05 Oct – 09 Oct 2015

Share on LinkedInTweet about this on TwitterEmail this to someonePrint this page

[private role=’subscriber’]

Commonwealth Bank delivered the stand-out deal of the week with its whopper issue of $2bn 3y year FRNs at BBSW + 78bps. Refer our story “Commonwealth Bank jumbo sized FRN deal”. This issue comes around three months since CBAs last domestic issue when it sold $1.5bn of 5y FRNs at BBSW + 90bps. The gap between 3y swaps and 5y swaps is currently about 35bps so the fact Commonwealth will be paying 78bps instead of 55bps illustrates a widening of corporate spreads recently.

There was just the one issue in the Kangaroo market for the week. AAA-rated Inter-American Development Bank tapped its October 2025 line for $25m at ACGB + 56.5bps, 2bps less than the 58.5bps margin for the same line issued just over a month ago.

corpbonds-09oct
Click here for new debt issues

The iTraxx index (Series 24) finished the week at 122.9, a large drop from the 136.2 the week before. Without news of any other corporate indiscretions such as those from Volkswagen or Glencore, credit default swap contract prices have quickly dropped back, but are still 20% above the average (97) for the last twelve months.

itraxx-09oct
[/private]

[private role=’subscriber’]

AUST CORPORATE BONDS

ISSUERMATURITYCOUPON (%)RATINGWEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
ANZ9-May-166.75AA-2.392.372.380.020.09
Westpac9-May-166.75AA-2.382.362.370.030.07
Transurban8-Jun-166.75A-3.203.183.200.010.05
Stockland1-Jul-167.50A-2.962.952.960.010.08
Fonterra11-Jul-166.25A+2.742.732.740.020.08
Telstra2-Aug-167.00A2.502.482.500.010.11
Melb Airport25-Aug-167.00A-2.942.912.940.020.05
Mirvac Finance16-Sep-168.00BBB+3.093.073.090.020.12
Wesfarmers4-Nov-166.00A-2.702.672.690.010.13
Westpac18-Nov-167.25AA-2.382.352.370.000.06
Suncorp (CB)6-Dec-164.75n/a2.492.472.490.020.09
CBA (CB)25-Jan-175.75n/a2.382.342.380.020.08
Aust Post6-Feb-175.50AA2.672.642.670.020.06
Westpac (CB)6-Feb-175.75n/a2.362.332.350.010.07
NAB15-Feb-176.00AA-2.452.422.430.000.09
Westpac20-Feb-176.00AA-2.452.422.430.000.10
Crown18-Jul-175.75BBB3.363.333.360.010.07
BP Cap5-Sep-174.50A2.982.942.980.010.14
BHP18-Oct-173.75A+3.163.113.160.040.29
Telstra15-Nov-174.00A2.782.742.770.020.17
HSBC16-Nov-174.25AA-2.732.692.730.020.12
Westpac24-Jan-184.25AA-2.632.592.630.010.12
CBA25-Jan-184.25AA-2.642.612.630.010.12
NAB7-Mar-187.25AA-2.642.602.640.020.11
ANZ17-Apr-184.25AA-2.702.672.690.000.12
NAB23-May-184.00AA-2.722.682.720.010.12
Syd Airport6-Jul-187.75BBB3.263.213.260.030.09
ANZ6-Nov-184.50AA-2.842.792.840.030.17
Lendlease13-Nov-185.50BBB-4.083.994.080.090.28
Telstra13-Nov-184.50A2.992.942.990.030.22
Westpac25-Feb-194.50AA-2.892.832.890.020.16
Woolworths21-Mar-196.00A-3.613.533.610.050.25
Wesfarmers28-Mar-196.25A-3.183.133.180.040.21
CBA24-Apr-194.25AA-2.952.902.950.020.18
Bris Airport9-Jul-198.00BBB3.433.363.430.050.12
Apple Inc28-Aug-192.85AA+2.922.862.920.030.07
Stockland6-Sep-195.50A-3.553.483.550.040.13
DBNGP11-Oct-196.00BBB-4.023.964.020.030.13
Westfield Retail23-Oct-195.00A3.603.513.600.060.19
CFS Retail19-Dec-195.00A3.343.273.340.050.10
CBA5-Feb-207.25AA-3.133.083.130.020.18
Westpac11-Feb-207.25AA-3.133.073.130.020.15
Wesfarmers12-Mar-204.75A-3.413.383.400.030.18
Qantas27-Apr-206.50BB+5.085.015.080.050.34
Lendlease13-May-206.00BBB-4.464.334.460.110.32
Melb Airport4-Jun-205.00A-3.493.423.490.050.14
Telstra15-Jul-207.75A3.353.293.350.050.23
Perth Airport23-Jul-206.00BBB3.763.683.760.050.15
Mirvac Fin18-Sep-205.75BBB+3.783.743.780.040.16
Bris Airport21-Oct-206.00BBB3.753.663.750.070.14
Aust Post13-Nov-205.00AA3.233.153.230.070.13
Stockland25-Nov-208.25A-3.753.663.750.070.12
Uni Sydney16-Apr-214.75n/a3.093.053.090.040.08
Apple Inc28-Aug-223.70AA+3.723.673.720.010.01
Telstra16-Sep-224.00A3.953.873.950.053.95
[/private]