Trading margins of ASX-listed notes and bonds increased this week and the median trading margin rose from 1.65% to 1.75%. While the increase appears to have been driven by another large swing in the yield of Caltex Notes (ASX code: CTXHA, 62bps), trading margins were generally higher across the securities in this sector.
Westpac will redeem its ASX-listed subordinated notes (ASX code: WBCHA) on the first call date which is 23 August, 2018. The last day of trading on the ASX will be 11 August 2017.
Goodman Group PLUS (ASX code: GMPPA) will be repurchased on 2 October 2017 after a realisation notice was published on 20 July 2017. Holders will receive $100 face value and $1.414027 interest per Goodman PLUS.
The current 3 month BBSW rate is around 1.69%. Add the trading margin from the above chart or from the tables to 1.70% 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% | 1.31% | -0.13% | 105.30 | 5.26% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.25% | 0.15% | 102.45 | 4.26% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 1.94% | 0.18% | 102.30 | 6.09% |
| Australian Unity | AYUHB | Bond | 15-Dec-20 | 2.80% | 1.11% | -0.06% | 105.50 | 4.27% |
| Caltex | CTXHA | Sub Note | 15-Sep-17 | 4.50% | 0.08% | 0.62% | 101.35 | 5.91% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.27% | -0.32% | 102.88 | 6.56% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.65% | -0.09% | 99.00 | 5.79% |
| Goodman Group | GMPPA | Sub Note | 30-Sep-18 | 3.90% | 2.92% | -0.63% | 100.71 | 5.58% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.08% | -0.43% | 102.50 | 5.77% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.55% | 0.03% | 103.93 | 3.76% |
| QUBE Holdings Limited | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.58% | 0.00% | 107.50 | 5.20% |
| Suncorp Metway | SUNPD | Sub Note III T2 | 21-Nov-18 | 2.85% | 1.24% | -0.11% | 103.00 | 4.45% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.24% | -0.03% | 103.85 | 4.63% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.41% | 0.00% | 101.60 | 6.34% |
| Westpac | WBCHA | Sub Note II T2 | 23-Aug-17 | 2.75% | 2.76% | -0.90% | 100.90 | 4.44% |
| Westpac | WBCHB | Sub Note III T2 | 22-Aug-18 | 2.30% | 1.28% | -0.11% | 101.90 | 3.95% |