Trading margins of ASX-listed notes and bonds were stable on average this week and the median trading margin inched up from 1.55% (adjusted to WBC Subordinated Notes removal) to 1.56%.
Caltex gave notice of its intention to redeem its ASX-listed subordinated notes on 15 September for $100 plus accrued interest $1.5678. Caltex said trading is expected to cease on the ASX on 6 September 2017.
Westpac’s ASX-listed subordinated notes (ASX code: WBCHA) ceased trading on 11 August 2017 and they will be redeemed on 23 August, 2018.
Goodman Group PLUS (ASX code: GMPPA) will be repurchased on 2 October 2017 after a realisation notice was published on 20 July 2017. Holders will receive $100 face value and $1.414027 interest per Goodman PLUS.
The current 3 month BBSW rate is around 1.69%. Add the trading margin from the above chart or from the tables to 1.69% for a gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is a bit more than the RBA rate.
ASX LISTED FLOATING RATE NOTES
| COMPANY $100 Face Val | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| AGL | AGLHA | Sub Note | 8-Jun-19 | 3.80% | 0.95% | -0.36% | 106.00 | 5.23% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.30% | 0.05% | 102.45 | 4.26% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 1.56% | -0.39% | 102.60 | 6.07% |
| Australian Unity | AYUHB | Bond | 15-Dec-20 | 2.80% | 1.29% | 0.18% | 105.00 | 4.29% |
| Caltex | CTXHA | Sub Note | 15-Sep-17 | 4.50% | 2.07% | 1.99% | 101.19 | 5.93% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.07% | -0.20% | 103.19 | 6.55% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.77% | 0.13% | 98.72 | 5.82% |
| Goodman Group | GMPPA | Sub Note | 30-Sep-18 | 3.90% | 2.84% | -0.98% | 100.81 | 5.58% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.42% | 0.34% | 102.00 | 5.80% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.55% | 0.00% | 104.00 | 3.76% |
| QUBE Holdings Limited | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.59% | 0.02% | 107.15 | 5.22% |
| Suncorp Metway | SUNPD | Sub Note III T2 | 21-Nov-18 | 2.85% | 0.85% | -0.39% | 102.40 | 4.43% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.40% | 0.16% | 103.62 | 4.64% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.37% | -0.04% | 101.75 | 6.33% |
| Westpac | WBCHB | Sub Note III T2 | 22-Aug-18 | 2.30% | 0.63% | -0.65% | 101.60 | 3.92% |