Trading margins of ASX-listed notes and bonds generally increased again, although margins of shorter-dated securities tended to finish the week at lower levels. Trading margins of longer-dated securities moved within a range of -10bps to +20bps with the exception of Peet Bonds (ASX code: PPCHB, +51bps).
The current 3 month BBSW rate is around 1.95%. Add the trading margin from the above chart or from the tables to 1.95% 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% | -0.09% | 102.80 | 5.66% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 0.58% | -1.29% | 101.49 | 4.57% |
| AxessToday | AXLHA | Bond | 20-Jul-23 | 4.90% | 4.86% | n/a | 101.05 | 6.81% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.42% | 0.17% | 103.50 | 4.61% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 3.64% | 0.56% | 101.35 | 6.95% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.36% | 0.12% | 102.90 | 5.85% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.12% | 0.11% | 101.64 | 6.10% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.62% | -0.06% | 103.35 | 4.05% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 4.26% | 0.51% | 102.41 | 6.50% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.61% | 0.07% | 106.30 | 5.54% |
| Suncorp-Metway | SUNPD | Sub Note T2 | 21-Nov-18 | 2.85% | 2.17% | -0.11% | 100.13 | 4.80% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 0.96% | 0.40% | 102.50 | 4.96% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.01% | 0.03% | 103.02 | 6.54% |
** Clean running yield.
Dealing: contact Michael Saba, Evans & Partners. +61 3 9631 9813