01 Feb – 05 Feb 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 over the week. The average trading margin rose to 4.58% from 4.08% over the week even as the trading margins of Crown notes are reduced a little.

Our note on the dilemma for investors in Crown notes highlights the difficulties if a mooted privatisation of Crown Reports by James Packer eventuates. The hybrids have been sold down by nervous investors and the trading margins of the two series of notes finished the week at 13.07% (CWNHA) and 10.79% (CWNHB). While the trading margins showed signs of stabilising, they are still double-digit and represent a great deal or a warning sign.

asxlisted-yieldreport-5feb

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%3.30%0.18%102.465.59%
AMPAMPHASub Note II18/12/20182.65%1.88%0.06%102.704.17%
ANZ Banking GroupANZHASub Note II14/06/20172.75%1.65%-0.09%102.053.94%
APT PipelinesAQHHASub Note31/03/20184.50%3.83%-0.31%101.996.12%
Australian UnityAYUHABond14/04/20163.55%4.05%4.54%100.246.34%
ColonialCNGHASub Note31/03/20173.25%2.67%0.40%101.154.96%
CaltexCTXHASub Note15/09/20174.50%3.15%-0.19%103.005.44%
CrownCWNHASub Note14/09/20185.00%13.07%-0.43%84.0015.36%
CrownCWNHBSub Note23/07/20214.00%10.79%-0.65%75.1213.08%
Goodman GroupGMPPASub Note30/09/20183.90%4.57%-0.29%98.996.86%
Bentham IMFIMFHABond30/06/20194.20%4.49%0.11%99.606.78%
Nat Aust BankNABHBSub Note18/06/20172.75%1.71%-0.05%102.004.00%
OriginORGHASub Note22/12/20164.00%17.38%7.15%90.3519.67%
Suncorp MetwaySUNPDSub Note II21/11/20182.85%2.34%-0.10%102.354.63%
TabcorpTAHHBSub Bond22/03/20174.00%3.17%-0.82%101.655.46%
TattsTTSHASnr. Bond5/07/20193.10%2.32%0.07%102.864.61%
WestpacWBCHASub Note23/08/20172.75%1.86%0.18%102.304.15%
WestpacWBCHBSub Note II22/08/20182.30%2.59%0.37%100.204.88%
WoolworthsWOWHCSub Note24/11/20163.25%2.21%-0.51%101.884.50%
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ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMSIZE
($m)
Aust FoundationAFIG$100.0028/02/2017114.40112.20112.858.12%$3.13 on 19 Feb 2016 (E)
Peet GroupPPCG$100.0016/06/2016100.70100.10100.7011.14%$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%105.59104.45105.503.75%$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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