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Australian Fixed-Income Newsletter: Beyond The Curve Jul 06
Standard & Poors, July 2006
Abstract
The Australian corporate bond market continued its somnolent form last week. Origin Energy, CSR, and Lion Nathan Holcim Ltd. Xstrata Queensland Ltd. and ING Life Ltd. The talk around the Australian corporate bond market over recent weeks has been that credit spreads have widened as a result of the volatility seen in global markets over May and June. Opinions differ, though, on whether this spread widening heralds a changing credit environment or simply reflects short-term investor nervousness. The Australian corporate bond market continued its somnolent form last week. In what was effectively a private placement, John Deere Credit issued A$75 million of three-year bonds, in what constitutes the company's fourth issue in the domestic market, managing one every year since...
Companies mentioned in this report are: CSR Ltd.,Toyota Finance Australia Ltd.,Holcim Ltd.,Xstrata Queensland Ltd.,Lion Nathan Pty Ltd.,QBE Insurance Group Ltd.,OnePath Life Ltd.,John Deere Credit Ltd.,Origin Energy Ltd.,BMW Australia Finance Ltd.,PUMA Masterfund P-12 Series B
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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