Summary: Trading margins of most securities fall over week; margins of Peet Bonds, Omni Bridgeway Bonds largest falls for week.
Trading margins of ASX-listed notes and bonds mostly moved lower this week. The trading margin of Peet Bonds (ASX code: PPCHB, -94bps) fell significantly again, experiencing the largest fall of the week while the margin of Omni Bridgeway Bonds (ASX code: OBLHA, -47bps) all fell considerably.
Crown Subordinated Notes 2 (ASX code: CWNHB) are not displayed.
The current 3-month BBSW rate is just above zero. Add the trading margin from the above chart or from the tables to this figure for an estimate of the gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is around 15bps (average since 1990) more than the RBA rate.
ASX-LISTED FLOATING RATE NOTES
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 24.80% | -3.67% | 93.00 | 4.33% |
| Omni Bridgeway | OBLHA | Bond | 31-Jan-22 | 4.20% | 4.30% | -0.47% | 100.60 | 4.23% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.05% | -0.94% | 103.25 | 4.57% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.65% | 0.09% | 101.82 | 2.20% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.34% | 0.02% | 104.49 | 3.78% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.38% | -0.15% | 99.00 | 2.06% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.35% | -0.34% | 99.35 | 2.20% |