Trading margins of ASX-listed notes and bonds generally fell and most of the changes were quite modest. Excluding short-dated securities, the largest change came from Villa World Bonds (VLWHA, -24bps).
Bentham IMF is seeking to extend the maturity date of its ASX-listed bonds (ASX code: IMFHA) from June 2019 to December 2022 with a first call date of January 2022 and a 1.0% step-up if not called on that date. If the amendment is accepted by bondholders, a $2.37 one-off payment (per bond) will be made to them. IMF will also offer holders on record as at 23 October 2018 the option of having some or all of their bonds redeemed on 6 December 2018. The vote will take place on 3 December 2018.
Trading in Axesstoday Notes (ASX code: AXLHA) is still suspended. The notes were issued in July. Axesstoday is seeking waivers and amendments from noteholders of its Subordinated Notes and Series 2 Notes as well as amendments on its simple corporate bonds. The suspension will last until “the earlier of the company making an announcement or 30 November 2018.”
AMP announced it will redeem all of its ASX-listed subordinated notes (ASX code: AMPHA) on the optional redemption date of 18 December 2018. Holders registered on the record date of 10 December 2018 will receive $100 per note and $1.1397 interest. The final day of trading on the ASX is 6 December 2018.
Suncorp redeemed its ASX-listed subordinated notes (ASX code: SUNPD) on the optional redemption date of 22 November 2018.
The current 3 month BBSW rate is around 1.94%. Add the trading margin from the above chart or from the tables to 1.94% 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% | 2.26% | -0.07% | 102.02 | 5.69% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 4.28% | -0.36% | 100.72 | 4.60% |
| AxessToday | AXLHA | Bond | 20/07/2023 | 4.90% | 5.28% | n/a | 100.00 | 6.91% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.25% | -0.12% | 103.60 | 4.60% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.50% | 0.01% | 102.50 | 5.86% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.88% | 0.56% | 101.60 | 6.09% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.66% | -0.12% | 103.10 | 4.05% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 4.03% | 0.04% | 103.15 | 6.45% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.37% | -0.08% | 107.15 | 5.49% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 0.89% | -1.26% | 102.05 | 4.97% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 3.66% | -0.24% | 104.00 | 6.47% |