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Australian Fixed-Income Newsletter: Beyond The Curve Jun 06
Standard & Poors, June 2006
Abstract
It was a busy week in structured finance, less so in corporate bonds. Leighton Holdings Ltd., and Woodside Petroleum Ltd. Centro Capital Pty. Ltd. - Series 1 and Centro Capital Pty. Ltd. - Series 2. GasNet Australia (Operations) Pty. Ltd., Centro Capital Pty. Ltd. - Series 1 Class B notes, Centro Capital Pty. Ltd. - Series 2 Class B notes, and Aeroporti di Roma SpA. With the recent gyrations in global markets, credit spreads have moved off the very tight levels that had been a feature of credit markets until now. Nevertheless, the steady contraction in credit spreads over the past few years had led investors to question whether credit spreads were becoming too tight. Were investors being adequately compensated...
Companies mentioned in this report are: Westpac Banking Corp.,St.George Bank Ltd.,Publishing and Broadcasting Ltd.,Brisbane Airport Corp. Pty Ltd.,GasNet Australia (Operations) Pty Ltd.,Heritage Bank Ltd.,Momentum CDO (Europe) Ltd.,Australian Mutual LT2 Capital Funding (No.1) Ltd.,Crusade Euro Trust No. 1E of 2006,HBS Trust 2006-1,Sapphire IX Series 2006-1 Trust,Credit Sail 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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