Trading margins of ASX-listed notes and bonds generally decreased. The trading margin of Bentham IMF Bonds (ASX code: IMFHA, -68bps) partially pulled back, although the move was only a modest part of the 234bps increase of the previous week. Crown Series 2 Notes (ASX code: CWNHB, -49bps) also behaved in a similar fashion after its margin had a big jump a week ago.
The current 3-month BBSW rate is around 0.10%. 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.
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% | 2.57% | -0.94% | 100.50 | 2.90% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 7.86% | -0.49% | 96.90 | 4.27% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 5.87% | -0.68% | 98.15 | 4.41% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 5.70% | 0.04% | 100.00 | 4.93% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 5.04% | -0.17% | 100.00 | 4.78% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 2.80% | -0.10% | 98.75 | 2.34% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 4.03% | 0.16% | 100.35 | 4.01% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.82% | -0.26% | 97.00 | 2.17% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.61% | -0.44% | 97.80 | 2.31% |
** Clean running yield.