Bonds Monthly Update - December 2017

Bonds Monthly Update - December 2017

Month: Dec-17

2.90 2.70 2.50 2.30 2.10 1.90 1.70 1.50

Trading days:

19

Australian Yield Curve

29-Dec-17 30-Nov-17 31-Dec-16 31-Dec-14

Period ending: Friday, December 29, 2017

S&P/ASX 200 Accumulation

S&P/ASX Indices (rebased to 100)

183

S&P/ASX Australian Fixed Interest

173

S&P/ASX Government Bond

163

153

143

133

123

113

103

93

83

% CASH BBSW1M BBSW2M BBSW3M BBSW4M BBSW5M BBSW6M GOVT3Y GOVT5Y GOVT10Y Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17

Coupon

10.50%

8.50%

6.50%

4.50%

2.50%

0.50%

-1.50%

Snapshot by Category

Segment Corporate Bonds - Fixed Rate Corporate Bonds - Floating Rate Australian Government Bonds TOTAL

Dec-12 Aug-14 Apr-16 Dec-17 Jul-19 Mar-21 Nov-22 Jul-24 Feb-26 Oct-27 Jun-29 Jan-31 Sep-32 May-34 Dec-35 Aug-37 Apr-39

Market Comparison

Corporate Bond - Fixed Rate

URFHB7.75H%BSHB

AYUHB

AYUHA GSBK16GSBM17

GSBS19 GSBUG2S0BM22

IMFHGASBSA1N8ZHA

AMPHA

GSIO20

NABHB

GSBG26 GSBG25

Corporate Bond - Floating Rate Government Bond - Fixed Rate Government Bond - Inflation Linked

GSBK35

GSBC17

GSBA18

GSBE19GSBG2G0SBI21

GSIU18

URFHGASIC22

GSBG23GSBGGSI2Q425

GGSSBIQG3207GSBGGSB29G33 GSBU27

GSIO35

GSBK39

GSBG37 GSIO40

3.25%

Maturity / Conversion / Reset Date

Number listed 5 7 32 44

Market Cap $b 0.6 1.8 543.4

545.79

Trades Total (#)

210 802 194

1,206

Trades per day (#) 11 42 10 63

Volume (#) 32,705 170,285 67,024 270,014

Value $m 3.4 17.3 7.2 27.9

Recent Listings

Entity

ASX Code Size ($m)

Type

Australian Government Treasury BonGdSsBU22 7,000.0 Government Bonds - Fixed Rate

Australian Government Treasury IndeGxeSIdUB2o7nds 3,150.0 Government Bonds - Inflation Linked

Peet Limited

PPCHB

50.0 Corporate Bonds - Floating Rate

Villa World Limited

VLWHA

50.0 Corporate Bonds - Fixed Rate

US Masters Residential Property FundURFHC

175.0 Corporate Bonds - Fixed Rate

Australian Government Treasury BonGdSsBU28 21,200.0 Government Bonds - Fixed Rate

*BBSW = Bank Bill Swap Rate

# As of the date of this report this security has not traded, the Last Price reflects the Issue Price

Listing Date 16-Oct-2017 01-Sep-2017 10-Jul-2017 24-Apr-2017 23-Feb-2017 02-Mar-2017

Issue Price $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Maturity / Conv / Reset

21-Nov-2022 21-Nov-2027 05-Oct-2022 21-Apr-2022 24-Dec-2021 21-Nov-2028

Interest Rate / Dividend 2.25% 0.75% 4.65% 4.75% 7.75% 2.75%

Distribution Payable Semi-Annual Quarterly n/a Quarterly Quarterly Semi-Annual

Last Price $0.00 $99.92 $103.00 $103.20 $102.25 $100.97

Bonds Monthly Update - December 2017

Billions ($)

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Billions ($)

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Billions ($)

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Billions ($)

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Market Capitalisation Trends

650.0 550.0 450.0 350.0 250.0

$2.0 $1.0 $0.0

17.5 15.5 13.5 11.5

9.5 7.5 5.5 3.5 1.5

$615.0 $515.0 $415.0 $315.0 $215.0 $115.0

$15.0

Annualised Liquidity

Corporate Bonds - Fixed Rate

7%

Corporate Bonds - Floating Rate

11%

Government Bonds

0%

*Annualised turnover by IRM Category

Performance and Trading Activity Breakdown by Category

Government Bonds Market Cap ($b) Number listed (actual) Month trades Month value ($m)

Dec-15 435.4 28 125 10.6

Dec-16 476.2 30 162 7.8

% change 9.4% 7.1% 29.6% -26.6%

Last 12 months Dec-17 % change 543.4 14.1% 32 6.7% 194 19.8% 7.2 -7.8%

Corporate Bonds - Fixed Rate Market Cap ($b) Number listed (actual) Month trades Month value ($m)

Dec-15 0.5 3 86 2.0

Dec-16 0.6 5 198 3.9

Last 12 months

% change

Dec-17

23.1%

0.6

66.7%

5

130.2%

210

92.1%

3.4

% change 0.4% 0.0% 6.1%

-13.4%

Corporate Bonds - Floating Rate Market Cap ($b) Number listed (actual) Month trades Month value ($m)

Dec-15 13.7 22 8,899 211.7

Dec-16 6.2 8

2,777 72.3

% change -54.7% -63.6% -68.8% -65.8%

Last 12 months

Dec-17 % change

1.8

-70.5%

7

-12.5%

802

-71.1%

17.3

-76.0%

Total Bonds Market Cap ($b) Number listed (actual) Month trades Month value ($m)

