Summary: Trading margins generally higher; margin of C2FHA again largest mover over week.
Trading margins of ASX-listed notes and bonds again generally moved higher this week. Ignoring short-dated securities, the margin of Centuria Capital Notes (C2FHA, +196bps) again experienced the largest (absolute) change over the week.
3-month BBSW finished the week 29bps higher at 1.80%. 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. 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** |
|---|---|---|---|---|---|---|---|---|
| Peet | PPCHB | Bond | 5-Oct-22 | 4.65% | 6.39% | -1.22% | 100.50 | 6.42% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 3.17% | 1.03% | 98.88 | 3.99% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 3.06% | -0.03% | 101.95 | 5.58% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 7.00% | 1.96% | 95.50 | 6.32% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 3.57% | 0.72% | 97.00 | 3.87% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 5.13% | 0.82% | 90.00 | 4.35% |
** Clean running yield.