Trading margins of ASX-listed notes and bonds changed very little on average, with four falls and four rises over the week. The largest change came from Villa World Notes (ASX code: VLWHA,-23bps).
AGL Notes (ASX code: AGLHA) ceased trading on the ASX on 29 May 2019 and the notes will be redeemed on 11 June 2019. Noteholders who were on the register at 7.00 pm on 31 May 2019 will be paid the notes’ $100 face value plus a final interest payment of $1.4732.
The current 3-month BBSW rate is around 1.42%. Add the trading margin from the above chart or from the tables to 1.42% 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** |
|---|---|---|---|---|---|---|---|---|
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.89% | 0.05% | 102.00 | 4.16% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.46% | -0.12% | 102.43 | 5.36% |
| Bentham IMF | IMFHA | Bond | 31-Jan-22 | 4.20% | 3.93% | 0.07% | 101.70 | 5.57% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.81% | -0.02% | 102.40 | 3.56% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 4.03% | -0.13% | 103.00 | 5.95% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.20% | 0.09% | 107.40 | 4.99% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 3.31% | 0.42% | 100.75 | 4.52% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 4.58% | -0.23% | 101.35 | 6.13% |