billion as CEO, Chairman Resign Oct 13, 2008
3 billion) for part of ABN Amro Holding NV last year, just before the credit crunch worsened. It remains to be seen how successful they will be in raising funds from investors in these markets,'' said Richard Hunter, head of U.K. equities at Hargreaves Lansdown Stockbrokers in London. (Bloomberg -- UK)
Rio, BHP Billiton May Have to Lower 2009 Iron Ore Prices, Macquarie Says Oct 13, 2008
The outlook for crucial coal and iron ore contract pries seems to be fraying at the edges,'' ABN Amro Holding NV analysts led by said in a research note dated Oct. 10. There is ``some doubt over whether Australian contacts will be renewed next year at the same high prices. (Bloomberg -- Australia & New Zealand)
Royal Bank of Scotland Loses Credibility After Goodwin's ABN Amro Purchase Oct 10, 2008
7 billion) for Amsterdam-based ABN Amro Holding NV with partners Fortis of Belgium and of Spain. We would very much like to win and we deserve to win,'' he said in June 2007 during the battle for ABN Amro against British rival Barclays Plc. (Bloomberg)
Libor Holds Central Banks Hostage as London Rate Freezes Worldwide Lending Oct 10, 2008
The memo, obtained by Bloomberg News, barred all new trading with Royal Bank of Scotland Group Plc and ABN Amro Holding NV, even if the dealings were backed by collateral. Money managers were also told to look for ways of cutting credit risk. (Bloomberg)
U.K.000023FC to partially nationalize banks Oct 8, 2008
Royal Bank of Scotland led a consortium which last year swallowed Fortis Dutch bank ABN Amro Holding NV for 72 billion euros ($98 billion). Also in msnbc. (Huntington WSAZ-TV, WV)
Britain joins bail-out rush, pledging $122b Oct 8, 2008
While RBS denied yesterday that it asked the government for help, the bank has been short of capital since it paid about 14 billion euros last year for the investment banking and Asian units of Amsterdam-based ABN Amro Holding NV. The 12. 3 billion pounds that RBS raised by selling shares at 200 pence apiece in June wasn't enough, and shares now trade for about half as much. (Sydney Morning Herald -- Business)
UK steps in to save its banks, cuts interest rates Oct 8, 2008
Royal Bank of Scotland led a consortium which last year swallowed Dutch bank ABN Amro Holding NV for 72 billion euros ($98 billion). Now, however, there is increasing acceptance of the degree to which the banking crisis is a global problem, as was evidenced by the simultaneous interest rate cuts announced on Wednesday by the Bank of England the European Central Bank, the Federal Reserve, the Bank of Canada, Sveriges Riksbank, and the Swiss National Bank. (San Diego Union-Tribune -- Business)
Europe Races to Shore Up Banks as Crisis Spreads Oct 7, 2008
BNP late Sunday agreed to a rescue deal for Fortis, the Dutch-Belgian bank that just a year ago took part in the biggest bank deal yet, the $101 billion acquisition of ABN Amro Holding NV. Fortis has operations in more than 50 countries and about 85,000 employees. It thought ABN would transform it from a midtier institution into one of Europe's largest private banking operations. (Yahoo News -- Global Economy)
BNP forks out $26b for Fortis units Oct 6, 2008
2 billion euros into the acquisition of ABN Amro Holding NV assets last year just as the US subprime-mortgage market collapsed and credit markets froze. In the Sept. 28 rescue that went awry, the three Benelux governments agreed to put capital into Fortis by purchasing minority stakes in the banking units in each country. (Sydney Morning Herald -- Business)
BNP Paribas to Pay $19.8 Billion for Fortis's Units in Belgium, Luxembourg Oct 6, 2008
2 billion euros into the acquisition of ABN Amro Holding NV assets last year just as the U.S. subprime-mortgage market collapsed and credit markets froze. Failed Rescue. (Bloomberg -- Europe)
Heinz to Pay $218 Million for Australian Food Processor Golden Circle Oct 6, 2008
ABN Amro Holding NV is advising Golden Circle and Heinz is being advised by UBS AG, the statement said. Golden Circle cans fruit and vegetables under its own name and also owns the Original Juice Co. label. (Bloomberg -- Australia & New Zealand)
Belgium May Take Over Fortis or Arrange Sale, De Tijd Reports Oct 5, 2008
2 billion euros buying ABN Amro Holding NV assets last year just as the U.S. subprime-mortgage market collapsed and credit markets froze. At a meeting today of Belgium's key cabinet ministers about the country's 2009 budget Fortis may also be discussed, , a spokesman for Prime Minister , told Bloomberg News. (Bloomberg)
Global credit squeeze tightens Oct 5, 2008
It feels like the financial-sector problems are snowballing, developing momentum that will be hard to stop,'' said Greg Gibbs, director of currency strategy at ABN Amro Holding NV in Sydney. The further deterioration in term bank- funding costs and spread widening even as policy makers in the US are poised to pass a rescue bill is worrying. (Sydney Morning Herald -- Business)
