30 May – 03 Jun 2016

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Trading margins were generally lower this week but the number of falls was almost balanced by the number of rises. The median trading margin for ASX-listed floating rate notes and bonds eased back to 2.37% from its previous close of 2.42%.

frn-notes-yieldreport-3jun

For some reason the trading margin on AMP’s subordinated bonds (ASX code: AMPHA) fell about 50bps over the week as the security’s price rose on each trading day. It’s possible the approach of the “ex-interest” date is a factor. The next interest payment interest is worth $1.2812 and yet the price for the securities rose by $1.3200 over the week.

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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%3.04%-0.13%102.005.04%
AMPAMPHASub Note II18/12/20182.65%1.82%-0.51%102.923.82%
ANZ Banking GroupANZHASub Note II14/06/20172.75%1.36%0.11%102.323.36%
APT PipelinesAQHHASub Note31/03/20184.50%3.34%-0.07%103.105.34%
Australian UnityAYUHBBond15/12/20202.80%2.22%0.03%103.004.22%
ColonialCNGHASub Note31/03/20173.25%2.17%0.37%101.734.17%
CaltexCTXHASub Note15/09/20174.50%2.58%0.08%103.754.58%
CrownCWNHASub Note14/09/20185.00%7.87%-2.01%94.009.87%
CrownCWNHBSub Note23/07/20214.00%10.15%-0.11%77.0012.15%
Goodman GroupGMPPASub Note30/09/20183.90%4.11%-0.20%100.556.11%
Bentham IMFIMFHABond30/06/20194.20%5.08%-0.23%98.507.08%
Nat Aust BankNABHBSub Note II18/06/20172.75%1.57%0.07%102.153.57%
OriginORGHASub Note22/12/20164.00%6.02%-0.65%100.108.02%
Suncorp MetwaySUNPDSub Note III21/11/20182.85%2.27%-0.16%101.454.27%
TabcorpTAHHBSub Bond22/03/20174.00%3.17%0.13%101.805.17%
TattsTTSHASnr. Bond5/07/20193.10%1.60%0.06%105.453.60%
WestpacWBCHASub Note II23/08/20172.75%1.60%0.06%101.453.60%
WestpacWBCHBSub Note III22/08/20182.30%2.35%0.19%99.984.35%
WoolworthsWOWHCSub Note24/11/20163.25%2.37%0.18%100.504.37%

ASX LISTED CONVERTIBLE NOTES

COMPANYCODEFACE
VALUE
MATURITYWEEK
HIGH
WEEK
LOW
WEEK
CLOSE
YTMSIZE
($m)
Aust FoundationAFIG$100.0028/02/2017110.50107.01107.0115.79%$3.13 on 19 Aug 2016 (E)
Peet GroupPPCG$100.0016/06/2016104.39104.00104.0022.07%$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%104.99104.55104.704.00%$1.813 on 9 Jun 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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