ANZ to launch new fixed interest service

The ANZ is about to launch a fixed interest service for advisers similar to one that has been run by Westpac Institutional Bank for several years.

Thursday, 19 January 2006

The managing director of ANZ’s institutional bank, Nigel Williams, says the move into this area is a “natural extension” of what the bank has been doing in the wholesale area.

Like Westpac the service is a wholesale shop where advisers can buy and sell listed debt securities. It is targeted at advisers, some private banks and brokers.

Williams hopes the service will help improve the efficiency and pricing in this market. He says currently there isn’t sufficient liquidity in this market and “retail bonds aren’t being priced to the credit curve.”

“Some bonds are over-priced.”

For instance a single B-rated bond is being priced at as either an A or AA-rated bond.

Williams says the service may also get into some product manufacturing as it already has experience in this area, such as the GEMS Securities which were put together for Forsyth Barr.

The service is separate to the joint venture ANZ has with ING in the funds management area.

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