Belgian Government Is Exploring `All Methods' to Keep Fortis in Business Oct 5, 2008
2 billion euros buying ABN Amro Holding NV assets last year just as the U.S. subprime-mortgage market collapsed and credit markets froze. It would be irresponsible for the regulator to allow trading in Fortis shares on Monday, since we don't know how much of the liabilities have been transferred to the Dutch government,'' said , a managing director at Ghent, Belgium-based Value Square, which manages more than 100 million euros. (Bloomberg -- Europe)
Dutch chip in $30b to keep Fortis afloat Oct 4, 2008
Fortis, Belgium's largest financial- services firm, ran short of funds after spending 24 billion euros buying ABN Amro Holding NV assets last year just as the US subprime-mortgage market collapsed and credit markets seized up ... Fortis also planned to sell the Dutch banking operations of ABN Amro Holding NV, which were also bought by the Netherlands ... The Netherlands is buying Fortis Bank Nederland Holding NV, Fortis Insurance Netherlands NV and Fortis Corporate Insurance NV, and becomes... (Sydney Morning Herald -- Business)
Troubled Fortis bank broken up Oct 4, 2008
28-billion U.S.) and includes Fortis' interest in ABN Amro Holding NV, the Dutch bank it bought in a consortium with Royal Bank of Scotland PLC and Banco Santander SA last year. Belgian Prime Minister Yves Leterme said the decision was aimed at maintaining the durable solvency of the banking and insurance group, which the Belgian, Dutch and Luxembourg governments rescued last Sunday with an emergency 11. (Globe and Mail -- Business)
Dutch Government Will Buy Fortis Units for $23 Billion to Ensure Survival Oct 4, 2008
Belgium's largest financial- services firm, ran short of funds after spending 24 billion euros buying ABN Amro Holding NV assets last year just as the U.S. subprime-mortgage market collapsed and credit markets seized up ... Fortis also planned to sell the Dutch banking operations of ABN Amro Holding NV, which were also bought by the Netherlands ... The Netherlands is buying Fortis Bank Nederland Holding NV, Fortis Insurance Netherlands NV and Fortis Corporate Insurance NV, and becomes owner of... (Bloomberg -- Europe)
Bank of America's Tomato-Growing `Genius' Helps Lewis Seize Merrill Prize Sep 25, 2008
Curl helped engineer a $3 billion investment in China Construction Bank in 2005, as well as the $21 billion purchase of LaSalle Bank as part of the breakup of Dutch lender ABN Amro Holding NV last year. When a consortium of investors including Bank of America sought to drop a $25 billion agreement to buy SLM Corp., the student lender also known as Sallie Mae, last year, Curl helped negotiate a settlement. (Bloomberg)
U.K. Banks Are Biggest Winners in Credit Turmoil Sep 24, 2008
It took control of ABN Amro Holding NV's investment- banking and Asian units last year at a price of 14. 3 billion euros ($21. (Bloomberg -- Columnists)
Lehman employees go to work for new owners Sep 23, 2008
Barclays has a two-year lease to use the Lehman name, and the company said in a statement that it would "consider opportunities to do so.'' Barclays said it acted quickly to retain Lehman employees after its acquisition of those units was approved by a U.S. bankruptcy judge just after midnight Saturday. The value of the deal was said to be roughly $1.35 billion, and included Lehman's Manhattan office tower. With its acquisition of key Lehman units in the U.S., Barclays finally gets the... (The Star Online, Malaysia -- Business)
Asia-Pacific Bond Risk Rises on Uncertainty About Bad-Debt Plan Mechanics Sep 23, 2008
The Markit iTraxx Australia Series 9 Index increased 10 basis points to 166 at 11:58 a.m. in Sydney, according to ABN Amro Holding NV prices. A basis point, or 0. (Bloomberg -- Australia & New Zealand)
Corporate Bond Risk Falls on U.S. Finance Sector Rescue Plans, Swaps Show Sep 22, 2008
Yes these are positive headlines, but I think as people get into the detail it's going to be quite tough to drive all the changes through,'' said , a director of credit at ABN Amro Holding NV in Sydney. You've just so many different minority groups pushing and it will be interesting to see if they can agree that something needs to be done, or if they will just get bogged down. (Bloomberg -- Asia)
Australia, New Zealand Dollars Rise a 3rd Day Versus Yen on Risk Appetite Sep 19, 2008
There was a big rally in the U.S. stock market on the back of proposals which have been aired,'' said , a currency strategist at ABN Amro Holding NV in Sydney. It has helped relatively those currencies which tend to benefit from risk appetite, such as the Australian dollar. (Bloomberg -- Australia & New Zealand)
