Summary: Corporate bond spreads 5bps tighter on average; swap spreads tighter; iTraxx unchanged.
Corporate spreads finished the week about 5bps tighter on average as corporate bond yields generally outpaced the falls of their Commonwealth counterparts. The majority of spreads’ week-on-week changes at the individual level were within a range of -2bps to -9bps and there were no particularly notable exceptions.
One of the two other main measures of corporate risk, swap-to-bond spreads, moved lower. Another measure of corporate risk, credit default swap premiums, returned to its starting point. The Australian credit default swap index, the iTraxx Australia Series 37, finished unchanged at 88.00 points.
AUSTRALIAN CORPORATE BONDS
| ISSUER | MATURITY | COUPON (%) | RATING | CLOSING YIELD | Δ WEEK | Δ MONTH | WEEK HIGH | WEEK LOW |
|---|---|---|---|---|---|---|---|---|
| ANZ | 16-Aug-23 | 5.00 | AA- | 3.99 | -0.07 | -0.10 | 4.06 | 3.99 |
| QANTAS | 10-Oct-23 | 4.40 | 4.62 | -0.07 | -0.06 | 4.71 | 4.62 | |
| AUSTPOST | 13-Nov-23 | 5.50 | A+ | 3.98 | -0.06 | -0.27 | 4.06 | 3.98 |
| WESTPAC | 21-Nov-23 | 5.25 | AA- | 4.00 | -0.06 | -0.10 | 4.07 | 4.00 |
| FONTERRA | 26-Feb-24 | 5.50 | A- | 4.01 | -0.08 | -0.37 | 4.11 | 4.01 |
| NAB | 11-Mar-24 | 5.00 | AA- | 4.03 | -0.09 | -0.27 | 4.13 | 4.03 |
| RABO NL AU | 11-Apr-24 | 5.50 | A+ | 4.16 | -0.09 | -0.33 | 4.27 | 4.16 |
| CBA | 27-May-24 | 4.75 | 3.98 | -0.10 | -0.35 | 4.10 | 3.98 | |
| AUSNET | 21-Jun-24 | 4.00 | BBB+ | 4.37 | -0.11 | -0.41 | 4.50 | 4.37 |
| MACQUARIE | 7-Aug-24 | 1.75 | A+ | 4.23 | -0.12 | -0.33 | 4.36 | 4.23 |
| WFC | 27-Aug-24 | 4.75 | 4.64 | -0.12 | -0.23 | 4.78 | 4.64 | |
| UNISYD | 28-Aug-25 | 3.75 | 3.83 | -0.19 | -0.50 | 4.03 | 3.83 | |
| APPLE | 10-Jun-26 | 3.60 | 3.78 | -0.20 | -0.42 | 3.99 | 3.78 | |
| CBA | 11-Jun-26 | 4.20 | 4.06 | -0.20 | -0.40 | 4.28 | 4.06 | |
| ANZ | 22-Jul-26 | 4.00 | 4.07 | -0.20 | -0.39 | 4.29 | 4.07 | |
| QANTAS | 12-Oct-26 | 4.75 | 4.90 | -0.20 | -0.26 | 5.12 | 4.90 | |
| AUSPAC AIRPORT | 4-Nov-26 | 3.75 | BBB+ | 4.39 | -0.18 | -0.39 | 4.61 | 4.39 |
| AUSTPOST | 1-Dec-26 | 4.00 | A+ | 3.97 | -0.21 | -0.45 | 4.19 | 3.97 |
| WSO FINANCE | 31-Mar-27 | 4.50 | 4.36 | -0.16 | -0.46 | 4.58 | 4.36 | |
| TELSTRA | 19-Apr-27 | 4.00 | A | 4.07 | -0.17 | -0.45 | 4.29 | 4.07 |
| ASCIANO | 12-May-27 | 5.40 | BBB- | 5.74 | -0.18 | -0.26 | 5.96 | 5.74 |
| FONTERRA | 2-Nov-27 | 4.00 | A- | 4.30 | -0.18 | -0.40 | 4.52 | 4.30 |
| MACQUARIE | 15-Dec-27 | 4.15 | BBB+ | 5.33 | -0.21 | -0.14 | 5.56 | 5.33 |
| AUSNET | 21-Aug-28 | 4.20 | A- | 4.90 | -0.21 | -0.29 | 5.12 | 4.90 |
| AUSNET | 31-Jul-29 | 2.60 | A- | 5.15 | -0.21 | -0.34 | 5.38 | 5.15 |