Trading margins of ASX-listed notes and bonds generally fell, with the few exceptions provided by securities with 2018 maturity dates. Trading margins of longer-dated securities moved within a range of -20bps to +5bps with the exception of Peet Bonds (ASX code: PPCHB, -62bps).
For readers who are interested in Crown Notes (ASX code: CWNHA), the last day of trading will be on 4 September and they will be redeemed on 14 September.
The current 3 month BBSW rate is around 1.95%. Add the trading margin from the above chart or from the tables to 1.95% 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% | 1.41% | -0.30% | 101.70 | 5.65% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 2.52% | 0.40% | 101.01 | 4.60% |
| AxessToday | AXLHA | Bond | 20/07/2023 | 4.90% | 5.10% | 100.40 | 6.87% | |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.39% | -0.04% | 103.70 | 4.61% |
| Crown | CWNHA | Sub Note | 14-Sep-18 | 5.00% | 0.79% | 1.01% | 101.68 | 6.94% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.01% | -0.18% | 104.00 | 5.80% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.20% | -0.07% | 101.80 | 6.10% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.36% | -0.12% | 104.60 | 4.00% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.56% | -0.62% | 105.00 | 6.35% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.28% | 0.03% | 107.90 | 5.47% |
| Suncorp-Metway | SUNPD | Sub NoteI III | 21-Nov-18 | 2.85% | 1.97% | 0.10% | 100.33 | 4.79% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 0.87% | -0.99% | 102.70 | 4.96% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 3.60% | -0.16% | 104.50 | 6.46% |
** Clean running yield.
Dealing: contact Michael Saba, Evans & Partners. +61 3 9631 9813