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Full counterparty review
Annual Credit Review ANZ - 234567
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Summary
Analysis & ratings
Data & policy
Documentation
Limits
Summary
Created by
Martha Han
Responsible analyst
Arjun Gopal
Status
Draft
Created on
12 Sep 2026
Team leader
Arjun Gopal
Request
This paper presents the Annual Review of ANZME recommending the counterparty rating be maintained at MQ 4. The rating reflects the bank’s consistent financial performance, strong capital and liquidity position, and its large, well-established global banking franchise with diversified earnings across core business lines.
The proposal seeks approval for limits increases to support business requirements, including a A$100m increase in FX-CGA limits to facilitate increased foreign exchange activity and a A$150m increase in CR-LEND limits to support the management of MBL’s overnight cash positions. Following approval, total limits will be A$1.1bn, which is considered appropriate and consistent with the credit profile and the transactional nature of the exposures.
Counterparty details
Short name
ANZME
Legal name
AUSTRALIA AND NEW ZEALAND BANKING G
Ratings
MQ3/55%
Credit status
Regular
Peer group
Commercial Banks
Sector
Banks and Clearing Houses
Counterparty description & structure
Counterparty overview
Customer overview: Carlyle Group is a global alternative investment manager with approximately US$474 billion in assets under management (AUM) as at September 2025. The firm operates across private equity, global credit, real assets and investment solutions, with more than 2,400 employees across 27 offices worldwide. Carlyle Group Inc. is publicly listed on NASDAQ, with a market capitalisation of approximately US$17.2 billion at end 2025, depending on market conditions, levels of inflation, liquidity and changes in monetary policy.
For the year ended December 2025, Carlyle reported annual revenue (turnover) of approximately US$4.8 billion. Net income attributable to common shareholders for the same period was approximately US$0.8 billion, reflecting very stable associated with the performance fees and investment realisations that are typical of alternative asset managers. The firm also maintains significant liquidity at the holding company level and continues to generate the majority of its earnings from management fees derived from long-dated fund commitments, mechanisms, and investments.
From a credit perspective, exposures are generally to Carlyle-managed funds rather than the listed management company itself. These funds operate within defined legal structures that ring-fence assets and liabilities, with leverage, liquidity and investment risk managed at the fund level. Underlying portfolios are diversified by strategy, sector and geography, and performance variability is driven largely by market conditions and the timing of asset realisations rather than ongoing operational risk at the manager level.
Key updates since last review
July 2025 senior leadership changes: Carlyle announced a formal management restructure with three Co-Presidents appointed effective January 2026 and a transition to a new CFO. While representing a change in senior leadership, appointments were internal and aligned to existing business lines, limiting disruption from a credit perspective.
2025–26 earnings visibility: driven by reduced exit timing across 2025, Carlyle experienced lower private equity realisation activity due to subdued IPO and M&A markets, resulting in reduced and more volatile performance-fee income, which is a key consideration for earnings sustainability in credit assessments.
Continued growth in AUM despite market conditions: Despite a challenging market environment, Carlyle increased AUM to approximately USD 474bn during 2025, supported by inflows into global credit, secondaries and insurance-linked strategies, which supports scale and fee resilience relevant to counterparty appetite.
Business activity
The limits are primarily within CGM and are short term in nature. ANZME is a key liquidity provider for cash equities and is used by MGL Treasury for overnight USD cash management. CGM commodities exposure mainly relates to OTC derivative activity across precious metals and agricultural commodities. The proposed increase supports additional FX derivative activity and overnight cash requirements.
The client is an important liquidity provider in selected markets and generates approximately $3.5m in annual revenue for CGM from commodities activities.
Non financial risk
Financial crime rating
High
Environmental and social risks
Does this client/group/transaction/collateral meet the ‘very high’ or ‘high’ ES risk triggers in Table 2 of the ESR Policy?
Yes, jurisdiction
Yes, watchlist
No
Other heightened non financial risks
Does the counterparty group present heightened Non financial risk?
Yes
No
Non financial risk commentary
Strengths and weaknesses
Strengths
• Strong asset quality and scale: Rio Tinto has a portfolio of long-life, low-cost tier-one assets, particularly in iron ore, supporting resilient cash generation.
• Robust balance sheet: Conservative financial policy, substantial liquidity, and strong interest cover support a solid credit profile.
• Operational diversification: Growth exposure to copper, aluminium and lithium improves resilience from earnings diversification.
Weaknesses
• Commodity price exposure: Earnings and cash flows remain highly sensitive to iron ore prices and global economic cycles.
• Capital intensity: Large ongoing capex and acquisition spending increase leverage and execution risk in the near term.
