No, I don’t think that’s accurate. Globally, bond markets far...

No, I don’t think that’s accurate. Globally, bond markets far exceed equity markets in both size and liquidity. CBA’s issuance of corporate bonds and other interest rate securities is comparable to its (arguably overinflated) equity market cap.

The interesting point you raise is that Australia is one of a few AAA-rated countries and that CBA stands at the forefront of that status - a fair and noteworthy observation. But this directly ties into credit and interest rate markets. If the safe haven argument truly held, we would expect to see strong demand for CBA’s credit instruments. The fact that such demand is not evident undermines the notion that CBA’s equity valuation is being driven by safe haven flows linked to Australia’s AAA rating.