There was no clear trend for the trading margins of ASX-listed notes and bonds. There were four falls and three rises.
Most changes were not noticeably large. However, Bentham IMF Bonds (ASX code: IMFHA, +62bps) had another volatile week, partially reversing its 96bps fall from the previous week.
The current 3-month BBSW rate is around 1.15%. Add the trading margin from the above chart or from the tables to 1.15% 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** |
|---|---|---|---|---|---|---|---|---|
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 0.97% | -0.25% | 102.50 | 3.84% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 2.75% | -0.22% | 102.83 | 5.01% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 3.68% | 0.62% | 101.30 | 5.27% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.74% | -0.05% | 102.00 | 3.28% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 2.93% | 0.25% | 105.10 | 5.51% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 1.77% | -0.25% | 108.09 | 4.66% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.26% | 0.05% | 102.70 | 5.81% |
** Clean running yield.