ASX-Listed Notes
Trading margins of ASX-listed notes and bonds were slightly higher this week and the median trading margin increased from 1.56% to 1.59%. The margin of AGL Notes (ASX AGLHA, +19bps) increased again after a big rise last week while Villa World Bonds (ASX code: VLWHA, -24bps) found favour with some investors.
The sizeable spread between margins of the two series of Crown Notes came up as a topic of interest last week. Just for the record, the trading margin of the series 1 notes (ASX code: CWNHA) increased by 14bps while the margin of the series 2 notes (ASX code: CWNHB) fell by 17bps.
Caltex subordinated notes ceased trading on 5 September 2017 and they were redeemed on 15 September for $100 plus accrued interest $1.5678.
Goodman Group PLUS (ASX code: GMPPA) will be repurchased on 2 October 2017. Registered holders on 25 September 2017 will receive $100 face value and $1.414027 interest per Goodman PLUS. The last day of trading on the ASX will be 21 September 2017.
The current 3 month BBSW rate is around 1.72%. Add the trading margin from the above chart or from the tables to 1.72% for a gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is a bit more than the RBA rate.
ASX LISTED FLOATING RATE NOTES
| COMPANY $100 Face Val | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| AGL | AGLHA | Sub Note | 8-Jun-19 | 3.80% | 1.34% | 0.19% | 104.24 | 5.30% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.09% | 0.12% | 101.91 | 4.29% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 1.20% | 0.32% | 103.10 | 6.11% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.63% | 0.09% | 104.31 | 4.37% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 2.88% | 0.14% | 102.15 | 6.58% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.54% | -0.17% | 98.60 | 5.80% |
| Goodman Group | GMPPA | Sub Note | 2-Oct-17 | 3.90% | 7.23% | 2.03% | 101.04 | 5.63% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.95% | 0.17% | 103.30 | 5.79% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.55% | -0.03% | 103.38 | 3.79% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.59% | -0.07% | 108.25 | 5.25% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 1.09% | -0.23% | 102.38 | 4.48% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.36% | -0.08% | 104.00 | 4.68% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.29% | -0.24% | 102.99 | 6.34% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 1.03% | -0.22% | 101.46 | 3.97% |