Funds Focus

CBA has just announced the launch of a new income offer:  CommBank PERLS 11 Capital Notes (Notes). The first round of access is through a broker firm allocation, prior to a shareholder offer and listing in December.

Note: There is no General Offer of these securities.

The Notes will pay a quarterly coupon of 3.7%-3.9% (rate determined by the bookbuild) over the 90 day bank bill swap rate (BBSW), which was 1.93% as of 2nd November, with an initial indicative rate of 5.63%-5.83%pa. The

Fun for the Melbourne Cup. Macquarie and Morgans bean counters have once again been released to see if they can put their analytical skills to good use and find the magic bean that will promote them to chief bean counter for the day.

As per the last few years, Macquarie are consistently offering the most detailed analysis, whereas Morgans budget seems to be shrinking (less pretty logos etc).

The markets have been in turmoil the last month and the analysts are clearly aware of tail risk in

Fun for the Melbourne Cup. Each year, Macquarie and Morgans analysts are allowed to emerge from the bear pits with the hope of proving their worth and the promise of a possible promotion to the Wall St Poker tournaments.

Macquarie have offered the most detailed and consistent analysis with Morgans coming a close second. Previous newcomers PWC and BT Fixed Income team throwing in the towel after just a couple of years.

Macquarie’s champagne years had seemingly come to an end, but in true