Summary: Corporate bond spreads wider on average; swap spreads change little; iTraxx down 2 points.
Corporate spreads finished the week about 2bps wider on average as corporate yields generally outpaced the rises of their Commonwealth counterparts. The majority of spreads’ week-on-week changes at the individual level were within a range of -8bps to +3bps and the only really notable exception came from Australia Post’s December 2026s (spread: 107bps, -18bps).
One of the two other main measures of corporate risk, swap-to-bond spreads changed very little overall. However, another measure of corporate risk, credit default swap premiums, declined. The Australian credit default swap index, the iTraxx Australia Series 37, finished 2.00 points lower at 78.00 points.
| ISSUER | MATURITY | COUPON (%) | RATING | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| ANZ | 16-Aug-23 | 5.00 | AA- | 4.01 | 3.86 | 4.01 | 0.17 | 0.04 |
| Qantas | 10-Oct-23 | 4.40 | BB+ | 4.69 | 4.52 | 4.64 | 0.12 | -0.12 |
| Australia Post | 13-Nov-23 | 5.50 | A+ | 4.07 | 3.87 | 4.07 | 0.12 | -0.05 |
| Westpac | 21-Nov-23 | 4.40 | AA- | 4.15 | 3.98 | 4.15 | 0.18 | 0.00 |
| Fonterra | 26-Feb-24 | 5.50 | A- | 4.31 | 4.10 | 4.31 | 0.22 | -0.06 |
| NAB | 11-Mar-24 | 5.00 | AA- | 4.24 | 4.06 | 4.24 | 0.20 | -0.03 |
| Rabobank Nederland (Aust) | 11-Apr-24 | 5.50 | A+ | 4.36 | 4.18 | 4.36 | 0.21 | -0.07 |
| CBA | 27-May-24 | 4.75 | AA- | 4.30 | 4.13 | 4.30 | 0.19 | -0.08 |
| AusNet | 21-Jun-24 | 4.00 | BBB+ | 4.65 | 4.46 | 4.65 | 0.21 | -0.16 |
| Macquarie Bank | 7-Aug-24 | 1.75 | A+ | 4.52 | 4.27 | 4.52 | 0.27 | -0.15 |
| Wells Fargo | 27-Aug-24 | 4.75 | A+ | 4.86 | 4.69 | 4.85 | 0.18 | -0.15 |
| University of Sydney | 28-Aug-25 | 3.75 | Aa1 | 4.24 | 4.05 | 4.24 | 0.18 | -0.18 |
| Apple Inc | 10-Jun-26 | 3.60 | AA+ | 4.10 | 3.95 | 4.10 | 0.20 | -0.28 |
| CBA | 11-Jun-26 | 4.20 | AA- | 4.47 | 4.30 | 4.47 | 0.20 | -0.19 |
| ANZ | 22-Jul-26 | 4.00 | AA- | 4.49 | 4.32 | 4.49 | 0.20 | -0.20 |
| Qantas | 12-Oct-26 | 4.75 | BB+ | 5.23 | 5.08 | 5.23 | 0.15 | -0.45 |
| Australia Pacific Airports | 4-Nov-26 | 3.75 | BBB+ | 4.79 | 4.64 | 4.79 | 0.17 | -0.37 |
| Australia Post | 1-Dec-26 | 4.00 | A+ | 4.33 | 4.14 | 4.33 | 0.03 | -0.42 |
| WSO Finance | 31-Mar-27 | 4.50 | 4.76 | 4.60 | 4.76 | 0.16 | -0.36 | |
| Telstra | 19-Apr-27 | 4.00 | A | 4.57 | 4.36 | 4.57 | 0.25 | -0.34 |
| Asciano | 12-May-27 | 5.40 | BBB- | 5.94 | 5.79 | 5.90 | 0.15 | -0.42 |
| Fonterra | 2-Nov-27 | 4.00 | A- | 4.69 | 4.54 | 4.69 | 0.18 | -0.37 |
| Macquarie Group | 15-Dec-27 | 4.15 | BBB+ | 5.48 | 5.37 | 5.48 | 0.16 | -0.36 |
| AusNet | 21-Aug-28 | 4.20 | A- | 5.38 | 5.22 | 5.38 | 0.12 | -0.62 |