July 2016

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In the ASX-listed note sector the median trading margin fell to 2.34%, down from 2.54% at the end of May, which is as one would expect in the current environment. However, some securities’ margins actually rose over the month and they were not all securities close to maturity.

Listed Notes July Chart

Westpac Notes 2 (ASX code: WBCHB) have a 2018 call date as does AMP Notes (ASX code: AMPHA) while Australian Unity Bonds (ASX code: AYUHB) have a 2020 maturity date. A rise in margins of the Australian Unity Notes and AMP Notes may be justified but a higher margin on Westpac Notes is a little more debatable.

Listed Notes July Chart 2

ASX LISTED FLOATING RATE NOTES

COMPANY
$100
Face Val
CODEBOND
TYPE
MATURITYISSUE
MARGIN
TRADING
MARGIN
∆ MONTHMONTH
CLOSE
YTM
Est**
AGLAGLHASub Note8-Jun-193.80%2.77%-0.43%103.54.63%
AMPAMPHASub Note II18-Dec-182.65%2.09%0.36%101.73.95%
ANZ Banking GroupANZHASub Note II14-Jun-172.75%1.54%-0.19%101.493.40%
APT PipelinesAQHHASub Note31-Mar-184.50%2.48%-1.03%103.74.34%
Australian UnityAYUHBBond15-Dec-202.80%1.93%0.09%103.73.79%
ColonialCNGHASub Note31-Mar-173.25%1.57%0.02%101.453.43%
CaltexCTXHASub Note15-Sep-174.50%1.94%-0.28%103.533.80%
CrownCWNHASub Note14-Sep-185.00%5.45%-1.97%99.937.31%
CrownCWNHBSub Note23-Jul-214.00%7.26%-0.93%889.12%
Goodman GroupGMPPASub Note30-Sep-183.90%3.61%0.11%1015.47%
Bentham IMFIMFHABond30-Jun-194.20%5.46%0.58%977.32%
Nat Aust BankNABHBSub Note II18-Jun-172.75%1.28%-0.15%101.723.14%
OriginORGHASub Note22-Dec-164.00%4.06%-2.75%100.535.92%
Suncorp MetwaySUNPDSub Note III21-Nov-182.85%2.35%-0.19%101.94.21%
TabcorpTAHHBSub Bond22-Mar-174.00%2.52%-0.05%101.484.38%
TattsTTSHASnr. Bond5-Jul-193.10%1.47%0.07%104.83.33%
WestpacWBCHASub Note II23-Aug-172.75%1.58%0.18%1023.44%
WestpacWBCHBSub Note III22-Aug-182.30%2.34%0.20%100.624.20%
WoolworthsWOWHCSub Note24-Nov-163.25%1.39%-1.92%101.453.25%

ASX LISTED FIXED RATE BONDS

COMPANYCODETYPEMATURITYCOUPONMTH
HIGH
MTH
LOW
MTH
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSub. Bond20-Jun-177.25104.00103.09103.753.80%$1.813 on 9 Sep 2016 (E)

ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYMONTH
HIGH
MONTH
LOW
MONTH
CLOSE
YTMSIZE ($m)
Aust FoundationAFIG$100.0028-Feb-17113.5109113.517.00%$3.13 on 19 Aug 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