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

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  • Last updated
  • Today
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%