John Sorrell News
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Qantas Airways Ltd.’s bond risk fell to a 3 1/2-month low as investors bet cooperation with Emirates will pull the Australian airline back from the brink of a junk credit rating.
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Bank of Queensland Ltd. , the regional Australian lender formed in 1874, sold A$1.6 billion ($1.4 billion) of residential mortgage-backed bonds in the nation’s biggest sale of the securities this year.
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Australian non-financial companies are selling the most bonds locally in four years while extending maturities as investors seeking alternatives to bank debt become increasingly willing to buy longer-dated notes.
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Bond sales in Australia climbed to a record for the first half after banks, companies and top-rated foreign borrowers took advantage of yields that dropped to a three-year low relative to government debt.
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Goldman Sachs Group Inc. is returning to Australia’s bond market for the first time since 2006 to take advantage of relative yields on financial debt hovering at about the lowest level in three years.
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Bonds sold in Australia by companies outside the financial industry are trading at the highest price in almost nine months amid a scarcity of local currency debt.
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Australia’s “hunger” for bonds outside the financial industry is rewarding companies with lower borrowing costs than the nation’s highest-rated banks.
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Borrowers issued the fewest bonds in Australia in almost three years last quarter as Europe’s budget crisis roiled markets, driving up yield premiums, while the nation’s banks used record term deposits to cut debt offerings.
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CFS Retail Property Trust , a real estate trust that invests in shopping centers, sold A$450 million ($438 million) of bonds in the biggest domestic debt issue by an Australian property company in more than four years.
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Australian corporate bonds are returning more than four times as much as global company debt this quarter as accelerating economic growth drives the longest rally among developed nations.
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