Corporate

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12 June – 16 June 2017

Corporate bond spreads were generally tighter this week as a corporate bond yields at the short end seemed to ignore the rise in ACGB yields at the short end. Other measures of corporate risk such as swap-to-bond spreads were slightly wider but the iTraxx Australia Series 27 index reversed last week’s move to finish at 84.5 and thus it was another week where not all the measures of risk were consistent.

Primary market transactions were scarce; in the Kangaroo and asset-backed securities markets there were no bond issues and in the local corporate market there were just a few, mostly by the local subsidiaries of large foreign corporations. Bank of Communications (Sydney) issued $375 million September 2020 FRNs at BBSW + 105bps, which was better than the BBSW + 112bps for  a similar 3 year deal done in November 2016. Mercedes-Benz Australia issued $100 million 2020s at Swap +73bps, Volkswagen Australia issued $500 million June 2020s at Swap +110bps and Aurizon Network issued $425 million June 2024s at Swap +177bps.

Interested readers can find more details as well as other bond transactions in our tables via the link below.

Click here for new debt issues

AUS CORPORATE BONDS

ISSUERMATURITYCOUPON (%)RATINGWEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
Crown18-Jul-175.75BBB2.372.372.37-0.02-0.08
BP Capital5-Sep-174.50A2.312.192.19-0.13-0.12
BHP18-Oct-173.75A+2.102.022.03-0.08-0.13
Telstra15-Nov-174.00A2.182.092.12-0.07-0.12
HSBC16-Nov-174.25AA-2.122.092.09-0.03-0.12
Westpac24-Jan-184.25AA-2.031.991.99-0.03-0.09
CBA25-Jan-184.25AA-2.042.002.00-0.03-0.07
NAB7-Mar-187.25AA-2.042.032.03-0.01-0.07
ANZ17-Apr-184.25AA-2.032.032.03-0.01-0.06
NAB23-May-184.00AA-2.052.042.040.00-0.10
Sydney Airport6-Jul-187.75BBB2.382.352.380.03-0.02
ANZ6-Nov-184.50AA-2.202.182.200.01-0.06
Lendlease13-Nov-185.50BBB-2.812.772.810.03-0.07
Telstra13-Nov-184.50A2.342.292.340.01-0.13
Westpac25-Feb-194.50AA-2.262.232.260.02-0.06
Woolworths21-Mar-196.00A-2.562.492.560.07-0.01
Wesfarmers28-Mar-196.25A-2.512.462.510.04-0.10
CBA24-Apr-194.25AA-2.322.282.320.03-0.04
Brisbane Airport9-Jul-198.00BBB2.902.862.900.03-0.09
Apple Inc28-Aug-192.85AA+2.292.242.290.05-0.04
Stockland6-Sep-195.50A-2.732.682.730.04-0.09
DBNGP11-Oct-196.00BBB-3.283.263.280.02-0.03
Westfield Retail23-Oct-195.00A2.682.632.680.04-0.04
CBA5-Feb-207.25AA-2.472.422.470.04-0.07
Westpac11-Feb-207.25AA-2.462.422.460.04-0.08
Wesfarmers12-Mar-204.75A-2.682.632.680.04-0.13
Qantas27-Apr-206.50BB+3.423.383.420.02-0.11
Lendlease13-May-206.00BBB-3.313.243.310.05-0.15
Melbourne Airport4-Jun-205.00A-2.832.782.830.05-0.04
Telstra15-Jul-207.75A2.592.532.590.04-0.10
Perth Airport23-Jul-206.00BBB3.243.183.240.05-0.10
Mirvac Finance18-Sep-205.75BBB+3.193.133.190.05-0.05
Brisbane Airport21-Oct-206.00BBB3.183.123.180.05-0.05
Australia Post13-Nov-205.00AA2.772.722.770.05-0.07
Stockland25-Nov-208.25A-2.932.892.930.04-0.08
Univesity of Sydney16-Apr-214.75Aa12.682.622.680.05-0.06
Telstra19-Apr-212.90A2.782.722.780.05-0.09
Apple Inc28-Aug-223.70AA+2.822.782.820.04-0.11
Melbourne Airport15-Sep-224.00A-3.353.303.350.04-0.09
Telstra16-Sep-224.00A3.012.963.010.04-0.11
CBA27-May-244.75AA-3.123.073.12-0.16-0.18
Wells Fargo27-Aug-244.75A+3.653.573.650.03-0.12
Univesity of Sydney28-Aug-253.75Aa13.343.283.340.02-0.16
Westpac4-Jun-264.13AA-3.613.553.610.02-0.18
Apple Inc10-Jun-263.60AA+3.353.313.350.01-0.32
CBA11-Jun-264.20AA-3.573.533.570.01-0.22
ANZ22-Jul-264.00AA-3.613.573.610.01-0.18
NAB21-Sep-264.00AA-3.873.813.870.06-0.07
Qantas12-Oct-264.75BB+4.464.414.460.01-0.40
CBA17-Nov-263.25AA-3.523.473.510.01-0.21
Austpost1-Dec-264.00AA3.623.573.620.01-0.19
Telstra19/04/20274.00A3.803.753.790.00-0.27

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