Trading margins of ASX-listed notes and bonds generally fell. Excluding short-dated securities, the largest changes came from Australian Unity Notes (AYUHB, -33bps) and Crown Notes 2 (ASX code: CWNHB, +34bps). The trading margin of the Australian Unity notes continued its yo-yo like behaviour of the last few weeks.
Trading in Axesstoday Notes (ASX code: AXLHA) is still suspended. The notes were issued in July. Axesstoday asked the ASX to continue its suspension until the earlier of the company making an announcement or 30 November 2018.
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 1.93%. Add the trading margin from the above chart or from the tables to 1.93% 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% |