Summary: Margins move inconsistently; margin of AYUHD largest mover over week; 3-month BBSW up 7bps.
Margins of ASX-listed notes and bonds moved inconsistently this week. Ignoring short-dated securities, the margin of Australian Unity Series D Bonds (AYUHD, -70bps) experienced the largest (absolute) change over the week.
3-month BBSW finished the week 7bps higher at 4.02%. 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% | 1.94% | 0.43% | 101.30 | 6.21% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 4.35% | 0.23% | 101.10 | 7.92% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 5.30% | 0.02% | 99.80 | 8.35% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.63% | -0.13% | 100.00 | 6.06% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.62% | -0.70% | 99.70 | 6.23% |
** Clean running yield.