Summary: Trading margins display bias towards rises; margin of AYUHD largest mover over week.
Trading margins of ASX-listed notes and bonds displayed a bias towards rises this week. Ignoring short-dated securities, the margin of Australian Unity Series D (code: AYUHD, +298bps) had the largest (absolute) change over the week.
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The c
Note: OBLHA are not shown in the above chart as its trading margin at Friday’s closing price was negative.
The current 3-month BBSW rate is 6bps 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** |
|---|---|---|---|---|---|---|---|---|
| Omni Bridgeway | OBLHA | Bond | 31-Jan-22 | 4.20% | -15.68% | -20.15% | 106.05 | 4.03% |
| Centuria Capital | C2FHA | Sec. Note | 20-Apr-26 | 4.25% | 1.78% | -1.28% | 103.00 | 4.59% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 1.50% | -0.01% | 101.55 | 2.23% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 2.18% | 0.18% | 103.50 | 3.84% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 3.43% | 0.21% | 103.50 | 4.21% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.04% | 0.01% | 100.00 | 2.06% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.25% | 0.29% | 99.70 | 2.22% |
** Clean running yield.