25 May – 29 May 2015

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Our benchmark corporates all saw their yields fall during the week mirroring both ACGB and semis and with spreads to ACGBs widening slightly. CBA thinks the next month may see corporate spreads to ACGBs widen if there is a ‘flurry of new issues’ as there are no upcoming maturities to return funds to investors.
Bendigo and Adelaide Bank mandated a series of meetings on its Torrens RMBS programme this week with a transaction soon to follow. FlexiGroup also has a series of debt investor meetings in Australia this week to discuss a potential ABS deal with a transaction under the Flexi ABS Trust programme to follow.
Quite a big week for new issues , notably NAB’s $1.9bn 5y FRN at 3m BBSW +80bps, ANZ’s Green Bond and Transurban’s €500m, 10.25y at swap + 103bps.
iTraxx edged up again by 1.8 over the week to 89.8.

YieldReport-corp-29may
YieldReport-itraxx-29may

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AUST CORPORATE BONDS

ISSUERMATURITY COUPON (%) RATING WEEK HIGH WEEK LOW CLOSING YIELD Δ WEEK Δ MONTH
ANZ9-May-166.75AA-2.372.312.31-0.070.08
WESTPAC9-May-166.75AA-2.402.322.32-0.080.07
TRANSURBAN8-Jun-166.75A-3.213.123.12-0.090.16
STOCKLAND1-Jul-167.50A-2.932.872.87-0.050.11
FONTERRA11-Jul-166.25A+2.722.652.65-0.050.12
TELSTRA2-Aug-167.00A2.492.422.42-0.060.13
MLBAIRPORT25-Aug-167.00A-3.002.932.93-0.070.10
MIRVAC FIN16-Sep-168.00BBB+3.123.053.05-0.100.09
WESFARMERS4-Nov-166.00A-2.642.562.56-0.070.13
WESTPAC18-Nov-167.25AA-2.472.382.38-0.080.11
CB SUNCORP6-Dec-164.75N/A2.562.482.48-0.080.10
CB CBA25-Jan-175.75N/A2.432.342.34-0.080.10
AUSTPOST6-Feb-175.50AA2.752.662.66-0.090.16
CB WESTPAC6-Feb-175.75N/A2.452.352.35-0.090.10
NAB15-Feb-176.00AA-2.512.422.42-0.080.14
WESTPAC20-Feb-176.00AA-2.512.422.42-0.090.13
CROWN18-Jul-175.75BBB3.463.373.37-0.080.15
BPCAP5-Sep-174.50A3.002.892.89-0.080.14
BHP18-Oct-173.75A+2.882.782.78-0.100.24
TELSTRA15-Nov-174.00A2.712.602.6-0.110.17
HSBC16-Nov-174.25AA-2.842.712.71-0.130.15
WESTPAC24-Jan-184.25AA-2.732.612.61-0.100.14
CBA25-Jan-184.25AA-2.722.62.60-0.110.12
NAB7-Mar-187.25AA-2.762.642.64-0.120.13
ANZ17-Apr-184.25AA-2.812.682.68-0.130.13
NAB23-May-184.00AA-2.822.692.69-0.120.13
SYDAIRPORT6-Jul-187.75BBB3.463.333.33-0.120.10
ANZ6-Nov-184.50AA-2.952.812.81-0.130.14
LENDLEASE13-Nov-185.50BBB-3.873.733.73-0.130.19
TELSTRA13-Nov-184.50A2.892.752.75-0.120.18
WESTPAC25-Feb-194.50AA-2.992.852.85-0.120.12
WOOLWORTHS21-Mar-196.00A-3.233.093.09-0.090.26
WESFARMERS28-Mar-196.25A-3.143.003.00-0.120.15
CBA24-Apr-194.25AA-3.052.902.90-0.120.12
BRISAIR9-Jul-198.00BBB3.593.443.44-0.130.19
STOCKLAND6-Sep-195.50A-3.643.493.49-0.130.20
DBNGP11-Oct-196.00BBB-4.184.034.03-0.140.18
WESTF RET23-Oct-195.00A3.643.483.48-0.140.19
CFS RETAIL19-Dec-195.00A3.513.353.35-0.160.19
CBA5-Feb-207.25AA-3.213.063.06-0.140.16
WESTPAC11-Feb-207.25AA-3.223.073.07-0.150.17
WESFARMERS12-Mar-204.75A-3.383.223.22-0.110.18
QANTAS27-Apr-206.50BB+4.914.744.74-0.15-0.09
LENDLEASE13-May-206.00BBB-4.214.044.04-0.160.21
MLBAIRPORT4-Jun-205.00A-3.643.473.47-0.150.21
TELSTRA15-Jul-207.75A3.243.083.08-0.160.25
PERAIR23-Jul-206.00BBB3.833.663.66-0.160.28
MIRVAC FIN18-Sep-205.75BBB+3.913.733.73 n/a0.18
BRISAIR21-Oct-206.00BBB3.823.683.68 n/a0.26
AUSTPOST13-Nov-205.00AA3.353.193.19 n/a0.23
STOCKLAND25-Nov-208.25A-3.893.723.72 n/a0.22
UNISYD16-Apr-214.75N/A3.273.113.11 n/a0.21
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