{"id":1190,"date":"2019-11-24T08:30:48","date_gmt":"2019-11-23T22:30:48","guid":{"rendered":"https:\/\/stag.coolabahcapital.com\/?p=1190"},"modified":"2019-11-24T16:27:07","modified_gmt":"2019-11-24T06:27:07","slug":"cci-cornerstones-landmark-rmbs-deal","status":"publish","type":"post","link":"https:\/\/coolabahcapital.com\/en-us\/blog\/2019\/11\/24\/cci-cornerstones-landmark-rmbs-deal\/","title":{"rendered":"CCI Cornerstones Landmark RMBS deal"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1190\" class=\"elementor elementor-1190\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-7935ccd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7935ccd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d54d67\" data-id=\"9d54d67\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b190a50 elementor-widget elementor-widget-text-editor\" data-id=\"b190a50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div>Coolabah Capital Investments was delighted to cornerstone the first-ever RMBS bond issue\u2014offered by CBA\u2014that has priced off the RBA cash rate rather than the traditionally-used Bank Bill Swap Rate (BBSW).\u00a0<\/div><div>\u00a0<\/div><div>This removes bank credit risk from the benchmark interest rate and will likely open the door to other RMBS issuers to follow in CBA\u2019s pioneering footsteps.<\/div><div>\u00a0<\/div><div>CBA\u2019s Treasury team has long been one of the best in the world at striking the right balance between the needs of bank shareholders and the returns required by bank creditors such as depositors and bondholders.\u00a0<\/div><div>\u00a0<\/div><div>They were subject to much criticism from peers for junking the maligned BBSW benchmark, which the RBA was keen to see replaced by the cash rate, but persevered through what was a complex and uncertain process.\u00a0<\/div><div>\u00a0<\/div><div>We pay a great deal of attention to the behaviour of bankers and their Treasury teams, which we think offer a crucial insight into the organisation\u2019s broader culture.\u00a0<\/div><div>\u00a0<\/div><div>Issuers know we are relentless in resisting myopic Treasury teams that seek to suck every ounce of value out of a deal, in a zero-sum, transactional fashion.\u00a0<\/div><div>\u00a0<\/div><div>We prefer to partner with issuers who are \u201clong-term greedy\u201d and leave value on the table for both the borrower and the lender, especially during periods when money is universally very cheap.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Coolabah Capital Investments was delighted to cornerstone the first-ever RMBS bond issue\u2014offered by CBA\u2014that has priced off the RBA cash rate rather than the traditionally-used Bank Bill Swap Rate (BBSW).&nbsp;&nbsp;This removes bank credit risk from the benchmark interest rate and will likely open the door to other RMBS issuers to follow in CBA\u2019s pioneering footsteps.&nbsp;CBA\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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Capital Investments was delighted to cornerstone the first-ever RMBS bond issue\u2014offered by CBA\u2014that has priced off the RBA cash rate rather than the traditionally-used Bank Bill Swap Rate (BBSW).&nbsp;&nbsp;This removes bank credit risk from the benchmark interest rate and will likely open the door to other RMBS issuers to follow in CBA\u2019s pioneering footsteps.&nbsp;CBA\u2019s&hellip;","_links":{"self":[{"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/posts\/1190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/comments?post=1190"}],"version-history":[{"count":0,"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/posts\/1190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/media\/1192"}],"wp:attachment":[{"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/media?parent=1190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/categories?post=1190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coolabahcapital.com\/en-us\/wp-json\/wp\/v2\/tags?post=1190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}