Trading margins of ASX-listed notes and bonds were incredibly stable on average for the second week in a row and the median trading margin inched up from 1.56% to 1.57%. Excluding securities which are close to maturity, the largest moves came from Bentham IMF’s Bonds (ASX code: IMFHA, -52bps).
Westpac’s ASX-listed subordinated notes (ASX code: WBCHA) ceased trading on 11 August 2017 and they will be redeemed on 23 August, 2018.
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.
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% | 1.10% | 0.15% | 105.80 | 5.24% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.30% | 0.01% | 102.50 | 4.26% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 1.82% | 0.26% | 102.50 | 6.09% |
| Australian Unity | AYUHB | Bond | 15-Dec-20 | 2.80% | 1.34% | 0.05% | 104.90 | 4.30% |
| Caltex | CTXHA | Sub Note | 15-Sep-17 | 4.50% | 1.64% | -0.44% | 101.30 | 5.93% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.01% | -0.05% | 103.34 | 6.55% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.60% | -0.17% | 99.38 | 5.78% |
| Goodman Group | GMPPA | Sub Note | 30-Sep-18 | 3.90% | 1.21% | -1.63% | 101.10 | 5.57% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.90% | -0.52% | 103.00 | 5.75% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.57% | 0.01% | 103.99 | 3.76% |
| QUBE Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.65% | 0.03% | 106.70 | 5.27% |
| Suncorp-Metway | SUNPD | Sub Note III T2 | 21-Nov-18 | 2.85% | 1.08% | 0.23% | 102.17 | 4.44% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.41% | 0.02% | 103.65 | 4.65% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.30% | -0.07% | 102.00 | 6.31% |
| Westpac | WBCHB | Sub Note III T2 | 22-Aug-18 | 2.30% | 0.79% | 0.17% | 101.48 | 3.93% |