Summary: Trading margins mostly lower; margins of QUBHA, AYUHD largest movers over week.
Trading margins of ASX-listed notes and bonds mostly moved lower this week. Ignoring short-dated securities, the margins of Qube Subordinated Notes (QUBHA, -79bps) and Australian Unity Series D Bonds (AYUHD, -46bps) experienced the largest (absolute) changes over the week.
3-month BBSW finished the week 6bps lower at 1.74%. Add the trading margin from the above chart or from the tables to this figure 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.
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Peet | PPCHB | Bond | 5-Oct-22 | 4.65% | 2.45% | -3.94% | 100.50 | 6.35% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.60% | -1.57% | 100.79 | 3.91% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.27% | -0.79% | 101.95 | 5.53% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 6.80% | -0.20% | 96.00 | 6.29% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 3.60% | 0.03% | 97.00 | 3.87% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 4.67% | -0.46% | 91.62 | 4.27% |
** Clean running yield.