Trading margins of ASX-listed notes and bonds inched up this week and the median trading margin rose from 1.79% to 1.80%. Excluding securities which are close to maturity, the change in the trading margins of Suncorp Notes (ASX code: SUNPD, -54bps), Bentham IMF Notes (ASX code: IMFHA, -32bps) and AMP Notes (ASX code: AMPHA, -29bps) were among the larger falls. Westpac Notes 2 (ASX code: WBCHB, +29bps) had the largest rise.
N.B. Charts of ASX-listed notes are now no longer divided by Financial/Non-financial categories.
The current 3 month BBSW rate is around 1.70%. Add the trading margin from the above chart or from the tables to 1.70% 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% | 1.80% | 0.01% | 103.75 | 5.33% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.03% | -0.29% | 102.20 | 4.27% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 2.16% | 0.25% | 101.30 | 6.14% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.14% | 0.07% | 104.85 | 4.30% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 2.40% | -0.29% | 102.95 | 6.55% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.97% | -0.22% | 100.79 | 5.69% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 1.83% | -0.32% | 104.00 | 5.68% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.57% | 0.14% | 103.55 | 3.78% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.63% | 0.05% | 106.50 | 5.27% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 1.04% | -0.54% | 102.65 | 4.47% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 0.84% | 0.03% | 103.90 | 4.63% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.07% | -0.24% | 102.60 | 6.28% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 1.23% | 0.30% | 101.50 | 3.97% |