August 2016

Share

The median trading margin for ASX-listed floating rate notes during August to finish at 2.00%, down 34bps from the previous month median of 2.34%.

Shaw and Partners put out a note regarding AGL Notes’ (ASX code: AGLHA) mandatory deferral conditions. For those readers without access to the note, in short AGL must make interest payments quarterly on the notes unless a Mandatory Deferral Condition exists, in which case interest payments are deferred. According to the latest AGL ASX release both ratios are far away from their trigger limits.

Origin confirmed its “intention to redeem the A$900 million Subordinated Notes by the first call date in December 2016.” Beware the seemingly high trading margin of Origin Notes in the chart below; transaction costs and bid/offer spreads can chew that up very quickly.

Qube Holdings announced it was seeking to raise $200 million via the issue of vanilla floating rate notes which mature in 2023. The notes will be listed on the ASX and trade under the code QUBHA.

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