Summary: Trading margins mostly lower; AYUHC fall larger than others.
Trading margins of ASX-listed notes and bonds mostly fell by modest amounts this week. The one exception came from Australian Unity Series C Bonds (ASX code: AYUHC, -58bps).
The current 3-month BBSW rate is a little under 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% | 0.84% | -1.44% | 101.04 | 2.88% |
| Crown | CWNHB | Sub. Note | 23-Jul-21 | 4.00% | 14.85% | 0.52% | 92.50 | 4.43% |
| Omni Bridgeway | OBLHA | Bond | 31-Jan-22 | 4.20% | 4.59% | -0.20% | 99.50 | 4.31% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 6.52% | 0.06% | 100.00 | 4.96% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 6.93% | 0.07% | 96.01 | 4.94% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.99% | -0.02% | 100.69 | 2.28% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 2.52% | -0.22% | 103.88 | 3.84% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.27% | -0.58% | 99.45 | 2.11% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 3.06% | -0.12% | 95.75 | 2.35% |
** Clean running yield.