Trading margins of ASX-listed notes and bonds all moved lower. Excluding short-dated securities, the largest change came from Australian Unity Notes (ASX code: AYUHB, -142bps).
Bentham IMF has received approval from bond holders to extend the maturity date of its ASX-listed bonds (ASX code: IMFHA) from June 2019 to December 2022 with a first call date of January 2022 and a 1.0% step-up if not called on that date.
Trading in Axesstoday Notes (ASX code: AXLHA) is still suspended. The notes were issued in July. Axesstoday is seeking waivers and amendments from noteholders of its Subordinated Notes and Series 2 Notes as well as amendments on its simple corporate bonds.
AMP’s ASX-listed subordinated notes (ASX code: AMPHA) have ceased trading on the ASX and they will be redeemed on the optional redemption date of 18 December 2018. Holders registered on the record date of 10 December 2018 will receive $100 per note and $1.1397 interest.
The current 3 month BBSW rate is around 2.00%. Add the trading margin from the above chart or from the tables to 2.00% 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% | 2.61% | -1.19% | 100.58 | 5.74% |
| AxessToday | AXLHA | Bond | 20/07/2023 | 4.90% | 5.36% | 100.00 | 6.96% | |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.38% | -1.42% | 103.47 | 4.65% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 3.32% | -0.68% | 101.66 | 5.88% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 3.21% | -0.99% | 101.60 | 6.14% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.73% | -0.47% | 102.96 | 4.09% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 4.31% | -0.34% | 102.50 | 6.54% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 2.02% | -1.88% | 108.75 | 5.46% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 2.37% | -0.73% | 101.31 | 5.06% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 3.63% | -1.12% | 104.30 | 6.51% |