ASX-Listed Notes
Trading margins of ASX-listed notes and bonds bounced up this week and the median trading margin increased back to where it was two weeks ago at 1.59%. Excluding securities which are close to maturity, the largest moves came from Westpac Notes 2 (ASX code: WBCHB, +32bps). AGL Notes (ASX code: AGLHA, -94bps) had the largest move in the opposite direction.
The last day of trading on the ASX of Caltex subordinated notes will be 5 September 2017 and they will be redeemed on 15 September for $100 plus accrued interest $1.5678.
Goodman Group PLUS (ASX code: GMPPA) will be repurchased on 2 October 2017. Registered holders on 25 September 2017 will receive $100 face value and $1.414027 interest per Goodman PLUS. The last day of trading on the ASX will be 21 September 2017.
The current 3 month BBSW rate is around 1.71%. Add the trading margin from the above chart or from the tables to 1.71% 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% | 0.37% | -0.94% | 105.80 | 5.20% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 0.73% | -0.31% | 103.35 | 4.25% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 0.85% | 0.16% | 103.20 | 6.07% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.42% | 0.01% | 104.82 | 4.32% |
| Caltex | CTXHA | Sub Note | 15-Sep-17 | 4.50% | 6.43% | 2.62% | 101.25 | 5.96% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.34% | 0.19% | 103.20 | 6.59% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.54% | 0.04% | 99.80 | 5.79% |
| Goodman Group | GMPPA | Sub Note | 30-Sep-18 | 3.90% | 4.12% | 3.80% | 100.96 | 5.61% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.01% | 0.05% | 103.00 | 5.78% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.59% | 0.01% | 104.00 | 3.78% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.64% | 0.00% | 107.20 | 5.27% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 0.47% | -0.39% | 103.02 | 4.43% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.29% | 0.03% | 104.00 | 4.65% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.44% | -0.03% | 102.20 | 6.36% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 1.25% | 0.32% | 101.14 | 3.96% |