16 May – 20 May 2016

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Trading margins resumed their downward trend after a pausing last week. The median trading margin for ASX-listed floating rate notes and bonds fell from 2.31% to 2.22%.

Last week YieldReport focussed on Origin Notes (ASX code: ORGHA), as the issuer’s asset sale programme was said to be proceeding well. This week the sale has been confirmed at $245 million. However, the sale does not appear to have pushed the ORGHA trading margin down and indeed it has gone in the other direction.

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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%3.03%-0.08%103.285.02%
AMPAMPHASub Note II18/12/20182.65%2.21%-0.09%101.814.20%
ANZ Banking GroupANZHASub Note II14/06/20172.75%1.31%-0.12%102.243.30%
APT PipelinesAQHHASub Note31/03/20184.50%2.61%-0.07%104.204.60%
Australian UnityAYUHBBond15/12/20202.80%2.05%0.22%103.584.04%
ColonialCNGHASub Note31/03/20173.25%1.66%-0.14%102.003.65%
CaltexCTXHASub Note15/09/20174.50%2.01%-0.05%104.304.00%
CrownCWNHASub Note14/09/20185.00%9.56%-0.19%92.1011.55%
CrownCWNHBSub Note23/07/20214.00%9.64%0.46%79.8011.63%
Goodman GroupGMPPASub Note30/09/20183.90%3.79%0.14%101.005.78%
Bentham IMFIMFHABond30/06/20194.20%5.16%-0.13%98.007.15%
Nat Aust BankNABHBSub Note II18/06/20172.75%1.57%0.26%102.003.56%
OriginORGHASub Note22/12/20164.00%6.91%0.50%99.308.90%
Suncorp MetwaySUNPDSub Note III21/11/20182.85%2.39%0.04%101.004.38%
TabcorpTAHHBSub Bond22/03/20174.00%2.80%0.23%101.904.79%
TattsTTSHASnr. Bond5/07/20193.10%2.01%0.28%103.754.00%
WestpacWBCHASub Note II23/08/20172.75%1.65%0.19%101.253.64%
WestpacWBCHBSub Note III22/08/20182.30%2.09%0.42%100.354.08%
WoolworthsWOWHCSub Note24/11/20163.25%2.22%0.52%100.414.21%

ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMSIZE
($m)
Aust FoundationAFIG$100.0028/02/2017110.25109.50110.2511.32%$3.13 on 19 Aug 2016 (E)
Peet GroupPPCG$100.0016/06/2016103.50103.11103.1720.83%$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%105.20104.50104.504.04%$1.813 on 9 Jun 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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