27 Mar – 31 Mar 2017

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ASX-listed Notes

Trading margins in the ASX-listed notes sector increased on average this week. The median trading margin rose from 1.56% (adjusted for Tabcorp March 2017 redemption) to 1.67%.

Movements in this sector were fairly sedate if securities which are close to maturity are excluded. Crown Notes II (ASX code: CWNHB, 29bps) is offering the highest trading margin and Evans & Partners’ Harry Dudley said it and the series 1 notes (ASX code: CWNHA) offer “the best risk-based return available to ASX fixed income investors.”

notes

In other news, Colonial Notes (ASX code: CNGHA) were redeemed on 31 March 2017.

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%1.60%0.08%104.903.40%
AMPAMPHASub Note II18-Dec-182.65%1.48%-0.11%102.003.28%
ANZ Banking GroupANZHASub Note II14-Jun-172.75%0.40%-0.99%100.572.20%
APT PipelinesAQHHASub Note31-Mar-184.50%2.07%0.03%102.303.87%
Australian UnityAYUHBBond15-Dec-202.80%1.75%-0.08%104.553.55%
CaltexCTXHASub Note15-Sep-174.50%1.94%0.46%101.363.74%
CrownCWNHASub Note14-Sep-185.00%3.75%-0.78%102.005.55%
CrownCWNHBSub Note23-Jul-214.00%5.40%0.29%95.257.20%
Goodman GroupGMPPASub Note30-Sep-183.90%1.93%-1.17%100.903.73%
Bentham IMFIMFHABond30-Jun-194.20%3.86%-0.18%100.505.66%
Nat Aust BankNABHBSub Note II18-Jun-172.75%1.44%0.06%100.353.24%
QUBE Holdings LimitedQUBHASub Note5-Oct-233.90%2.79%-0.29%105.904.59%
Suncorp MetwaySUNPDSub Note III21-Nov-182.85%1.59%0.16%102.403.39%
TattsTTSHASnr. Bond5-Jul-193.10%0.75%-0.29%105.002.55%
WestpacWBCHASub Note II23-Aug-172.75%1.14%-0.23%101.002.94%
WestpacWBCHBSub Note III22-Aug-182.30%1.08%-0.42%102.002.88%
COMPANYCODETYPEMATURITYCOUPONWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSnr Bond20/06/20177.25%101.00100.76100.953.57%42.21%
** 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