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
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%