Summary: Margins move inconsistently; margins of AYUHD, C2FHA largest movers over week; 3-month BBSW up 9bps.
Margins of ASX-listed notes and bonds again moved inconsistently this week. Ignoring short-dated securities, the margins of Australian Unity Series D Bonds (AYUHD, -23bps) and Centuria Capital Notes (C2FHA, +23bps) experienced the largest (absolute) change over the week.
3-month BBSW finished the week 9bps higher at 4.30%. 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** |
|---|---|---|---|---|---|---|---|---|
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Sep-23 | 2.20% | 1.48% | 0.88% | 100.15 | 6.42% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.59% | -0.51% | 101.93 | 8.10% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 5.85% | 0.23% | 99.55 | 8.63% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 3.00% | 0.09% | 99.75 | 6.31% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.88% | -0.23% | 99.25 | 6.50% |
** Clean running yield.