Trading margins of ASX-listed notes and bonds were quite different from those of the prior week and in both upwards and downwards directions. Excluding short-dated securities, Peet Bonds (ASX code; PPCHB, +55bps) and QUBE Notes (ASX code: QUBHA, -52bps) had the largest changes.
Trading in Axesstoday Notes (ASX code: AXLHA) is still suspended. Apparently, the company has breached some of the terms of its agreements with its senior bank lenders and it is now seeking a waiver. The notes were issued in July.
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 1.94%. Add the trading margin from the above chart or from the tables to 1.94% 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% | 1.31% | -0.04% | 102.20 | 5.65% |
| AMP | AMPHA | Sub Note II | 18-Dec-18 | 2.65% | 2.88% | 0.82% | 100.28 | 4.59% |
| AxessToday | AXLHA | Bond | 20/07/2023 | 4.90% | 5.02% | 100.00 | 6.84% | |
| Australian Unity | AYUHB | Unsub. Bond | 15-Dec-20 | 2.80% | 1.11% | -0.16% | 103.50 | 4.58% |
| Crown | CWNHB | Sub Note | 23-Jul-21 | 4.00% | 2.94% | 0.37% | 103.25 | 5.78% |
| Bentham IMF | IMFHA | Bond | 30-Jun-19 | 4.20% | 2.38% | 0.40% | 101.40 | 6.06% |
| Nat Aust Bank | NABPE | Sub Note T2 | 20-Jun-23 | 2.20% | 1.58% | 0.21% | 103.01 | 4.03% |
| Peet | PPCHB | Bond | 5-Oct-22 | 3.65% | 3.77% | 0.55% | 103.30 | 6.39% |
| Qube Holdings | QUBHA | Sub Note | 5-Oct-23 | 3.90% | 1.83% | -0.52% | 108.89 | 5.37% |
| Suncorp-Metway | SUNPD | Sub NoteI III | 21-Nov-18 | 2.85% | 1.31% | -1.05% | 100.85 | 4.78% |
| Tatts | TTSHA | Snr. Bond | 5-Jul-19 | 3.10% | 0.24% | -0.20% | 102.20 | 4.94% |
| Villa World | VLWHA | Snr. Bond | 21-Apr-22 | 4.75% | 3.76% | 0.18% | 103.00 | 6.48% |