Summary: Trading margins generally rise; margins of C2FHA, AYUHD largest movers over week.
Trading margins of ASX-listed notes and bonds generally rose this week, although the exceptions did stand out. Ignoring short-dated securities, the margins of Centuria Capital Notes (code: C2FHA, -34bps) and Australian Unity Series D Bonds (code: AYUHD, -28bps) had the largest (absolute) changes over the week.
The current 3-month BBSW rate is 5bps above zero. 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** |
|---|---|---|---|---|---|---|---|---|
| Omni Bridgeway | OBLHA | Bond | 31-Jan-22 | 4.20% | 3.50% | 19.18% | 100.50 | 4.24% |
| Centuria Capital | C2FHA | Sec. Note | 20-Apr-26 | 4.25% | 2.91% | 1.13% | 102.00 | 4.63% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 1.69% | 0.20% | 101.22 | 2.23% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 2.20% | 0.02% | 103.50 | 3.83% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 3.09% | -0.34% | 104.49 | 4.17% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.05% | 0.01% | 100.00 | 2.05% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 1.96% | -0.28% | 101.05 | 2.18% |
** Clean running yield.