Trading margins of ASX-listed notes and bonds generally increased, with seven rises and two falls. The margin of Australian Unity Series C Bonds (ASX code: AYUHC, +56bps) reversed the previous week’s 54bps fall while the series B Bonds (ASX code: AYUHB, -69bps) was the favourite of the week.
The current 3-month BBSW rate is around 0.90%. Add the trading margin from the above chart or from the tables to 0.90% 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** |
|---|---|---|---|---|---|---|---|---|
| Australian Unity | AYUHB | Bond Series B | 15-Dec-20 | 2.80% | 2.21% | -0.69% | 101.00 | 3.70% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 1.85% | 0.56% | 101.00 | 2.91% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.14% | -0.07% | 100.45 | 3.07% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 3.31% | 0.21% | 102.00 | 4.87% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 3.55% | 0.19% | 102.00 | 5.05% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.96% | 0.04% | 101.46 | 3.10% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.17% | 0.11% | 104.60 | 5.36% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.21% | 0.09% | 106.50 | 4.56% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.88% | 0.02% | 100.00 | 5.68% |
** Clean running yield.