Summary: Trading margins rise; margins of QUBHA, NABPE largest movers over week.
Trading margins of ASX-listed notes and bonds rose this week. Ignoring short-dated securities, the margins of Qube Subordinated Notes (code: QUBHA, +84bps) and NAB Subordinatd Notes (code: NABPE, +39bps) had the largest (absolute) changes over the week.
* OmiBridgeway Bonds (OBLHA, January 2022) not displayed.
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.
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Omni Bridgeway | OBLHA | Bond | 31-Jan-22 | 4.20% | 8.80% | 0.42% | 100.10 | 4.29% |
| Centuria Capital | C2FHA | Sec. Note | 20-Apr-26 | 4.25% | 4.50% | 1.44% | 101.01 | 4.70% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 2.03% | 0.39% | 100.81 | 2.25% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 2.32% | 0.84% | 103.52 | 3.85% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 3.01% | 0.02% | 105.00 | 4.17% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.12% | 0.15% | 100.00 | 2.07% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.24% | 0.04% | 100.00 | 2.22% |
** Clean running yield.