AIG, Lehman collapses may spur fire sales Sep 18, 2008
In Europe, Royal Bank of Scotland has been struggling to sell its insurance units to bolster capital after reserves were depleted by writedowns and the purchase of part of ABN Amro Holding last year. Commonwealth Bank of Australia scrapped talks last month to buy ABN Amro's investment banking and corporate finance units in Australia and New Zealand, citing financial market turmoil. (Sydney Morning Herald -- Business)
Macquarie Shares Slump in Sydney; Bank Denies Reported Refinancing Problem Sep 17, 2008
Contracts on the bank's senior debt increased about 75 basis points to trade at an all-time high 600 basis points, ABN Amro Holding NV prices show, meaning it costs $600,000 to protect 10 million of debt from default for five years. Credit-default swaps rise as perceptions of credit quality deteriorate. (Bloomberg -- Australia & New Zealand)
Japan's 10-Year Government Bonds Fall on Speculation AIG to Secure Funding Sep 17, 2008
The Markit iTraxx Australia Series 9 Index was about 23 basis points lower at 185 after earlier trading at 195 basis points, ABN Amro Holding NV prices show. The benchmark yesterday traded at 220 basis points, matching a record high of March 17. (Bloomberg -- Japan)
Europe Shuns U.S.-Style `Active Role' in Boosting Economy, Bank Bailouts Sep 15, 2008
Europe faces a long-lasting slowdown and only gradual recovery,'' said , an economist at ABN Amro Holding NV in London. Cost-Sharing Plan. (Bloomberg)
Bailouts buoy Aussie, kiwi dollars Sep 9, 2008
Australia's dollar may weaken on expectations the global economy will slow, undermining demand for the nation's commodities, according to ABN Amro Holding NV and Commonwealth Bank of Australia. Slower global growth is reducing the demand for commodities,'' Richard Grace, chief currency strategist at Commonwealth Bank, wrote in a research note today. (Sydney Morning Herald -- Business)
Australian, New Zealand Dollars Slump Versus US Currency, Yen Sep 9, 2008
The Australian and New Zealand dollars ``tend to be driven by risk appetite,'' said , a currency strategist at ABN Amro Holding NV in Sydney. If equities are falling in this region it's unlikely to be helpful. (Bloomberg)
Saab Says Profit Hurt by Swedish Defense Budget `Turmoil,' Marketing Costs Sep 6, 2008
This year was always going to be tough, and next year may also be tough,'' said , an analyst at ABN Amro Holding NV in London. It's all about whether they can bring any Gripen orders home. (Bloomberg -- Europe)
Minara Resources, Newcrest Shares Slump on Concern Metals Demand Slowing Sep 4, 2008
Mining stocks are declining on ``the ongoing readjustment in global growth numbers and concern that at some point global growth slowing will start to impact on commodities demand and ultimately pricing and therefore profitability,'' , head of sales trading at ABN Amro Holding NV in Sydney, said today. Expansion in the U.S., the world's largest economy, is likely to weaken in the second half after a stronger-than-expected second quarter as consumers rein in spending. (Bloomberg -- Australia & New Zealand)
Allco, Centro Post Biggest Australian Losses in Five Years on Writedowns Aug 30, 2008
Bankers including ABN Amro Holding NV, Westpac Banking Corp. and Commonwealth Bank of Australia waived the right last month to recall loans early after Allco agreed to higher interest rates. It's on life support as the banks try to rescue their loans,'' said , who helps manage the equivalent of $350 million at Wilson Asset Management in Sydney. (Bloomberg -- Australia & New Zealand)
Allco, Centro's huge losses Aug 29, 2008
Bankers including ABN Amro Holding NV, Westpac Banking Corp. and Commonwealth Bank of Australia last month waived the right to recall loans early after Allco agreed to higher interest rates. It's on life support as the banks try to rescue their loans,'' said Matthew Kidman, who helps manage the equivalent of $350 million at Wilson Asset Management in Sydney. (Sydney Morning Herald -- Business)
* Foreign banks help out in fraud case Aug 27, 2008
Merrill Lynch, Credit Suisse Group and ABN Amro Holding NV were among the banks that have pledged to assist the investigation, said a prosecutor who declined to be named. We are seeking assistance from the banks as witnesses, the prosecutor said, without elaborating. (Taipei Times, Taiwan -- World)
RBS Adds Six Bankers to Boost Asian M&A Advisory Unit, Corporate Finance Aug 21, 2008
and join ABN Amro Holding NV's M&A team as executive directors while is named as a director in the corporate finance group, the Edinburgh-based bank said in a statement today. previously with ABN Amro in London, has been transferred to Hong Kong for Asia M&A team. (Bloomberg -- UK)
Commonwealth Bank Won't Comment on Report It May Buy BankWest Aug 18, 2008
