NAB's FX Losses Lower Than Predicted

National Australia Bank announced last week that recently uncovered losses stemming from foreign exchange option trades will total around AUD360 million (USD278.7 million).

  • 01 Feb 2004
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National Australia Bank announced last week that recently uncovered losses stemming from foreign exchange option trades will total around AUD360 million (USD278.7 million). The Aussie market had been buzzing with rumors about the extent of the losses because NAB had revised estimates up to AUD600 million in recent weeks (DW, 1/26). The losses stem from what NAB deems as unauthorized options trades on the Aussie and Kiwi dollars against the greenback. Brandon Phillips, spokesman at NAB, said the losses would be AUD252 million after taxes.

John Miles, director at Fitch Ratings in Brisbane, said, "We've highlighted that we are looking for two things: precision in the numbers and reasons why risk management failed to detect this. While the losses have been disclosed, the issue that remains unresolved is what changes there will be in the risk management systems." Fitch is keeping the bank's AA credit rating on negative watch until further information is available on how the bank will improve its risk management procedures.

  • 01 Feb 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%