Monoline Contagion Hits Aussie Bank
Australia and New Zealand Banking Group Ltd (ANZ), Australia’s 3rd largest lender, noted it may see a $200 million write down thanks to its interest in a US bond insurer. The bank shares are seeing a significant decline currently, faltering nearly 6 percent. ANZs announcement further delineates the ripple effects of bond insurer uncertainty across the globe, not just in the United States and not just in municipal bonds.