09 May – 13 May 2016

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Trading margins did not budge on average in the floating rate notes and bonds segment this week. The median trading margin for ASX-listed floating rate notes and bonds remained steady at 2.31%.

The trading margin on Origin’s Notes (ASX code: ORGHA) continues to edge higher despite news late last week the company’s auction of its Perth Basin assets, said to be worth $150 million to $300 million, is progressing well with multiple parties interested. To put these figures in context, the Notes have a total face value of $900 million. The chart below shows the trading margins of various non-bank notes and bonds but readers are urged to be cautious when looking at ORGHA because the effects on trading margins when maturity is (expected to be) close.

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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%3.11%0.03%102.955.10%
AMPAMPHASub Note II18/12/20182.65%2.31%0.33%101.504.30%
ANZ Banking GroupANZHASub Note II14/06/20172.75%1.43%-0.24%102.053.42%
APT PipelinesAQHHASub Note31/03/20184.50%2.67%-0.93%103.994.66%
Australian UnityAYUHBBond15/12/20202.80%1.83%0.06%104.453.82%
ColonialCNGHASub Note31/03/20173.25%1.80%-0.21%101.573.79%
CaltexCTXHASub Note15/09/20174.50%2.07%-0.24%104.004.06%
CrownCWNHASub Note14/09/20185.00%9.75%0.61%92.4011.74%
CrownCWNHBSub Note23/07/20214.00%9.18%0.31%80.3011.17%
Goodman GroupGMPPASub Note30/09/20183.90%3.65%-0.22%101.055.64%
Bentham IMFIMFHABond30/06/20194.20%5.29%0.15%98.007.28%
Nat Aust BankNABHBSub Note II18/06/20172.75%1.32%0.04%101.783.31%
OriginORGHASub Note22/12/20164.00%6.40%0.23%99.308.39%
Suncorp MetwaySUNPDSub Note III21/11/20182.85%2.35%-0.43%101.214.34%
TabcorpTAHHBSub Bond22/03/20174.00%2.57%0.16%102.004.56%
TattsTTSHASnr. Bond5/07/20193.10%1.73%-0.34%103.503.72%
WestpacWBCHASub Note II23/08/20172.75%1.46%-0.17%101.403.45%
WestpacWBCHBSub Note III22/08/20182.30%1.67%-0.34%101.183.66%
WoolworthsWOWHCSub Note24/11/20163.25%1.69%-0.17%100.613.68%

ASX LISTED FIXED RATE BONDS

COMPANYCODETYPEMATURITYCOUPONWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSnr Bond20/06/20177.25%105.20104.50105.203.33%$1.813 on 9 Jun 2016 (E)

ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMSIZE
($m)
Aust FoundationAFIG$100.0028/02/2017110.30109.00109.509.97%$3.13 on 19 Aug 2016 (E)
Peet GroupPPCG$100.0016/06/2016103.00102.25103.0011.61%$4.75 on 04 Jun 2016 (A)

** 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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