12 Dec – 16 Dec 2016

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ASX-listed notes

Trading margins for ASX-listed notes have been reasonably stable in recent weeks but this week margins dropped significantly and the median trading margin finished at 1.84%, down 15bps from the previous reading of 1.99%. In a reverse of last week, the main beneficiary was Crown Notes II (ASX code: CWNHB, -92bps), while its sibling Crown Notes II (ASX code: CWNHB), was less popular with investors and its trading margin only fell by 6bps.

Commentators viewed Crown’s recently-announced plans to sell down its holding in Melco Crown, reduced debt and do away with other developments as a positive for debt holders. As Evans and Partners’ Harry Dudley put it, “Each of these pieces of news is viewed as credit positive.” He went on to say, “We reiterate our positive view on both Crown Hybrids, with our credit perspective further improved by today’s announcement. We see strong value in CWNHA to $102 and CWNHB to $92.”

asx-listed-notes-chart-161216

ASX LISTED FLOATING RATE NOTES

COMPANY
$100
Face Val
CODEBOND
TYPE
MATURITYISSUE
MARGIN
TRADING
MARGIN
Δ WEEKWEEK
CLOSE
YTM
Est**
AGLAGLHASub Note8-Jun-193.80%2.12%-0.26%104.003.90%
AMPAMPHASub Note II18-Dec-182.65%1.82%-0.11%101.503.60%
ANZ Banking GroupANZHASub Note II14-Jun-172.75%1.44%0.71%100.553.22%
APT PipelinesAQHHASub Note31-Mar-184.50%2.03%-0.51%104.393.81%
Australian UnityAYUHBBond15-Dec-202.80%1.79%-0.22%104.503.57%
ColonialCNGHASub Note31-Mar-173.25%1.29%-0.89%101.583.07%
CaltexCTXHASub Note15-Sep-174.50%1.57%-0.32%102.103.35%
CrownCWNHASub Note14-Sep-185.00%5.02%-0.06%100.006.80%
CrownCWNHBSub Note23-Jul-214.00%7.05%-0.92%89.018.83%
Goodman GroupGMPPASub Note30-Sep-183.90%3.41%-0.06%102.005.19%
Bentham IMFIMFHABond30-Jun-194.20%4.35%0.59%100.726.13%
Nat Aust BankNABHBSub Note II18-Jun-172.75%0.94%0.44%100.802.72%
QUBE Holdings LimitedQUBHASub Note5-Oct-233.90%3.20%0.01%105.004.98%
Suncorp MetwaySUNPDSub Note III21-Nov-182.85%1.86%-0.12%102.093.64%
TabcorpTAHHBSub Bond22-Mar-174.00%2.65%1.55%100.224.43%
TattsTTSHASnr. Bond5-Jul-193.10%1.42%-0.38%105.003.20%
WestpacWBCHASub Note II23-Aug-172.75%1.01%-0.50%101.402.79%
WestpacWBCHBSub Note III22-Aug-182.30%1.66%-0.26%101.253.44%

ASX LISTED FIXED RATE BONDS

COMPANYCODETYPEMATURITYCOUPONWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSnr Bond20/06/20177.25%102.30101.27101.402.41%16.39%

ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTM
Aust FoundationAFIG$100.0028-Feb-17109.00108.31108.6042.27%

** YTM for floating rate securities is an estimate using current interest rates. This will vary if rates change.
Source: Evans & Partners. Dealing Contact Michael Saba +61 3 9631 9813