Corporate

Summary: Corporate bond spreads 3bps wider; swap spreads wider; iTraxx up.

Corporate spreads finished the week 3bps wider as corporate bond yields 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 -3bps to +5bps and the exceptions were not especially notable.

One of the two other main measures of corporate risk, swap-to-bond spreads, widened. The other main measure,  credit default swap premiums, increased on average again. The Australian credit default swap index, the iTraxx Australia Series 39, finished 9.00 points higher at 96.00 points.

AUSTRALIAN CORPORATE BONDS

ISSUER	MATURITY	COUPON (%)	RATING	CLOSING YIELD	Δ WEEK	Δ MONTH	WEEK HIGH	WEEK LOW
QANTAS	10-Oct-23	4.40		250	4.90	-0.02	0.12	4.92	4.90
AUSTRALIA POST	13-Nov-23	5.50	A+	175	4.38	0.00	0.00	4.38	4.37
WESTPAC	21-Nov-23	5.25		1,125	4.36	-0.01	-0.05	4.37	4.35
FONTERRA	26-Feb-24	5.50	A-	175	4.65	-0.05	0.03	4.70	4.65
NATIONAL AUST. BANK	11-Mar-24	5.00		750	4.54	-0.05	-0.03	4.58	4.54
RABOBANK NEDERLANDS AUST	11-Apr-24	5.50	A+	300	4.67	-0.07	-0.02	4.75	4.67
COMMONWEALTH BANK	27-May-24	4.75		125	4.60	-0.08	0.02	4.67	4.60
AURIZON NETWORK	21-Jun-24	4.00	BBB+	425	5.14	-0.08	0.03	5.22	5.14
MACQUARIE BANK	7-Aug-24	1.75	A+	550	4.66	-0.11	-0.02	4.76	4.66
WELLS FARGO	27-Aug-24	4.75	BBB+	200	5.17	-0.09	0.03	5.26	5.17
WOOLWORTHS	20-May-25	1.85	BBB	400	4.83	-0.09	0.15	4.94	4.83
UNIVERSITY OF SYDNEY	28-Aug-25	3.75		200	4.70	-0.08	0.11	4.81	4.70
NBN CO	3-Dec-25	1.00		1,200	5.04	-0.07	0.23	5.15	5.04
APPLE	10-Jun-26	3.60	AA+	325	4.72	-0.06	0.23	4.83	4.72
COMMONWEALTH BANK	11-Jun-26	4.20	AA-	275	4.95	-0.08	0.25	5.06	4.95
ANZ BANK	22-Jul-26	4.00	AA-	280	4.96	-0.07	0.27	5.08	4.96
NBN CO	28-Sep-26	4.75		800	5.06	-0.05	0.29	5.18	5.06
QANTAS	12-Oct-26	4.75	NR	300	5.69	-0.05	0.32	5.81	5.69
AUST. PACIFIC AIRPORTS	4-Nov-26	3.75	BBB+	200	5.27	-0.05	0.29	5.39	5.27
WSO FINANCE	1-Dec-26	4.00	A+	180	4.96	-0.04	0.31	5.08	4.96
WSO FINANCE	31-Mar-27	4.50		435	5.41	-0.03	0.27	5.53	5.41
NBN CO	14-Apr-27	4.20		800	5.13	-0.03	0.35	5.25	5.13
PACIFIC NATIONAL FINANCE	12-May-27	5.40	BBB-	250	7.07	-0.03	0.29	7.20	7.07
LENDLEASE	27-Oct-27	3.40		500	6.76	-0.01	0.34	6.89	6.76
FONTERRA	2-Nov-27	4.00	A-	300	5.29	-0.01	0.35	5.41	5.29
WOOLWORTHS	15-Nov-27	1.85	BBB	350	4.99	0.00	0.32	5.11	4.99
AUSTRALIA POST	8-Dec-27	4.99		100	5.20	0.00	0.31	5.32	5.20
MACQUARIE GROUP	15-Dec-27	4.15	BBB+	250	6.01	-0.01	0.28	6.14	6.01
NBN CO	2-Jun-28	2.15		350	5.41	0.01	0.42	5.53	5.40
WESFARMERS	23-Jun-28	1.94	A-	650	5.31	0.01	0.39	5.43	5.30
AUSNET	21-Aug-28	4.20	BBB+	550	5.76	0.01	0.41	5.88	5.75
QANTAS	27-Sep-28	3.15		500	6.06	0.02	0.45	6.18	6.04
AIRSERVICES AUST	15-Nov-28	5.40		300	4.87	0.01	0.37	4.99	4.86
AUSNET	31-Jul-29	2.60	BBB+	350	6.21	0.04	0.47	6.32	6.17
QANTAS	27-Nov-29	2.95		425	6.47	0.05	0.48	6.59	6.42
WOOLWORTHS	20-May-30	2.80	BBB	600	5.96	0.10	0.50	6.07	5.86
QANTAS	9-Sep-30	5.25		500	6.47	0.06	0.50	6.58	6.42
NBN CO	16-Dec-30	2.20		400	5.97	0.06	0.50	6.08	5.90
BRISBANE AIRPORT	30-Dec-30	4.50	BBB	600	6.11	0.06	0.44	6.22	6.05
LENDLEASE	31-Mar-31	3.70		300	7.81	0.07	0.34	7.93	7.74
WESFARMERS	23-Jun-31	2.55	A-	350	6.01	0.07	0.47	6.11	5.93
WOOLWORTHS	15-Nov-31	2.75	BBB	350	6.24	0.11	0.51	6.35	6.13
AUST. PACIFIC AIRPORTS (BRISBANE)	25-Nov-31	3.76		700	6.30	0.07	0.53	6.41	6.23