Aug. 18 (Bloomberg) -- Commonwealth of Australia, which last week ended talks to purchase units from ABN Amro Holding NV, declined to comment on reports it may buy HBOS Plc's Australian unit BankWest for A$6 billion ($5. 2 billion). (Bloomberg)
Dollar rally triggers rout in commodities Aug 15, 2008
Gold's rally has been "dollar-driven probably because we are supposedly seeing more write-downs in the European banks," Charles Dowsett, head of structuring and trading of precious metals at ABN AMRO Holding, said by phone from Sydney. "We could see gold go all the way down to $750 an ounce.". (International Herald Tribune -- Business)
Gold Drops Below $800 an Ounce as Dollar Extends Gains; Silver Slumps 11% Aug 15, 2008
Once the psychological support at $800 got broken, we saw some stop-loss selling come through until we found new support about $790 when some physical buying came in,'' , head of structuring and trading of precious metals at ABN Amro Holding NV, said by phone from Sydney today. Hedge Funds. (Bloomberg -- Europe)
Leighton to Sell $609 Million Shares to Expand Mining in India, Indonesia Aug 14, 2008
The share sale is being managed by ABN Amro Holding NV and Macquarie Group Ltd. Funds raised from the share sale will also be used to buy back debt, Leighton said. Now is a good time to raise equities rather than debt,'' Intersuisse's Russell said. (Bloomberg -- Australia & New Zealand)
ING profit drops as investments fall Aug 13, 2008
Twelve rate it a "hold''. ING was helped in 2007 by the sale of ABN Amro Holding NV shares. The company, which got almost two-thirds of its profit from insurance last year, had further gains when it disposed of shares of Royal Numico NV, the Dutch baby-food maker that was bought by France's Groupe Danone SA. Investment returns and asset values will remain under pressure "with the correlated impact on earnings,'' ING said on May 14. The drop comes after lower valuations on real estate and private... (Sydney Morning Herald -- Business)
ING Profit Drops 25%, Less Than Estimates, as Investment Income Declines Aug 13, 2008
ING was helped in 2007 by the sale of ABN Amro Holding NV shares. The company, which got almost two-thirds of its profit from insurance last year, had further gains when it disposed of shares of , the Dutch baby-food maker that was bought by France's Groupe Danone SA.. (Bloomberg -- Europe)
Commonwealth Bank Second-Half Profit Gains 6% on Funds Management, Banking Aug 13, 2008
Commonwealth today said it scrapped talks to buy ABN Amro Holding NV's investment banking and corporate finance units in Australia and New Zealand, citing the economic climate. Commonwealth haven't had anymore big name writedowns, but are moving into a more traditional credit cycle where bad debts as a whole start to creep up as the economy slows,'' said , who manages the equivalent of $700 million, including Commonwealth shares, at Tribeca Investment Partners in Sydney. (Bloomberg -- Australia & New Zealand)
Australia Bond Trade May Be Boosted By A$5 Billion of Maturities This Week Aug 11, 2008
Demand for Australian cash bonds returned last week for the first time since the collapse of the U.S. housing market froze the secondary market in August last year, with investors buying fixed- rate and floating-rate debt, according to ABN Amro Holding NV.. You are seeing the buyers now because they are preempting a reduction in Australia's benchmark lending rate by the central bank and positioning before that,'' said , director of credit at ABN in Sydney. (Bloomberg -- Australia & New Zealand)
* RBS losses less than estimated Aug 9, 2008
Goodwin increased credit risks when he bought the investment bank and Asian unit of ABN Amro Holding last year for US$22 billion. RBS raised G12. (Taipei Times, Taiwan -- World)
RBS slips into the red on writedowns Aug 9, 2008
Goodwin increased credit risks when he bought the investment bank and Asian unit of ABN Amro Holding last year for $22 billion. ABN Amro integration looks ahead of schedule, which gives them a bit of credibility back, and capital looks a bit better, said Leigh Goodwin, a London-based analyst at Fox-Pitt Kelton, who has an outperform rating on the stock. (India Times)
Australian Dollar Falls as Commodities Slide; New Zealand Dollar Declines Aug 7, 2008
The bond market's not reacted much at all'' to Australia's jobs data, said , a bond trader at ABN Amro Holding NV in Sydney. The near-term direction is going to be choppy after we've had such a big move. (Bloomberg -- Australia & New Zealand)
Lend Lease Credit-Default Costs Soar After UK Writedowns Aug 5, 2008
Credit-default swaps tied to Sydney-based Lend Lease gained about 18 basis points today to 375 at 1:51 p.m. in Sydney, ABN Amro Holding NV prices show ... The Markit iTraxx Australia Series 9 Index climbed 6 basis points from Aug. 1 to 142 at 1:51 p.m. in Sydney, ABN Amro Holding NV prices show. (Bloomberg)
