Summary: Corporate bond spreads unchanged on average; swap spreads tightened modestly; iTraxx up 11 points.
Corporate spreads finished the week unchanged on average as corporate bond yields generally tracked the falls of their Commonwealth counterparts. The majority of spreads’ week-on-week changes at the individual level were within a range of -6bps to +3bps and there were no particularly notable exceptions.
One of the two other main measures of corporate risk, swap-to-bond spreads tightened modestly. However, another measure of corporate risk, credit default swap premiums, increased. The Australian credit default swap index, the iTraxx Australia Series 37, finished 11.00 points higher at 93.00 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- | 4.09 | 0.00 | -0.07 | 4.09 | 4.01 |
| QANTAS | 10 Oct 23 | 4.40 | NR | 4.69 | -0.15 | -0.06 | 4.76 | 4.68 |
| AUSTPOST | 13 Nov 23 | 5.50 | A+ | 4.25 | -0.13 | -0.05 | 4.33 | 4.24 |
| WESTPAC | 21 Nov 23 | 5.25 | AA- | 4.10 | -0.17 | -0.18 | 4.22 | 4.10 |
| FONTERRA | 26 Feb 24 | 5.50 | A- | 4.38 | -0.17 | -0.18 | 4.49 | 4.37 |
| NAB | 11 Mar 24 | 5.00 | AA- | 4.29 | -0.18 | -0.09 | 4.41 | 4.29 |
| RABO NL AU | 11 Apr 24 | 5.50 | A+ | 4.49 | -0.16 | -0.05 | 4.57 | 4.45 |
| CBA | 27 May 24 | 4.75 | 4.33 | -0.20 | -0.15 | 4.46 | 4.33 | |
| AUSNET | 21-Jun-24 | 4.00 | BBB+ | 4.78 | -0.22 | -0.12 | 4.92 | 4.78 |
| MACQUARIE | 07 Aug 24 | 1.75 | A+ | 4.55 | -0.19 | -0.15 | 4.67 | 4.54 |
| WFC | 27 Aug 24 | 4.75 | 4.86 | -0.23 | -0.18 | 4.98 | 4.85 | |
| UNISYD | 28 Aug 25 | 3.75 | 4.33 | -0.25 | -0.07 | 4.50 | 4.33 | |
| APPLE | 10 Jun 26 | 3.60 | 4.19 | -0.29 | -0.08 | 4.38 | 4.19 | |
| CBA | 11 Jun 26 | 4.20 | 4.46 | -0.26 | -0.15 | 4.60 | 4.46 | |
| ANZ | 22 Jul 26 | 4.00 | 4.46 | -0.27 | -0.16 | 4.61 | 4.46 | |
| QANTAS | 12 Oct 26 | 4.75 | 5.16 | -0.30 | -0.12 | 5.35 | 5.16 | |
| AUSPAC AIRPORT | 04 Nov 26 | 3.75 | BBB+ | 4.78 | -0.31 | -0.13 | 4.98 | 4.78 |
| AUSTPOST | 01 Dec 26 | 4.00 | A+ | 4.42 | -0.30 | -0.08 | 4.62 | 4.42 |
| WSO FINANCE | 31 Mar 27 | 4.50 | 4.81 | -0.30 | -0.10 | 5.01 | 4.81 | |
| TELSTRA | 19 Apr 27 | 4.00 | A | 4.52 | -0.32 | -0.18 | 4.72 | 4.52 |
| ASCIANO | 12 May 27 | 5.40 | BBB- | 6.00 | -0.24 | -0.03 | 6.12 | 5.98 |
| FONTERRA | 02 Nov 27 | 4.00 | A- | 4.70 | -0.32 | -0.15 | 4.90 | 4.70 |
| MACQUARIE | 15 Dec 27 | 4.15 | BBB+ | 5.47 | -0.27 | -0.17 | 5.62 | 5.47 |
| AUSNET | 21 Aug 28 | 4.20 | A- | 5.18 | -0.31 | -0.11 | 5.36 | 5.18 |
| AUSNET | 31 Jul 29 | 2.60 | A- | 5.50 | -0.31 | -0.15 | 5.67 | 5.50 |
| Macquarie Group | 15-Dec-27 | 4.15 | BBB+ | -0.26 | -0.12 | 4.08 | 3.96 | |
| AusNet | 21-Aug-28 | 4.20 | A- | -0.25 | -0.11 | 4.10 | 4.00 | |
| AusNet | 31-Jul-29 | 2.60 | A- | -0.23 | -0.10 | 4.06 | 3.97 |