Summary: Margins generally increase; margin of C2FHA again largest mover over week; upcoming redemptions of NABPE, QUBHA; 3-month BBSW up 1bp.
Margins of ASX-listed notes and bonds generally increased this week. Ignoring short-dated securities, the margin of Centuria Capital Notes (C2FHa, +87bps) again experienced the largest (absolute) change over the week.
NAB Notes 2 (NABPE) ceased trading on 8 September and will be redeemed on Wednesday 20 September. Qube Notes (QUBHA) will cease trading on 25 September and be redeemed on 5 October.
3-month BBSW finished the week 1bp higher at 4.13%. 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** |
|---|---|---|---|---|---|---|---|---|
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 7.06% | 0.18% | 101.45 | 8.04% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 5.21% | 0.87% | 100.55 | 8.44% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.17% | -0.18% | 101.00 | 6.13% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.18% | 0.12% | 101.30 | 6.26% |
** Clean running yield.