June 2016

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In the ASX-listed note sector the median trading margin fell to 2.54%, down from 2.65% at the end of May. In contrast to the listed hybrids sector, this sector performed well as benchmark yields fell and debt securities followed.

The largest yield movements were on Crown’s two listed notes (ASX codes: CWNHA, CWNHB)  – this was on the back of the demerger announcement made by Crown in the middle of the month as opposed to a sector wide move. Yields on almost all listed notes fell, although there were a few exceptions, usually securities close to maturity such ANZ Notes (ASX code: ANZHA) and Origin Notes (ASX code: ORGHA). Suncorp Notes (ASX code: SUNPD) also suffered, possibly because they have Basel 3 compliant non-viability clauses which means they are closer to equities than the usual plain vanilla bond or note.

hybrid-yield-june16

ASX LISTED FLOATING RATE NOTES

COMPANY
$100
Face Val
CODEBOND
TYPE
MATURITYISSUE
MARGIN
TRADING
MARGIN
∆ MONTHMONTH
CLOSE
YTM
Est**
TattsTTSHASnr. Bond05-Jul-193.10%1.40%-0.19%104.003.36%
AGLAGLHASub Note08-Jun-193.80%3.19%0.16%102.005.15%
ANZ Banking GroupANZHASub Note II14-Jun-172.75%1.73%0.15%101.103.69%
CrownCWNHASub Note14-Sep-185.00%7.43%-1.59%95.509.39%
Australian UnityAYUHBBond15-Dec-202.80%1.84%-0.32%105.003.80%
CaltexCTXHASub Note15-Sep-174.50%2.21%-0.51%102.954.17%
AMPAMPHASub Note II18-Dec-182.65%1.73%-0.52%102.303.69%
Nat Aust BankNABHBSub Note II18-Jun-172.75%1.43%-0.04%101.393.39%
Suncorp MetwaySUNPDSub Note III21-Nov-182.85%2.54%0.15%101.204.50%
WestpacWBCHBSub Note III22-Aug-182.30%2.14%-0.15%100.774.10%
OriginORGHASub Note22-Dec-164.00%6.81%0.43%98.828.77%
TabcorpTAHHBSub Bond22-Mar-174.00%2.57%-0.98%101.154.53%
WestpacWBCHASub Note II23-Aug-172.75%1.40%-0.28%102.003.36%
CrownCWNHBSub Note23-Jul-214.00%8.19%-2.07%84.1010.15%
WoolworthsWOWHCSub Note24-Nov-163.25%3.31%0.66%100.505.27%
Bentham IMFIMFHABond30-Jun-194.20%4.89%-0.42%98.006.85%
Goodman GroupGMPPASub Note30-Sep-183.90%3.50%-0.69%100.855.46%
ColonialCNGHASub Note31-Mar-173.25%1.56%-0.89%101.253.52%
APT PipelinesAQHHASub Note31-Mar-184.50%3.51%-0.07%101.655.47%

ASX LISTED FIXED RATE BONDS

COMPANYCODETYPEMATURITYCOUPONMTH
HIGH
MTH
LOW
MTH
CLOSE
YTMNEXT DIV
AND EX
DATE
Heritage BSHBSHBSub. Bond20-Jun-177.25104.99102.95104.003.21%$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-17110.10107.01109.0013.64%$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