29 Aug – 2 Sep 2016

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ASX-listed floating rate notes and bonds

Trading margins for listed bonds and notes mirrored the stability of benchmark bond yields again this week and the median trading margin inched down from 1.83% to 1.82%. Ignoring movements in securities which are close to maturity, Crown Notes (ASX code: CWNHA, +41bps) had the largest trading margin rise and it was likely to be a knee-jerk response to Consolidated Press Holdings’ sale of just under 5% of crown’s ordinary shares.

It was offset somewhat by the fall in the trading margin of IMF Bentham Bonds (ASX code: IMFHA, -54bps) which makes Evans and Partners note on them rather prescient.

Qube upsized its new issue of October 2023s sub notes and the pricing was at the lowest end of the 390bps to 410bps indicative range. Instead of raising from $200 million, Qube increased the issue size to $300 million and, given the demand, a 390bps margin was to be expected.

160903 ASX FLOATING RATE

 

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%2.49%-0.03%103.274.22%
AMPAMPHASub Note II18-Dec-182.65%1.82%0.03%102.653.55%
ANZ Banking GroupANZHASub Note II14-Jun-172.75%1.08%-0.32%102.162.81%
APT PipelinesAQHHASub Note31-Mar-184.50%2.36%0.03%104.304.09%
Australian UnityAYUHBBond15-Dec-202.80%1.85%0.02%104.393.58%
ColonialCNGHASub Note31-Mar-173.25%0.71%-0.87%102.252.44%
CaltexCTXHASub Note15-Sep-174.50%1.63%0.06%104.203.36%
CrownCWNHASub Note14-Sep-185.00%6.20%0.41%99.267.93%
CrownCWNHBSub Note23-Jul-214.00%6.84%0.02%90.258.57%
Goodman GroupGMPPASub Note30-Sep-183.90%3.34%-0.03%102.065.07%
Bentham IMFIMFHABond30-Jun-194.20%4.16%-0.54%101.005.89%
Nat Aust BankNABHBSub Note II18-Jun-172.75%1.41%0.20%101.903.14%
OriginORGHASub Note22-Dec-164.00%4.71%0.38%100.916.44%
Suncorp MetwaySUNPDSub Note III21-Nov-182.85%2.16%0.11%101.563.89%
TabcorpTAHHBSub Bond22-Mar-174.00%1.76%-0.42%102.303.49%
TattsTTSHASnr. Bond5-Jul-193.10%1.25%-0.30%105.752.98%
WestpacWBCHASub Note II23-Aug-172.75%1.30%-0.09%101.453.03%
WestpacWBCHBSub Note III22-Aug-182.30%1.39%-0.12%101.793.12%
WoolworthsWOWHCSub Note24-Nov-163.25%-0.11%-0.95%100.801.62%

ASX-LISTED FIXED RATE BONDS

COMPANYCODETYPEMATURITYCOUPONWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSnr Bond20/06/20177.25%104.80103.35104.802.94%$1.813 on 9 Sep 2016 (E)

ASX-LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMSIZE
($m)
Aust FoundationAFIG$100.0028-Feb-17109.55109.09109.5011.87%223

** 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