ASX-Listed Notes
Trading margins of ASX-listed notes and bonds were slightly lower this week and the median trading margin slipped from 1.59% to 1.52%. The margin of AGL Notes (ASX AGLHA, +37bps) increased again while Crown Notes Series 2 (ASX code: CWNHB, -27bps) had the largest movement in the opposite direction. The spread between the margins of Crown’s two notes is still around 1.50% but it is not quite as wide as it was a week or two ago.
Goodman Group PLUS (ASX code: GMPPA) ceased trading on 21 September 2017 and they will be repurchased on 2 October 2017.
The current 3 month BBSW rate is around 1.72%. Add the trading margin from the above chart or from the tables to 1.72% 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% | 1.52% | 0.18% | 104.00 | 5.32% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.23% | 0.14% | 101.80 | 4.29% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 0.99% | -0.21% | 101.70 | 6.11% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.43% | -0.20% | 104.96 | 4.34% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 2.97% | 0.10% | 102.15 | 6.59% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.44% | -0.09% | 99.00 | 5.79% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.91% | -0.03% | 103.45 | 5.79% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.36% | -0.18% | 103.70 | 3.76% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.42% | -0.18% | 112.00 | 5.07% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 1.60% | 0.51% | 101.85 | 4.50% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.45% | 0.09% | 103.91 | 4.69% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.45% | 0.16% | 102.53 | 6.38% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 1.09% | 0.06% | 101.46 | 3.98% |