Trading margins of ASX-listed notes and bonds generally declined. Any exceptions were either small or the result of movements in one or two short-dated securities such as Westpac Subordinated Notes (ASX WBCHB) which cease trading on 10 August. Trading margins of longer-dated securities moved within a range of -9bps to +4bps.
The current 3 month BBSW rate is around 1.97%. Add the trading margin from the above chart or from the tables to 1.97% for a 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** |
|---|---|---|---|---|---|---|---|---|
| AGL | AGLHA | Sub Note | 8-Jun-19 | 3.80% | 1.75% | 0.26% | 102.65 | 5.67% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.61% | -0.59% | 101.00 | 4.60% |
| AxessToday | AXLHA | Bond | 20/07/2023 | 4.90% | 4.80% | 101.05 | 6.81% | |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.16% | -0.02% | 103.95 | 4.60% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 2.01% | -0.03% | 101.33 | 6.94% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.33% | -0.02% | 102.76 | 5.85% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.45% | 0.66% | 101.15 | 6.12% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.65% | -0.02% | 103.06 | 4.06% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.72% | 0.03% | 104.00 | 6.39% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.52% | -0.09% | 106.50 | 5.53% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 0.96% | -0.91% | 101.55 | 4.79% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.38% | -0.47% | 102.00 | 4.99% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 3.65% | 0.04% | 103.88 | 6.48% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 6.26% | 1.66% | 100.65 | 4.27% |
** Clean running yield.
Dealing: contact Michael Saba, Evans & Partners. +61 3 9631 9813