Issuer specifics likely to make Wesfarmers' Bunnings deal an outlier

Wesfarmers says its recent domestic deal secured on properties leased by the firm to its subsidiary, Bunnings Group (Bunnings), achieved important capital-management objectives for the issuer. But while the deal's arrangers point to strong domestic and offshore demand for the transaction, they acknowledge the issuer features that made it appeal to buyers are also likely to restrict the range of credits which might follow Wesfarmers' lead.