1. Current trends in australian capital markets
Steve Lambert
Date 11 July 2017

2. themes Geopolitical Backdrop Underlying Credit Growth
Australian Sovereign Ratings
Asian Bid
Non-Institutional Investors
Innovation

3. 1. Geopolitical backdrop
Elections & their aftermath
Brexit & Europe
Russia / North Korea / Middle East

4. 2. Credit growth

5. 3. Australian sovereign ratings
Under review S&P
On hold post May budget – but short term
Pressure likely back in 2018
Pressure transferred to banks

6. 4. Asian bid Asian commercial banks in Australia Asian banks in Asia
Private Banking
Asian Non-banks Investors
Asian based European / US NBFI

7. 5. Non institutional investors

8. 6. INNOVATION Green Bonds Social bonds Non-rated Issuance
Institutional term loans
Domestic Debt Funds

9. disclaimer
The information contained herein has been prepared by National Australia Bank Limited (ABN , AFSL ) (“NAB”). The information does not constitute, in any jurisdiction, a recommendation, invitation, offer, or solicitation or inducement to buy or sell any financial instrument or product, or to engage in or refrain from engaging in any transaction. It is not the intention of NAB to create legal relations on the basis of the information contained herein. No part of this document may be reproduced, copied or distributed without the prior permission of NAB. All material presented in this document, unless specifically indicated otherwise, is under copyright to NAB.