ASX-Listed Notes
Trading margins of ASX-listed notes and bonds jumped this week and the median trading margin rose from 1.52% to 1.87%. Excluding securities which are close to maturity, Tatts Bonds (ASX code: TTSHA, +45bps) and Crown Notes 1 (ASX code: CWNHA, +26bps) had the largest changes to their trading margins.
The spread between the margins of Crown’s two notes tightened and it finished the week at 120bps.
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% | 1.36% | -0.16% | 104.33 | 5.30% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.32% | 0.09% | 101.75 | 4.30% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 1.87% | 0.88% | 101.30 | 6.13% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.45% | 0.01% | 104.99 | 4.34% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.23% | 0.26% | 102.00 | 6.60% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.43% | -0.01% | 99.15 | 5.78% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.07% | -0.84% | 103.45 | 5.71% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.60% | 0.10% | 103.25 | 3.80% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.59% | 0.17% | 107.20 | 5.23% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 1.43% | -0.17% | 102.10 | 4.49% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.90% | 0.45% | 102.00 | 4.72% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.29% | -0.15% | 103.20 | 6.34% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 0.93% | -0.16% | 101.65 | 3.97% |