25 Jan – 29 Jan 2016

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The average trading margins of ASX-listed floating rate notes and bonds continued the trend of recent months and rose last week (the trading margin is added to the bank bill rate of around 2.30% to get the total investor return). The average trading margin rose to 4.08% over the week from the previous 4.05%, largely on the back of big rises in Crown notes. If the Crown notes are excluded the average of the trading margins actually falls 0.06%. Crown notes were again sold heavily – read our article hear for a more detailed view.

Crown CWNHA notes traded between $85.00 and $81.55 per security, closing the week at $82.95. Crown CWNHB notes traded between $76.00 and $69.50 closing the week at $72.95. Origin ORGHA notes traded between $95.80 and $94.21 closing at $95.50. Each security has a face value of $100 per security.

ASX LISTED FLOATING RATE NOTES

COMPANY
$100
Face Val
CODEBOND
TYPE
MATURITYISSUE
MARGIN
TRADING
MARGIN
Δ WEEKWEEK
CLOSE
YTM
Est**
AGLAGLHASub Note8/06/20193.80%3.13%-0.03%102.905.42%
AMPAMPHASub Note II18/12/20182.65%1.81%-0.17%102.794.10%
ANZ Banking GroupANZHASub Note II14/06/20172.75%1.74%0.02%101.854.03%
APT PipelinesAQHHASub Note31/03/20184.50%4.14%0.42%101.256.43%
Australian UnityAYUHABond14/04/20163.55%-0.48%0.17%101.001.81%
ColonialCNGHASub Note31/03/20173.25%2.28%-0.54%101.504.57%
CaltexCTXHASub Note15/09/20174.50%3.34%-0.39%102.605.63%
CrownCWNHASub Note14/09/20185.00%13.50%0.63%82.9515.79%
CrownCWNHBSub Note23/07/20214.00%11.44%1.02%72.9513.73%
Goodman GroupGMPPASub Note30/09/20183.90%4.86%0.13%98.177.15%
Bentham IMFIMFHABond30/06/20194.20%4.38%0.04%99.806.67%
Nat Aust BankNABHBSub Note18/06/20172.75%1.77%0.09%101.854.06%
OriginORGHASub Note22/12/20164.00%10.23%-0.33%95.5012.52%
Suncorp MetwaySUNPDSub Note II21/11/20182.85%2.43%-0.27%102.004.72%
TabcorpTAHHBSub Bond22/03/20174.00%3.99%0.43%100.656.28%
TattsTTSHASnr. Bond5/07/20193.10%2.25%0.00%103.004.54%
WestpacWBCHASub Note23/08/20172.75%1.68%-0.13%102.493.97%
WestpacWBCHBSub Note II22/08/20182.30%2.22%0.07%101.004.51%
WoolworthsWOWHCSub Note24/11/20163.25%2.72%-0.65%101.395.01%
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ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMSIZE
($m)
Aust FoundationAFIG$100.0028/02/2017116.00110.80111.2311.98%$3.13 on 19 Feb 2016 (E)
Peet GroupPPCG$100.0016/06/2016100.98100.10100.989.77%$4.75 on 04 Jun 2016 (A)

ASX LISTED FIXED RATE BONDS

COMPANYCODETYPEMATURITYCOUPONWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSnr Bond20/06/20177.25%104.90104.35104.604.35%$1.813 on 9 Mar 2016 (E)

** 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

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