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Australia's Corporate Bond Market: The Time May Be Right For Its Resurgence Mar 09
Standard & Poors, March 2009
Abstract
A range of forces may be converging that could serve to reinvigorate Australia's virtually dormant corporate bond market. Indeed, in Standard & Poor's Ratings Services' view, the situation may be the most conducive it's been in years to spur many of Australia's largest corporations to access competitive long-term funding through local bond issues. And while institutional investors are poised for a crucial role in reviving interest in a local bond market, perhaps even smaller retail investors may have a part to play. Several factors contribute to our view. The biggest may be a limited capacity in the banking system to provide enough funds for corporations to meet their debt-refinancing tasks and capital-expenditure commitments. What's more, with equity markets, dividends, and...
Companies mentioned in this report are: Orica Ltd.,Auckland International Airport Ltd.,Foster's Group Ltd.,Leighton Holdings Ltd.,Tabcorp Holdings Ltd.,Vector Ltd.,Contact Energy Ltd.,Stockland,Wesfarmers Ltd.,AMP Bank Ltd.,Mighty River Power Ltd.,Fonterra Co-operative Group Ltd.,Aristocrat Leisure Ltd.,Southern Cross Airports Corp. Pty Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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