Summary: Trading margins move in no particular direction; margins of NABPE, QUBHA largest movers over week.
Trading margins of ASX-listed notes and bonds moved in no particular direction this week, although margins of a couple of securities fell noticeably. Ignoring short-dated securities, the margins of NAB Subordinated Notes (NABPE, -61bps) and Qube Subordinated Notes (QUBHA, -28bps) experienced the largest (absolute) changes over the week.
The current 3-month BBSW rate is 0.15%. 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** |
|---|---|---|---|---|---|---|---|---|
| Peet | PPCHB | Bond | 5-Oct-22 | 4.65% | 2.04% | 0.07% | 102.35 | 4.72% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.63% | -0.61% | 100.80 | 2.32% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.68% | -0.28% | 102.59 | 3.97% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 3.29% | 0.03% | 103.00 | 4.29% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.21% | 0.01% | 99.81 | 2.16% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.36% | 0.13% | 99.50 | 2.31% |
** Clean running yield.