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Australian Fixed-Income Newsletter: Beyond the Curve May 06
Standard & Poors, May 2006
Abstract
The performance of the Australian corporate bond market has been little short of stunning over the first quarter of this year, and for that matter, the performance of the New Zealand market over the same period has also been very strong. Coca-Cola Amatil Ltd., St.George Bank Ltd., Westpac Banking Corp., Telstra Corp. Ltd., Telecom Corp. of New Zealand Ltd. Adelaide Bank Ltd., Woolworths Ltd., SMHL Securitisation Fund 2006-1, Series 2006-1E SWAN Trust. Aristocrat Leisure Ltd., CIT Group, Inc., Transurban Finance Co. Pty. Ltd. The hybrid securities market has enjoyed a resurgence in popularity among issuers this year. Woolies' issue will be the third issue this year of a new type of hybrid security--the next stage in the evolutionary cycle of...
Companies mentioned in this report are: BHP Billiton Ltd.,CIT Group Inc.,Westpac Banking Corp.,Telstra Corp. Ltd.,Telecom Corp. of New Zealand Ltd.,Coca-Cola Amatil Ltd.,Foster's Group Ltd.,Suncorp-Metway Ltd.,Adelaide Bank Ltd.,St.George Bank Ltd.,Woolworths Ltd.,Brisbane Airport Corp. Pty Ltd.,Members Equity Bank Pty Ltd.,Aristocrat Leisure Ltd.,Transurban Finance Co. Pty Ltd.,APOLLO Series 2006-1E Trust,Sapphire III NZ Series 2006-1 Trust,SMHL Securitisation Fund 2006-1,Series 2006-1E SWAN Trust
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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