Summary: Corporate bond spreads 4bps tighter on average; swap spreads tighter; iTraxx unchanged.
Corporate spreads finished the week about 4bps tighter on average as corporate bond yields outpaced the falls of their Commonwealth counterparts. The majority of spreads’ week-on-week changes at the individual level were within a range of -6bps to -1bp and there were no particularly noteworthy exceptions.
One of the two other main measures of corporate risk, swap-to-bond spreads, tightened again. The other main measure, credit default swap premiums, did not changed on average. The Australian credit default swap index, the iTraxx Australia Series 37, finished unchanged at 87.00 points.
AUSTRALIAN CORPORATE BONDS
| ISSUER | MATURITY | COUPON (%) | RATING | CLOSING YIELD | Δ WEEK | Δ MONTH | WEEK HIGH | WEEK LOW |
|---|---|---|---|---|---|---|---|---|
| ANZ BANK | 16-Aug-23 | 5.00 | AA- | 4.02 | -0.06 | -0.03 | 4.06 | 4.00 |
| SUNCORP-METWAY | 13-Sep-23 | 3.00 | 4.08 | -0.16 | -0.01 | 4.22 | 4.04 | |
| QANTAS | 10-Oct-23 | 4.40 | 4.71 | -0.08 | 0.06 | 4.76 | 4.67 | |
| AUSTRALIA POST | 13-Nov-23 | 5.50 | A+ | 4.11 | -0.08 | 0.12 | 4.16 | 4.05 |
| WESTPAC | 21-Nov-23 | 5.25 | 4.08 | -0.12 | 0.07 | 4.17 | 4.04 | |
| FONTERRA | 26-Feb-24 | 5.50 | A- | 4.18 | -0.10 | 0.17 | 4.25 | 4.10 |
| NATIONAL AUST. BANK | 11-Mar-24 | 5.00 | 4.14 | -0.13 | 0.09 | 4.23 | 4.08 | |
| RABOBANK NEDERLANDS AUST | 11-Apr-24 | 5.50 | A+ | 4.29 | -0.13 | 0.11 | 4.39 | 4.23 |
| COMMONWEALTH BANK | 27-May-24 | 4.75 | 4.13 | -0.13 | 0.13 | 4.22 | 4.05 | |
| AURIZON NETWORK | 21-Jun-24 | 4.00 | BBB+ | 4.58 | -0.13 | 0.18 | 4.67 | 4.50 |
| MACQUARIE BANK | 7-Aug-24 | 1.75 | A+ | 4.33 | -0.12 | 0.06 | 4.42 | 4.24 |
| WELLS FARGO | 27-Aug-24 | 4.75 | BBB+ | 4.77 | -0.21 | 0.21 | 4.94 | 4.75 |
| WOOLWORTHS | 20-May-25 | 1.85 | BBB | 4.19 | -0.17 | 0.20 | 4.32 | 4.13 |
| UNIVERSITY OF SYDNEY | 28-Aug-25 | 3.75 | 4.05 | -0.17 | 0.13 | 4.18 | 3.99 | |
| NBN CO | 3-Dec-25 | 1.00 | 4.35 | -0.18 | 0.19 | 4.47 | 4.29 | |
| APPLE | 10-Jun-26 | 3.60 | AA+ | 3.97 | -0.20 | 0.08 | 4.10 | 3.93 |
| COMMONWEALTH BANK | 11-Jun-26 | 4.20 | AA- | 4.21 | -0.23 | 0.04 | 4.35 | 4.18 |
| ANZ BANK | 22-Jul-26 | 4.00 | AA- | 4.21 | -0.22 | 0.04 | 4.36 | 4.19 |
| NBN CO | 28-Sep-26 | 4.75 | 4.31 | -0.20 | 0.12 | 4.44 | 4.28 | |
| QANTAS | 12-Oct-26 | 4.75 | NR | 5.09 | -0.21 | 0.08 | 5.22 | 5.05 |
| AUST. PACIFIC AIRPORTS | 4-Nov-26 | 3.75 | BBB+ | 4.57 | -0.21 | 0.09 | 4.71 | 4.54 |
| WSO FINANCE | 1-Dec-26 | 4.00 | A+ | 4.15 | -0.21 | 0.06 | 4.28 | 4.11 |
| WSO FINANCE | 31-Mar-27 | 4.50 | 4.59 | -0.18 | 0.17 | 4.69 | 4.52 | |
| NBN CO | 14-Apr-27 | 4.20 | 4.36 | -0.21 | 0.04 | 4.49 | 4.32 | |
| TELSTRA | 19-Apr-27 | 4.00 | A- | 4.24 | -0.21 | 0.08 | 4.37 | 4.20 |
| PACIFIC NATIONAL FINANCE | 12-May-27 | 5.40 | BBB- | 6.31 | -0.17 | 0.53 | 6.39 | 6.22 |
| LENDLEASE | 27-Oct-27 | 3.40 | 5.70 | -0.22 | 0.16 | 5.84 | 5.67 | |
| FONTERRA | 2-Nov-27 | 4.00 | A- | 4.45 | -0.21 | 0.06 | 4.59 | 4.42 |
| WOOLWORTHS | 15-Nov-27 | 1.85 | BBB | 4.46 | -0.18 | 0.15 | 4.55 | 4.39 |
| AUSTRALIA POST | 8-Dec-27 | 4.99 | 4.41 | -0.21 | 0.04 | 4.54 | 4.37 | |
| MACQUARIE GROUP | 15-Dec-27 | 4.15 | BBB+ | 5.47 | -0.22 | 0.05 | 5.60 | 5.43 |
| NBN CO | 2-Jun-28 | 2.15 | 4.72 | -0.21 | 0.10 | 4.85 | 4.69 | |
| WESFARMERS | 23-Jun-28 | 1.94 | A- | 4.62 | -0.21 | 0.09 | 4.75 | 4.59 |
| AUSNET | 21-Aug-28 | 4.20 | BBB+ | 5.07 | -0.22 | 0.04 | 5.20 | 5.04 |
| QANTAS | 27-Sep-28 | 3.15 | 5.49 | -0.22 | 0.11 | 5.63 | 5.46 | |
| AIRSERVICES AUST | 15-Nov-28 | 5.40 | 4.15 | -0.21 | 0.08 | 4.28 | 4.11 | |
| AUSNET | 31-Jul-29 | 2.60 | BBB+ | 5.35 | -0.22 | 0.11 | 5.48 | 5.32 |
| QANTAS | 27-Nov-29 | 2.95 | 5.91 | -0.22 | 0.06 | 6.04 | 5.88 | |
| WOOLWORTHS | 20-May-30 | 2.80 | BBB | 5.23 | -0.17 | 0.11 | 5.31 | 5.16 |
| QANTAS | 9-Sep-30 | 5.25 | 5.80 | -0.22 | 0.02 | 5.93 | 5.77 | |
| NBN CO | 16-Dec-30 | 2.20 | 5.19 | -0.21 | 0.09 | 5.31 | 5.16 | |
| BRISBANE AIRPORT | 30-Dec-30 | 4.50 | BBB | 5.39 | -0.21 | 0.08 | 5.51 | 5.36 |
| LENDLEASE | 31-Mar-31 | 3.70 | 6.80 | -0.22 | 0.20 | 6.93 | 6.78 | |
| WESFARMERS | 23-Jun-31 | 2.55 | A- | 5.25 | -0.21 | 0.11 | 5.37 | 5.23 |
| WOOLWORTHS | 15-Nov-31 | 2.75 | BBB | 5.45 | -0.16 | 0.06 | 5.52 | 5.38 |