• Regulatory and ESG risks: Exposure to environmental, community and sovereign risks can affect asset values, costs and project timelines.
Appetite view
Status
Outlook Risk Appetite
Appetite view rationale
ANZ Bank is a leading French multinational bank, faces several challenges including economic conditions, regulatory pressures, market volatility, credit risk, and the move for technological…
Analyst recommendation
Analyst recommendation details
Based on the updated financial performance and risk assessment, I recommend maintaining the current credit limits for the counterparty. However, I suggest a closer monitoring of any potential exposure changes over the next quarter.
Additionally, no immediate risks were identified, but we should track upcoming facility expirations in the next 12 months. I recommend re-evaluating the security valuations at the next review cycle.
Review approval
Comments
Associated documents
Comments
2 queries require action
Key updates since last review
Query
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
19 Jun 2026 06:34 AEST
Comment
Add reply
Key updates since last review
Query
Query has been addressed
Undo
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
Reply to query
Appetite view
Note
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
Reply to note
Strengths and weaknesses
Query
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
First reply How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
Arjun Gopal – 19 Jun 2026 06:34 AEST
Reply to query
Mark as addressed
Commodity price exposure
Note
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
Reply to note
Add comment
Comment type: Note
Reference
Comment
Add comment
Macquarie — Coral
Modernising a 25-year-old credit risk platform, bringing fragmented workflows, complex data and analyst decisions into one connected experience.
PRODUCT DESIGN LEAD · ENTERPRISE PLATFORM
CREDIT RISK / MACQUARIE GROUP
CBA — Profile & Contact Details
Simplifying how customers update personal information through clearer steps, better guidance and a more intuitive digital experience.
LEAD PRODUCT DESIGNER · MOBILE BANKING
CUSTOMER EXPERIENCE / COMMONWEALTH BANK
Summary
Analysis & ratings
Data & policy
Documentation
Limits
Summary
Created by
Martha Han
Responsible analyst
Arjun Gopal
Status
Draft
Created on
12 Sep 2026
Team leader
Arjun Gopal
Request
This paper presents the Annual Review of ANZME recommending the counterparty rating be maintained at MQ 4. The rating reflects the bank’s consistent financial performance, strong capital and liquidity position, and its large, well-established global banking franchise with diversified earnings across core business lines.
The proposal seeks approval for limits increases to support business requirements, including a A$100m increase in FX-CGA limits to facilitate increased foreign exchange activity and a A$150m increase in CR-LEND limits to support the management of MBL’s overnight cash positions. Following approval, total limits will be A$1.1bn, which is considered appropriate and consistent with the credit profile and the transactional nature of the exposures.
Counterparty details
Short name
ANZME
Legal name
AUSTRALIA AND NEW ZEALAND BANKING G
Ratings
MQ3/55%
Credit status
Regular
Peer group
Commercial Banks
Sector
Banks and Clearing Houses
Counterparty description & structure
Counterparty overview
Customer overview: Carlyle Group is a global alternative investment manager with approximately US$474 billion in assets under management (AUM) as at September 2025. The firm operates across private equity, global credit, real assets and investment solutions, with more than 2,400 employees across 27 offices worldwide. Carlyle Group Inc. is publicly listed on NASDAQ, with a market capitalisation of approximately US$17.2 billion at end 2025, depending on market conditions, levels of inflation, liquidity and changes in monetary policy.
For the year ended December 2025, Carlyle reported annual revenue (turnover) of approximately US$4.8 billion. Net income attributable to common shareholders for the same period was approximately US$0.8 billion, reflecting very stable associated with the performance fees and investment realisations that are typical of alternative asset managers. The firm also maintains significant liquidity at the holding company level and continues to generate the majority of its earnings from management fees derived from long-dated fund commitments, mechanisms, and investments.
From a credit perspective, exposures are generally to Carlyle-managed funds rather than the listed management company itself. These funds operate within defined legal structures that ring-fence assets and liabilities, with leverage, liquidity and investment risk managed at the fund level. Underlying portfolios are diversified by strategy, sector and geography, and performance variability is driven largely by market conditions and the timing of asset realisations rather than ongoing operational risk at the manager level.
Key updates since last review
July 2025 senior leadership changes: Carlyle announced a formal management restructure with three Co-Presidents appointed effective January 2026 and a transition to a new CFO. While representing a change in senior leadership, appointments were internal and aligned to existing business lines, limiting disruption from a credit perspective.
2025–26 earnings visibility: driven by reduced exit timing across 2025, Carlyle experienced lower private equity realisation activity due to subdued IPO and M&A markets, resulting in reduced and more volatile performance-fee income, which is a key consideration for earnings sustainability in credit assessments.
