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Subdued domestic corporate bond market activity

Conditions remain very subdued in the domestic corporate bond market last week. Interim reporting by both Westpac and National Australia Bank may have been a contributing factor.Bendigo and Adelaide Bank (rated A-) raised A$750 million of two year funds, priced at 80 basis points over bank bills. The bank also sold equity capital last week.German financier KfW (rated AAA) added $200 million to its March 2024 line. The increase was priced at 59.5 bps over Commonwealth government bonds and takes the total outstanding to $1.25 billion.One-year floating rate note issuance was popular. Westpac raised $150 million at 23 bps over bank bills, Newcastle Permanent Building Society (rated BBB+) raised $50 million at 70 bps over bills and Greater Building Society (rated BBB) raised $30 million at 80 bps over bills.

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