Summary: Corporate bond spreads unchanged on average; swap spreads wider at front of curve; iTraxx down 13 points.
Corporate spreads finished the week unchanged on average as corporate bond yields generally kept pace with the rises of their Commonwealth counterparts. The majority of spreads’ week-on-week changes at the individual level were within a range of -6bps to +6bps and there were no particularly notable exceptions.
One of the two other main measures of corporate risk, swap-to-bond spreads, moved higher at the front of the curve. Another measure of corporate risk, credit default swap premiums, decreased. The Australian credit default swap index, the iTraxx Australia Series 37, finished 13.00 points lower 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- | 4.06 | 0.01 | -0.03 | 4.07 | 4.03 |
| QANTAS | 10-Oct-23 | 4.40 | 4.70 | 0.05 | -0.14 | 4.72 | 4.62 | |
| AUSTPOST | 13-Nov-23 | 5.50 | A+ | 4.04 | 0.06 | -0.34 | 4.06 | 3.96 |
| WESTPAC | 21-Nov-23 | 5.25 | AA- | 4.06 | 0.05 | -0.21 | 4.08 | 3.98 |
| FONTERRA | 26-Feb-24 | 5.50 | A- | 4.09 | 0.07 | -0.46 | 4.11 | 3.99 |
| NAB | 11-Mar-24 | 5.00 | AA- | 4.11 | 0.07 | -0.36 | 4.14 | 4.03 |
| RABO NL AU | 11-Apr-24 | 5.50 | A+ | 4.26 | 0.08 | -0.39 | 4.28 | 4.16 |
| CBA | 27-May-24 | 4.75 | 4.08 | 0.07 | -0.45 | 4.10 | 3.99 | |
| AUSNET | 21-Jun-24 | 4.00 | BBB+ | 4.48 | 0.09 | -0.52 | 4.51 | 4.37 |
| MACQUARIE | 7-Aug-24 | 1.75 | A+ | 4.34 | 0.07 | -0.41 | 4.37 | 4.25 |
| WFC | 27-Aug-24 | 4.75 | 4.76 | 0.20 | -0.33 | 4.79 | 4.59 | |
| UNISYD | 28-Aug-25 | 3.75 | 4.02 | 0.10 | -0.56 | 4.05 | 3.91 | |
| APPLE | 10-Jun-26 | 3.60 | 3.98 | 0.09 | -0.51 | 4.00 | 3.86 | |
| CBA | 11-Jun-26 | 4.20 | 4.27 | 0.10 | -0.45 | 4.30 | 4.14 | |
| ANZ | 22-Jul-26 | 4.00 | 4.27 | 0.10 | -0.45 | 4.30 | 4.15 | |
| QANTAS | 12-Oct-26 | 4.75 | 5.10 | 0.09 | -0.36 | 5.13 | 4.98 | |
| AUSPAC AIRPORT | 4-Nov-26 | 3.75 | BBB+ | 4.57 | 0.09 | -0.52 | 4.60 | 4.45 |
| AUSTPOST | 1-Dec-26 | 4.00 | A+ | 4.18 | 0.09 | -0.55 | 4.21 | 4.06 |
| WSO FINANCE | 31-Mar-27 | 4.50 | 4.52 | 0.09 | -0.60 | 4.55 | 4.40 | |
| TELSTRA | 19-Apr-27 | 4.00 | A | 4.25 | 0.09 | -0.59 | 4.28 | 4.13 |
| ASCIANO | 12-May-27 | 5.40 | BBB- | 5.92 | 0.14 | -0.32 | 5.92 | 5.75 |
| FONTERRA | 2-Nov-27 | 4.00 | A- | 4.47 | 0.08 | -0.55 | 4.51 | 4.36 |
| MACQUARIE | 15-Dec-27 | 4.15 | BBB+ | 5.54 | 0.13 | -0.20 | 5.59 | 5.45 |
| AUSNET | 21-Aug-28 | 4.20 | A- | 5.11 | 0.07 | -0.38 | 5.15 | 5.01 |
| AUSNET | 31-Jul-29 | 2.60 | A- | 5.37 | 0.13 | -0.44 | 5.42 | 5.22 |