Trading margins of ASX-listed notes and bonds moved inconsistently but with an upwards bias. Excluding short-dated securities, the largest changes came from Australian Unity Notes (AYUHB, +41bps) and Villa World Bonds (ASX code: VLWHA, +27bps). The Australian Unity notes totally reversed a 40bps trading margin fall from the previous week whereas Villa World Bonds (ASX code: VLWHA, +27bps) gave back half its 53bps fall.
Trading in Axesstoday Notes (ASX code: AXLHA) is still suspended. The notes were issued in July.
Suncorp will redeem all 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 1.92%. Add the trading margin from the above chart or from the tables to 1.92% 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% | 1.38% | 0.35% | 102.30 | 5.63% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 3.37% | -0.60% | 100.40 | 4.57% |
| AxessToday | AXLHA | Bond | 20/07/2023 | 4.90% | 5.02% | n/a | 100.00 | 6.82% |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.11% | 0.41% | 103.62 | 4.56% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.00% | 0.22% | 103.30 | 5.77% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 1.38% | 0.45% | 102.25 | 6.00% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.61% | 0.07% | 103.05 | 4.01% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.50% | -0.09% | 104.40 | 6.32% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.36% | -0.05% | 106.80 | 5.47% |
| Suncorp-Metway | SUNPD | Sub NoteI III | 21-Nov-18 | 2.85% | 3.64% | 1.42% | 100.80 | 4.77% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 0.09% | 0.33% | 102.40 | 4.92% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 3.50% | 0.27% | 104.00 | 6.42% |