Trading margins of ASX-listed notes and bonds generally increased, with six rises and three falls. Trading margins of all securities in the sector varied within a modest range; Peet Bonds (ASX code: PPCHB, +27bps) had the largest change in absolute terms.
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% | 2.27% | 0.06% | 101.00 | 3.67% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 1.84% | -0.01% | 101.10 | 2.87% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.15% | 0.01% | 100.45 | 3.04% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 3.35% | 0.03% | 102.03 | 4.84% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 3.77% | 0.22% | 101.65 | 5.04% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.93% | -0.02% | 101.60 | 3.06% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.44% | 0.27% | 104.00 | 5.37% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.09% | -0.12% | 107.00 | 4.50% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.91% | 0.02% | 100.00 | 5.65% |
** Clean running yield.