After two weeks of stability trading margins of ASX-listed notes and bonds fell and the median trading margin dropped from 1.57% to 1.40%. Excluding securities which are close to maturity, the largest moves came from AMP Notes (ASX code: AMPHA, -26bps) and Suncorp Notes (ASX code: SUINPD,-22bps). AGL Notes (ASX code: AGLHA, +21bps) had the largest move in the opposite direction.
Westpac’s ASX-listed subordinated notes (ASX code: WBCHA) were redeemed on 23 August, 2018.
Caltex gave notice of its intention to redeem its ASX-listed subordinated notes on 15 September for $100 plus accrued interest $1.5678. Caltex said the last day of trading on the ASX is expected to be 5 September 2017.
Goodman Group PLUS (ASX code: GMPPA) will be repurchased on 2 October 2017 after a realisation notice was published on 20 July 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 1.71%. Add the trading margin from the above chart or from the tables to 1.71% 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% | 1.30% | 0.21% | 105.50 | 5.28% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 1.04% | -0.26% | 102.90 | 4.27% |
| APT Pipelines | AQHHA | Sub Note | 31-Mar-18 | 4.50% | 0.69% | -1.13% | 103.25 | 6.06% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.40% | 0.06% | 104.80 | 4.32% |
| Caltex | CTXHA | Sub Note | 15-Sep-17 | 4.50% | 3.82% | 2.18% | 101.24 | 5.95% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.14% | 0.13% | 103.30 | 6.58% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 4.50% | -0.10% | 99.80 | 5.78% |
| Goodman Group | GMPPA | Sub Note | 30-Sep-18 | 3.90% | 0.33% | -0.89% | 101.25 | 5.58% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.96% | 0.05% | 103.00 | 5.78% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.58% | 0.01% | 103.99 | 3.78% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 3.64% | -0.01% | 107.00 | 5.28% |
| Suncorp-Metway | SUNPD | Sub NoteI T2 | 21-Nov-18 | 2.85% | 0.85% | -0.22% | 102.50 | 4.45% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 1.25% | -0.16% | 104.00 | 4.65% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.47% | 0.17% | 102.00 | 6.37% |
| Westpac | WBCHB | Sub Note T2 | 22-Aug-18 | 2.30% | 0.93% | 0.13% | 101.40 | 3.95% |