15 June – 19 June 2015

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Our benchmark corporates all saw their yields fall last week but spreads to ACGBs widened considerably. Our tables have a complete summary of weekly corporate bond movements.
Flexigroup announced its second ABS deal of 2015 with a $285m series of notes backed by unsecured customer loans, Heritage Bank launched a $50m Tier 2 note callable in 2020, logistics group SCT announced a two-tier issue of $30m, 4y floating rate and $45m of 6y fixed rate and KfW Bankengruppe tapped its 2025 bond line for a further $100m taking its outstanding issue to $1.3bn. Sydney University has been speaking with investors regarding a second bond issue. Readers will recall the University’s inaugural bond issue in April 2014 where the University raised $100 at BBSW +100bps. We will advise when more details come to hand.
iTraxx edged up by 4.3 to 94.8 over the week indicating the cost of insuring corporate debt continues to increase.

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AUST CORPORATE BONDS

ISSUERMATURITYCOUPON (%)RATINGWEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
ANZMay-09-20166.75AA-2.372.342.34-0.030.12
WESTPACMay-09-20166.75AA-2.382.352.35-0.030.11
TRANSURBANJun-08-20166.75A-3.193.153.15-0.050.19
STOCKLANDJul-01-20167.5A-2.952.912.91-0.050.14
FONTERRAJul-11-20166.25A+2.762.722.72-0.040.18
TELSTRAAug-02-20167A2.502.462.46-0.050.17
MLBAIRPORTAug-25-20167A-3.002.942.94-0.070.11
MIRVAC FINSep-16-20168BBB+3.133.083.08-0.060.12
WESFARMERSNov-04-20166A-2.662.612.61-0.050.18
WESTPACNov-18-20167.25AA-2.462.412.41-0.070.14
CB SUNCORPDec-06-20164.75N/A2.572.512.51-0.070.13
CB CBAJan-25-20175.75N/A2.432.372.37-0.080.12
AUSTPOSTFeb-06-20175.5AA2.752.692.69-0.080.18
CB WESTPACFeb-06-20175.75N/A2.442.382.38-0.080.12
NABFeb-15-20176AA-2.522.452.45-0.070.17
WESTPACFeb-20-20176AA-2.512.452.45-0.070.16
CROWNJul-18-20175.75BBB3.503.413.41-0.110.19
BPCAPSep-05-20174.5A3.032.952.95-0.080.20
BHPOct-18-20173.75A+2.982.892.89-0.100.35
TELSTRANov-15-20174A2.742.652.65-0.120.22
HSBCNov-16-20174.25AA-2.832.732.73-0.120.17
WESTPACJan-24-20184.25AA-2.742.682.68-0.090.21
CBAJan-25-20184.25AA-2.752.682.68-0.090.20
NABMar-07-20187.25AA-2.782.682.68-0.120.18
ANZApr-17-20184.25AA-2.832.732.73-0.120.19
NABMay-23-20184AA-2.862.762.76-0.120.20
SYDAIRPORTJul-06-20187.75BBB3.493.363.36-0.150.14
ANZNov-06-20184.5AA-2.992.882.88-0.130.21
LENDLEASENov-13-20185.5BBB-3.953.823.82-0.150.28
TELSTRANov-13-20184.5A2.962.842.84-0.150.26
WESTPACFeb-25-20194.5AA-3.032.962.96-0.090.23
WOOLWORTHSMar-21-20196A-3.283.173.17-0.130.34
WESFARMERSMar-28-20196.25A-3.223.103.10-0.130.25
CBAApr-24-20194.25AA-3.093.023.02-0.090.24
BRISAIRJul-09-20198BBB3.653.513.51-0.150.26
STOCKLANDSep-06-20195.5A-3.713.583.58-0.140.29
DBNGPOct-11-20196BBB-4.264.134.13-0.140.28
WESTF RETOct-23-20195A3.713.583.58-0.150.29
CFS RETAILDec-19-20195A3.583.453.45-0.150.29
CBAFeb-05-20207.25AA-3.313.233.25-0.050.35
WESTPACFeb-11-20207.25AA-3.313.233.24-0.070.34
WESFARMERSMar-12-20204.75A-3.473.353.35-0.120.32
QANTASApr-27-20206.5BB+5.095.025.02-0.050.18
LENDLEASEMay-13-20206BBB-4.314.174.17-0.150.34
MLBAIRPORTJun-04-20205A-3.723.593.59-0.150.32
TELSTRAJul-15-20207.75A3.333.203.20-0.140.37
PERTH AIRJul-23-20206BBB3.933.803.80-0.140.42
MIRVAC FINSep-18-20205.75BBB+3.993.863.86-0.140.31
BRISAIROct-21-20206BBB3.953.823.82-0.140.41
AUSTPOSTNov-13-20205AA3.453.343.34-0.130.39
STOCKLANDNov-25-20208.25A-3.983.853.85-0.140.35
UNISYDApr-16-20214.75N/A3.383.273.27-0.120.38
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