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Australian Fixed-Interest Newsletter: Beyond The Curve Apr 07
Standard & Poors, April 2007
Abstract
Wesfarmers, Coles Group, Qantas, American Express Credit Corp., John Deere Credit Australia, Lion Series 2007-1 Trust, RBS Trust 2007-1, Vector Ltd., Ambac, Fidelity Life Assurance Company, SBS Oreti Trust No.1, Fonterra Co-operative Group Ltd., Australian Corporate Bond Market Chartpack, U.S. subprime mortages and Australian subprime mortgages. Bank of Queensland Ltd. and GPT Group Wesfarmers Ltd. Of more interest than issuance activity last week was Wesfarmers' surprise A$3 billion raid on Coles Group's share register, and subsequent takeover bid. Standard & Poor's placed Wesfarmers' 'A-' long-term credit rating on CreditWatch with negative implications, and the market reacted by marking out Wesfarmers' five-year CDS by as much as 9bps during the day (nevertheless it finished only 3.5bps wider, at 34bps). Clearly, the...
Companies mentioned in this report are: American Express Credit Corp.,Westpac Banking Corp.,Coles Group Ltd.,Qantas Airways Ltd.,Bank of Queensland Ltd.,HSBC Bank Australia Ltd.,Adelaide Bank Ltd.,Vector Ltd.,Wesfarmers Ltd.,John Deere Financial Ltd.,Fonterra Co-operative Group Ltd.,GPT Group,FIL Life Insurance Ltd.,LION Series 2007-1 Trust,RBS Trust 2007-1,SBS Oreti Trust No.1
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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