Summary: Trading margins display downward bias; margins of AYUHC, AYUHD largest movers over week.
Trading margins of ASX-listed notes and bonds displayed a downward bias this week. Ignoring short-dated securities, the margins of Australian Unity Series C Bonds (AYUHC, -53bps)) and Australian Unity Series D Bonds (AYUHD, -156bps) experienced the largest (absolute) changes over the week.
3-month BBSW finished the week 11bps higher at 2.30%. 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.
| COMPANY | CODE | BOND TYPE | MATURITY | ISSUE MARGIN | TRADING MARGIN | Δ WEEK | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Peet | PPCHB | Bond | 5-Oct-22 | 4.65% | 6.52% | 1.69% | 100.25 | 6.94% |
| Nat. Aust. Bank | NABPE | Sub. Note Tier 2 | 20-Jun-23 | 2.20% | 1.95% | 0.01% | 100.90 | 4.46% |
| Qube Holdings | QUBHA | Sub. Note | 5-Oct-23 | 3.90% | 1.91% | -0.11% | 102.70 | 6.03% |
| Centuria Capital | C2FHA | Note | 20-Oct-24 | 4.25% | 4.84% | 0.12% | 99.38 | 6.58% |
| Australian Unity | AYUHC | Bond Series C | 15-Dec-24 | 2.00% | 2.43% | -0.53% | 99.37 | 4.31% |
| Australian Unity | AYUHD | Bond Series D | 15-Dec-26 | 2.15% | 2.12% | -1.56% | 100.50 | 4.41% |
** Clean running yield.