Continued growth in AUM despite market conditions: Despite a challenging market environment, Carlyle increased AUM to approximately USD 474bn during 2025, supported by inflows into global credit, secondaries and insurance-linked strategies, which supports scale and fee resilience relevant to counterparty appetite.
Business activity
The limits are primarily within CGM and are short term in nature. ANZME is a key liquidity provider for cash equities and is used by MGL Treasury for overnight USD cash management. CGM commodities exposure mainly relates to OTC derivative activity across precious metals and agricultural commodities. The proposed increase supports additional FX derivative activity and overnight cash requirements.
The client is an important liquidity provider in selected markets and generates approximately $3.5m in annual revenue for CGM from commodities activities.
Non financial risk
Financial crime rating
High
Environmental and social risks
Does this client/group/transaction/collateral meet the ‘very high’ or ‘high’ ES risk triggers in Table 2 of the ESR Policy?
Yes, jurisdiction
Yes, watchlist
No
Other heightened non financial risks
Does the counterparty group present heightened Non financial risk?
Yes
No
Non financial risk commentary
Strengths and weaknesses
Strengths
• Strong asset quality and scale: Rio Tinto has a portfolio of long-life, low-cost tier-one assets, particularly in iron ore, supporting resilient cash generation.
• Robust balance sheet: Conservative financial policy, substantial liquidity, and strong interest cover support a solid credit profile.
• Operational diversification: Growth exposure to copper, aluminium and lithium improves resilience from earnings diversification.
Weaknesses
• Commodity price exposure: Earnings and cash flows remain highly sensitive to iron ore prices and global economic cycles.
• Capital intensity: Large ongoing capex and acquisition spending increase leverage and execution risk in the near term.
• Regulatory and ESG risks: Exposure to environmental, community and sovereign risks can affect asset values, costs and project timelines.
Appetite view
Status
Outlook Risk Appetite
Appetite view rationale
ANZ Bank is a leading French multinational bank, faces several challenges including economic conditions, regulatory pressures, market volatility, credit risk, and the move for technological…
Analyst recommendation
Analyst recommendation details
Based on the updated financial performance and risk assessment, I recommend maintaining the current credit limits for the counterparty. However, I suggest a closer monitoring of any potential exposure changes over the next quarter.
Additionally, no immediate risks were identified, but we should track upcoming facility expirations in the next 12 months. I recommend re-evaluating the security valuations at the next review cycle.
Review approval
Comments
Associated documents
Comments
2 queries require action
Key updates since last review
Query
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
19 Jun 2026 06:34 AEST
Comment
Add reply
Key updates since last review
Query
Query has been addressed
Undo
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
Reply to query
Appetite view
Note
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
Reply to note
Strengths and weaknesses
Query
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
First reply How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
Arjun Gopal – 19 Jun 2026 06:34 AEST
Reply to query
Mark as addressed
Commodity price exposure
Note
How do the identified strengths, particularly balance sheet strength and diversification, offset the risks from commodity price exposure and capital intensity?
William Smith – 19 Jun 2026 06:34 AEST
Reply to note
Add comment
Comment type: Note
Reference
Comment
Add comment
Coral — Credit Reviews
Connecting analysts, scorecards, counterparties and approvals through an end-to-end review journey that supports incremental delivery.
PRODUCT DESIGN LEAD · WORKFLOW DESIGN
ENTERPRISE UX / MACQUARIE GROUP
Information Architecture
Rethinking the navigation and information structure of a legacy platform to make complex credit-risk workflows easier to understand.
DESIGN STRATEGY · INFORMATION ARCHITECTURE
RESEARCH / MACQUARIE GROUP
Methodology & Approach
The approach combined business and technical knowledge with user research, allowing us to make informed decisions while accounting for the realities of the migration.
Discovery & Audit
Audited the existing platform, workflows and navigation structures to understand migration impacts, identify complexity and uncover opportunities for simplification.
Information Architecture Workshops
Facilitated workshops with Product, Business and Technology stakeholders to align on navigation principles, platform structure and future-state architecture.
Card Sorting
Worked directly with end users to understand how they naturally grouped information, tasks and business concepts, helping define a structure that aligned with their mental models.
Qualitative validation
Tree Testing
Validated the proposed navigation structure at scale, measuring findability and task success rates to ensure information could be located quickly and intuitively.
Quantitative validation
Navigation Framework / Prototype
Translated workshop outcomes, card sorting insights and tree testing results into a visual navigation framework that could be reviewed, refined and adopted across the migration program.