Summary: Corporate bond spreads 1bp wider; swap spreads narrower; iTraxx down.
Corporate spreads finished the week 1bp wider on average as corporate bond yields slightly outpaced the rises of their Commonwealth Government counterparts. The majority of spreads’ week-on-week changes at the individual level were within a range of -2bps to +4bps and the exceptions were not particularly significant.
One of the two other main measures of corporate risk, swap-to-bond spreads, were a little narrower. The other main measure, credit default swap premiums, declined on average. The Australian credit default swap index, the iTraxx Australia Series 39, finished 2.00 points lower at 74.00 points.
AUSTRALIAN CORPORATE BONDS
| ISSUER | MATURITY | COUPON (%) | RATING | CLOSING YIELD | Δ WEEK | Δ MONTH | WEEK HIGH | WEEK LOW |
|---|---|---|---|---|---|---|---|---|
| QANTAS | 10-Oct-23 | 4.40 | 4.78 | 0.00 | -0.15 | 4.78 | 4.77 | |
| AUSTRALIA POST | 13-Nov-23 | 5.50 | A+ | 4.41 | 0.04 | -0.06 | 4.41 | 4.36 |
| WESTPAC | 21-Nov-23 | 5.25 | 4.38 | 0.00 | -0.12 | 4.38 | 4.37 | |
| FONTERRA | 26-Feb-24 | 5.50 | A- | 4.67 | 0.06 | -0.06 | 4.67 | 4.61 |
| NATIONAL AUST. BANK | 11-Mar-24 | 5.00 | 4.56 | -0.01 | -0.06 | 4.58 | 4.56 | |
| RABOBANK NEDERLANDS AUST | 11-Apr-24 | 5.50 | A+ | 4.69 | -0.01 | -0.01 | 4.71 | 4.69 |
| COMMONWEALTH BANK | 27-May-24 | 4.75 | 4.59 | 0.01 | -0.10 | 4.59 | 4.59 | |
| AURIZON NETWORK | 21-Jun-24 | 4.00 | BBB+ | 5.14 | 0.00 | -0.04 | 5.16 | 5.14 |
| MACQUARIE BANK | 7-Aug-24 | 1.75 | A+ | 4.70 | 0.04 | -0.14 | 4.71 | 4.68 |
| WELLS FARGO | 27-Aug-24 | 4.75 | BBB+ | 5.21 | 0.03 | 0.00 | 5.21 | 5.19 |
| WOOLWORTHS | 20-May-25 | 1.85 | BBB | 4.76 | 0.03 | -0.03 | 4.77 | 4.76 |
| UNIVERSITY OF SYDNEY | 28-Aug-25 | 3.75 | 4.60 | -0.02 | -0.14 | 4.66 | 4.60 | |
| NBN CO | 3-Dec-25 | 1.00 | 4.92 | 0.06 | 0.02 | 4.92 | 4.88 | |
| APPLE | 10-Jun-26 | 3.60 | AA+ | 4.57 | 0.08 | -0.01 | 4.58 | 4.53 |
| COMMONWEALTH BANK | 11-Jun-26 | 4.20 | AA- | 4.80 | 0.06 | -0.01 | 4.81 | 4.79 |
| ANZ BANK | 22-Jul-26 | 4.00 | AA- | 4.79 | 0.04 | -0.02 | 4.82 | 4.79 |
| NBN CO | 28-Sep-26 | 4.75 | 4.93 | 0.10 | 0.09 | 4.93 | 4.88 | |
| QANTAS | 12-Oct-26 | 4.75 | NR | 5.52 | 0.10 | 0.00 | 5.52 | 5.46 |
| AUST. PACIFIC AIRPORTS | 4-Nov-26 | 3.75 | BBB+ | 5.10 | 0.07 | 0.01 | 5.10 | 5.08 |
| WSO FINANCE | 1-Dec-26 | 4.00 | A+ | 4.79 | 0.09 | 0.01 | 4.79 | 4.74 |
| WSO FINANCE | 31-Mar-27 | 4.50 | 5.21 | 0.03 | -0.05 | 5.25 | 5.21 | |
| NBN CO | 14-Apr-27 | 4.20 | 4.93 | 0.08 | 0.09 | 4.94 | 4.90 | |
| TELSTRA | 19-Apr-27 | 4.00 | A- | 4.76 | 0.12 | 0.03 | 4.77 | 4.69 |
| PACIFIC NATIONAL FINANCE | 12-May-27 | 5.40 | BBB- | 6.86 | 0.03 | -0.05 | 6.90 | 6.86 |
| LENDLEASE | 27-Oct-27 | 3.40 | 6.51 | 0.05 | -0.04 | 6.54 | 6.51 | |
| FONTERRA | 2-Nov-27 | 4.00 | A- | 5.05 | 0.08 | -0.05 | 5.06 | 5.03 |
| WOOLWORTHS | 15-Nov-27 | 1.85 | BBB | 4.74 | 0.01 | -0.12 | 4.81 | 4.74 |
| AUSTRALIA POST | 8-Dec-27 | 4.99 | 4.95 | 0.03 | -0.08 | 5.00 | 4.95 | |
| MACQUARIE GROUP | 15-Dec-27 | 4.15 | BBB+ | 5.77 | 0.06 | -0.15 | 5.80 | 5.77 |
| NBN CO | 2-Jun-28 | 2.15 | 5.15 | 0.11 | 0.06 | 5.17 | 5.11 | |
| WESFARMERS | 23-Jun-28 | 1.94 | A- | 5.02 | 0.06 | -0.02 | 5.04 | 5.02 |
| AUSNET | 21-Aug-28 | 4.20 | BBB+ | 5.47 | 0.04 | -0.07 | 5.50 | 5.47 |
| QANTAS | 27-Sep-28 | 3.15 | 5.76 | 0.10 | -0.07 | 5.78 | 5.72 | |
| AIRSERVICES AUST | 15-Nov-28 | 5.40 | 4.61 | 0.07 | -0.05 | 4.63 | 4.61 | |
| AUSNET | 31-Jul-29 | 2.60 | BBB+ | 5.86 | 0.02 | -0.02 | 5.92 | 5.86 |
| QANTAS | 27-Nov-29 | 2.95 | 6.11 | 0.08 | -0.03 | 6.13 | 6.10 | |
| WOOLWORTHS | 20-May-30 | 2.80 | BBB | 5.54 | 0.02 | -0.01 | 5.60 | 5.54 |
| QANTAS | 9-Sep-30 | 5.25 | 6.09 | 0.07 | -0.05 | 6.12 | 6.09 | |
| NBN CO | 16-Dec-30 | 2.20 | 5.61 | 0.09 | 0.09 | 5.64 | 5.60 | |
| BRISBANE AIRPORT | 30-Dec-30 | 4.50 | BBB | 5.78 | 0.06 | -0.08 | 5.81 | 5.78 |
| LENDLEASE | 31-Mar-31 | 3.70 | 7.38 | -0.13 | -0.16 | 7.60 | 7.38 | |
| WESFARMERS | 23-Jun-31 | 2.55 | A- | 5.60 | 0.03 | -0.07 | 5.66 | 5.60 |
| WOOLWORTHS | 15-Nov-31 | 2.75 | BBB | 5.79 | -0.01 | -0.07 | 5.88 | 5.79 |
| AUST. PACIFIC AIRPORTS (BRISBANE) | 25-Nov-31 | 3.76 | 5.88 | 0.06 | -0.01 | 5.90 | 5.88 |