Summary : Trading margins display slight bias towards falls; margin of QUBHA again largest mover over week; PPCHB nears redemption date.
Trading margins of ASX-listed notes and bonds displayed a slight bias towards falls this week. Ignoring short-dated securities, the margin of Qube Subordinated Notes (QUBHA, -137bps) again experienced the largest (absolute) change over the week as some investors paid up for the securities after the ex-interest date.
Peet Bonds (PPCHB) will be redeemed 5 October.
3-month BBSW finished the week 13bps higher at 3.04%. 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** |
|---|---|---|---|---|---|---|---|---|
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 0.79% | -0.46% | 101.50 | 5.14% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 0.87% | -1.37% | 102.99 | 6.70% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 5.25% | 0.23% | 99.74 | 7.37% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.46% | 0.09% | 100.07 | 5.05% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.92% | -0.09% | 98.50 | 5.29% |
** Clean running yield.