(31 January 2025 – Australia) Following ANZ’s leading Singapore credit trading leaders resigning, the bank has informally conferred to state issuers they will not participate in bond sales until further notice.
ANZ’s vaunted credit trading unit revealed plans to depart the bank, with The Australian sources suggesting the team had been poached by key rival Standard Chartered. The exit of Ming Wo, Adam Hall and Timothy Teh followed the departure of the unit’s head, Duncan Robinson and are suggested to be linked to the 60 percent bonus cuts across the unit instigated by senior bank executives.
The announcement comes as widening government deficits have significantly expanded issuance, in particular QLD selling A$41.9 billion of bonds in the financial year, A$9 billion more than forecast in the budget, NSW increases gross debt issuance to A$26.9 billion and Victoria readies to provide an update on its budget A$30.6 billion debt forecast.
The Australian Securities & Investments Commission (ASIC) is investigating ANZ’s markets team in relation to allegations of market manipulation in its Sydney trading desk.
The Australian Prudential Regulation Authority (APRA) also applied a A$250 million capital penalty over “non-financial risks” as Oliver Wyman consultants conduct a strategic review of the bank as part of APRA’s supervision order.
ANZ CEO Shayne Elliott is departing the bank and will be replaced by former HSBC wealth head Nuno Matos in July.
“While there is no broad mandate as such, we don’t expect to be put on any primary issuances of government or semi-government clients until the ASIC investigation concludes. That being said, we are continuing to support customers in the secondary market” said an ANZ spokesperson.