May 2015

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It was another busy month of issuance for corporates with household names like NAB, Westpac, Toyota Finance Australia, Wesfarmers, BNP Paribas, Goldman Sachs being joined by less well-known names like Mizuho Bank Sydney Branch and Genworth Mortgage Insurance Australia. NAB’s $1.9bn June 20 FRN was the largest deal of the month  (3m BBSW +80bps) and ANZ issued its inaugural green bond with a $600m issue (read our Insight on green bonds here). Asciano issued a 10y bond at Swap + 210bps and upsized the issue from $200m to $350m. The ABS and RMBS market also saw something of a revival with new issuance from Firstmac, Macquarie Leasing, Westpac’s Series 2015-1 WST Trust and La Trobe Finance Capital Markets Trust.
The yield on all our benchmark corporates fell during the month with spreads to bonds narrowing slightly.
iTraxx Series 23 edged wider in a relatively quiet month and closed up 1.4 at 89.8.

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ISSUERMATURITYCOUPON (%)RATINGMONTH HIGHMONTH LOWCLOSING YIELDΔ MONTHΔ 2 MONTH
ANZMay-09-20166.75AA-2.422.322.31-0.080.08
WestpacMay-09-20166.75AA-3.283.172.32-0.080.07
TransurbanJun-08-20166.75A-4.013.93.12-0.050.16
StocklandJul-01-20167.50A-2.772.652.87-0.060.11
FonterraJul-11-20166.25A+2.542.422.65-0.070.12
TelstraAug-02-20167.00A2.782.652.42-0.070.13
Melb AirportAug-25-20167.00A-3.193.052.93-0.070.10
Mirvac FinanceSep-16-20168.00BBB+3.673.353.05-0.080.09
WesfarmersNov-04-20166.00A-2.652.492.56-0.080.13
WestpacNov-18-20167.25AA-3.052.932.38-0.090.11
Suncorp (CB)Dec-06-20164.75n/a3.552.852.48-0.090.10
CBA (CB)Jan-25-20175.75n/a3.052.802.34-0.100.10
Aust PostFeb-06-20175.50AA2.522.352.66-0.060.16
Westpac (CB)Feb-06-20175.75n/a2.962.792.35-0.100.10
NABFeb-15-20176.00AA-2.592.422.42-0.070.14
WestpacFeb-20-20176.00AA-3.273.102.42-0.090.13
CrownJul-18-20175.75BBB3.443.253.37-0.100.15
BP CapSep-05-20174.50A3.403.192.89-0.090.14
BHPOct-18-20173.75A+3.202.982.78-0.080.24
TelstraNov-15-20174.00A2.922.712.60-0.080.17
HSBCNov-16-20174.25AA-3.002.772.71-0.070.15
WestpacJan-24-20184.25AA-2.842.602.61-0.080.14
CBAJan-25-20184.25AA-3.002.772.60-0.080.12
NABMar-07-20187.25AA-3.613.312.64-0.090.13
ANZApr-17-20184.25AA-3.473.212.68-0.080.13
NABMay-23-20184.00AA-2.752.462.69-0.070.13
Syd AirportJul-06-20187.75BBB3.553.273.33-0.080.10
ANZNov-06-20184.50AA-4.003.732.81-0.070.14
LendleaseNov-13-20185.50BBB-3.022.753.73-0.070.19
TelstraNov-13-20184.50A3.353.062.75-0.050.18
WestpacFeb-25-20194.50AA-3.252.942.85-0.060.12
WoolworthsMar-21-20196.00A-3.293.003.09-0.030.26
WesfarmersMar-28-20196.25A-4.253.893.00-0.070.15
CBAApr-24-20194.25AA-3.733.442.90-0.060.12
Bris AirportJul-09-20198.00BBB3.753.463.44-0.060.19
StocklandSep-06-20195.50A-4.324.033.49-0.060.20
DBNGPOct-11-20196.00BBB-3.783.484.03-0.070.18
Westfield RetailOct-23-20195.00A3.883.583.48-0.060.19
CFS RetailDec-19-20195.00A3.353.063.35-0.060.19
CBAFeb-05-20207.25AA-3.353.073.06-0.080.16
WestpacFeb-11-20207.25AA-3.973.673.07-0.060.17
WesfarmersMar-12-20204.75A-3.683.383.22-0.020.18
QantasApr-27-20206.50BB+4.354.044.74-0.33-0.09
LendleaseMay-13-20206.00BBB-3.783.474.04-0.070.21
Melb AirportJun-04-20205.00A-3.373.083.47-0.040.21
TelstraJul-15-20207.75A4.183.873.08-0.030.25
Perth AirportJul-23-20206.00BBB5.475.433.66-0.040.28
Mirvac FinSep-18-20205.75BBB+4.023.703.73-0.080.18
Bris AirportOct-21-20206.00BBB4.183.863.68-0.010.26
Aust PostNov-13-20205.00AA3.343.043.19-0.020.23
StocklandNov-25-20208.25A-3.953.643.72-0.040.22
Uni SydneyApr-16-20214.75n/a3.503.183.11-0.050.21
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