06 July – 10 July 2015

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Corporate bond yields generally fell by around 8-9bps last week but again spreads to ACGBs expanded very modestly as markets focused on the major government bond market.
Commonwealth Bank and Westpac issued covered bonds to the tune of US$1bn and US$800m respectively while in the kangaroo market Bank Nederlandse Gemeenten added another $45m to its existing 2025 line at ACGB + 79bps.

Click here for new debt issues

iTraxx moved up again last week. The index jumped on Monday after the Greek referendum before peaking on Wednesday at 106.55. As markets calmed somewhat iTraxx fell back to where it was on Monday but it was still up 2.8 points on the week.

corporate-yield-10julyitraxx-yield-10july

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AUST CORPORATE BONDS

ISSUERMATURITYCOUPON
(%)
RATINGWEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
ANZ9-May-166.75AA-2.392.332.390.010.02
WESTPAC9-May-166.75AA-2.382.342.38-0.010.00
TRANSURBAN8-Jun-166.75A-3.183.133.180.00-0.01
STOCKLAND1-Jul-167.50A-2.972.922.97-0.010.02
FONTERRA11-Jul-166.25A+2.762.702.760.000.00
TELSTRA2-Aug-167.00A2.512.462.51-0.010.00
MLBAIRPORT25-Aug-167.00A-2.992.932.990.00-0.03
MIRVAC FIN16-Sep-168.00BBB+3.133.073.130.00-0.01
WESFARMERS4-Nov-166.00A-2.672.612.67-0.010.01
WESTPAC18-Nov-167.25AA-2.472.412.47-0.02-0.01
CB SUNCORP6-Dec-164.75N/A2.552.492.55-0.01-0.03
CB CBA25-Jan-175.75N/A2.442.352.440.00-0.01
AUSTPOST6-Feb-175.50AA2.762.692.76-0.01-0.01
CB WESTPAC6-Feb-175.75N/A2.432.362.43-0.02-0.03
NAB15-Feb-176.00AA-2.512.442.51-0.02-0.01
WESTPAC20-Feb-176.00AA-2.502.432.50-0.02-0.02
CROWN18-Jul-175.75BBB3.503.423.50-0.01-0.01
BPCAP5-Sep-174.50A3.042.953.04-0.020.01
BHP18-Oct-173.75A+3.022.923.02-0.030.03
TELSTRA15-Nov-174.00A2.782.682.780.000.01
HSBC16-Nov-174.25AA-2.812.712.81-0.02-0.04
WESTPAC24-Jan-184.25AA-2.752.652.75-0.04-0.02
CBA25-Jan-184.25AA-2.752.652.75-0.04-0.02
NAB7-Mar-187.25AA-2.762.662.76-0.04-0.04
ANZ17-Apr-184.25AA-2.822.702.82-0.04-0.04
NAB23-May-184.00AA-2.832.722.83-0.06-0.05
SYDAIRPORT6-Jul-187.75BBB3.413.303.41-0.05-0.10
ANZ6-Nov-184.50AA-2.952.832.95-0.07-0.07
LENDLEASE13-Nov-185.50BBB-3.983.863.98-0.020.01
TELSTRA13-Nov-184.50A2.952.832.95-0.04-0.03
WESTPAC25-Feb-194.50AA-3.012.903.01-0.09-0.03
WOOLWORTHS21-Mar-196.00A-3.463.333.46-0.050.16
WESFARMERS28-Mar-196.25A-3.203.083.20-0.06-0.03
CBA24-Apr-194.25AA-3.082.963.08-0.07-0.03
BRISAIR9-Jul-198.00BBB3.573.453.57-0.06-0.09
STOCKLAND6-Sep-195.50A-3.673.533.67-0.03-0.05
DBNGP11-Oct-196.00BBB-4.184.054.18-0.06-0.09
WESTF RET23-Oct-195.00A3.653.513.65-0.06-0.08
CFS RETAIL19-Dec-195.00A3.513.383.51-0.05-0.09
CBA5-Feb-207.25AA-3.283.133.26-0.11-0.04
WESTPAC11-Feb-207.25AA-3.283.163.28-0.08-0.03
WESFARMERS12-Mar-204.75A-3.423.293.42-0.08-0.05
QANTAS27-Apr-206.50BB+5.104.915.10-0.040.04
LENDLEASE13-May-206.00BBB-4.324.194.32-0.040.00
MLBAIRPORT4-Jun-205.00A-3.633.503.63-0.08-0.10
TELSTRA15-Jul-207.75A3.323.193.32-0.07-0.02
PERTH AIR23-Jul-206.00BBB3.873.723.87-0.08-0.08
MIRVAC FIN18-Sep-205.75BBB+3.923.783.92-0.08-0.08
BRISAIR21-Oct-206.00BBB3.873.733.87-0.08-0.10
AUSTPOST13-Nov-205.00AA3.403.263.40-0.06-0.07
STOCKLAND25-Nov-208.25A-3.933.793.93-0.05-0.06
UNISYD16-Apr-214.75N/A3.353.203.35-0.06-0.05
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