Dec-15 449.6 53 9,110 224.4

Dec-16 483.0 43 3,137 84.0

% change 7.4%

-18.9% -65.6% -62.5%

Last 12 months

Dec-17 % change

545.8

13.0%

44

2.3%

1,206

-61.6%

27.9

-66.8%

Most Actively Traded Securities by Value

ASX Code

Security Type

WBCHB GSBE19 AYUHB AMPHA

Corporate Bonds - Floating Rate Government Bonds - Fixed Rate Corporate Bonds - Floating Rate Corporate Bonds - Floating Rate

PPCHA TOTAL Top 5

Corporate Bonds - Fixed Rate

Value ($) 10,735,009 3,767,164 2,838,262 2,664,714

1,835,300 21,840,450.31

%Value 38.46% 13.50% 10.17% 9.55%

6.58% 78.25%

Volume 106,369 35,613 27,227 26,137

17,676 213,022

%Volume 39.39% 13.19% 10.08% 9.68%

6.55% 78.89%

Spotlight on Bonds Monthly Update - December 2017

ASX Profiles

ASX Code

Issuer

Description

Government Bonds - Fixed Rate

GSBA18

Australian Government Treasury Bonds Treasury Bond 5.50% 21-01-18 Semi

GSBS18

Australian Government Treasury Bonds Treasury Bond 3.25% 21-10-18 Semi

GSBE19

Australian Government Treasury Bonds Treasury Bond 5.25% 15-03-19 Semi

GSBS19

Australian Government Treasury Bonds Treasury Bond 2.75% 21-10-19 Semi

GSBG20

Australian Government Treasury Bonds Treasury Bond 4.50% 15-04-20 Semi

GSBU20

Australian Government Treasury Bonds Treasury Bond 1.75% 21-11-20 Semi

GSBI21

Australian Government Treasury Bonds Treasury Bond 5.75% 15-05-21 Semi

GSBW21

Australian Government Treasury Bonds Treasury Bond 2.00% 21-12-21 Semi

GSBM22

Australian Government Treasury Bonds Treasury Bond 5.75% 15-07-22 Semi

GSBU22

Australian Government Treasury Bonds Treasury Bond 2.25% 21-11-22 Semi

GSBG23

Australian Government Treasury Bonds Treasury Bond 5.50% 21-04-23 Semi

GSBG24

Australian Government Treasury Bonds Treasury Bond 2.75% 21-04-24 Semi

GSBG25

Australian Government Treasury Bonds Treasury Bond 3.25% 21-04-25 Semi

GSBG26

Australian Government Treasury Bonds Treasury Bond 4.25% 21-04-26 Semi

GSBG27

Australian Government Treasury Bonds Treasury Bond 4.75% 21-04-27 Semi

GSBU27

Australian Government Treasury Bonds Treasury Bond 2.75% 21-11-27 Semi

GSBI28

Australian Government Treasury Bonds Treasury Bond 2.25% 21-05-28 Semi

GSBU28

Australian Government Treasury Bonds Treasury Bond 2.75% 21-11-28 Semi

GSBG29

Australian Government Treasury Bonds Treasury Bond 3.25% 21-04-29 Semi

GSBG33

Australian Government Treasury Bonds Treasury Bond 4.50% 21-04-33 Semi

GSBK35

Australian Government Treasury Bonds Treasury Bond 2.75% 21-06-35 Semi

GSBG37

Australian Government Treasury Bonds Treasury Bond 3.75% 21-04-37 Semi

GSBK39

Australian Government Treasury Bonds Treasury Bond 3.25% 21-06-39 Semi

GSBE47

Australian Government Treasury Bonds Treasury Bond 3.00% 21-03-47 Semi

Government Bonds - Inflation Linked

GSIU18

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+1.00% 21-11-18 Qly

GSIO20

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+4.00% 20-08-20 Qly

GSIC22

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+1.25% 21-02-22 Qly

GSIQ25

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+3.00% 20-09-25 Qly

GSIU27

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+0.75% 21-11-27 Qly

GSIQ30

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+2.50% 20-09-30 Qly

GSIO35

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+2.00% 21-08-35 Qly

GSIO40

Australian Government Treasury Indexed BTornedass Indexed Bond Cpi+1.25% 21-08-40 Qly

Corporate Bonds - Fixed Rate

MVTHA

Mercantile Investment Company Ltd

Bond 8.00% 10-07-21 Semi Sub

PPCHA

Peet Limited

Simple Bond 7.50% Semi 07-06-21

URFHA

US Masters Residential Property Fund Bond 7.75% 24-12-2019 Qly Red T-12-17

URFHB

US Masters Residential Property Fund Bond 7.75% 24-12-2020 Qly Red T 12-18

URFHC

US Masters Residential Property Fund Bond 7.75% 24-12-21 Qly Red T-12-19

Corporate Bonds - Floating Rate

AMPHA

AMP Limited

Sub Bond 3-Bbsw+2.65% 18-12-23 Cum Red T-12-18

AYUHB

Australian Unity Limited

Simple Bond 3-Bbsw+2.80% 15-12-20

IMFHA

IMF Bentham Limited

Bond 3-Bbsw+4.20% 30-06-19 Sec

PPCHB

Peet Limited

Simple Bond 3-Bbsw+4.65% 05-10-22

TTSHA

Tatts Group Limited

Bond 3-Bbsw+ 3.10% 5-07-2019

VLWHA

Villa World Limited

Simple Bond 3-Bbsw+4.75% 21-04-22

WBCHB

Westpac Banking Corporation

Sub Tr Bnd 3-Bbsw+2.30% 22-08-23 Sub Red Tr T-8-18

* Australian Govenrment Treasury / Index Bonds are recorded at the valuation price

All values are as at Dec-17.

Contacts

Australia

Martin Dinh Senior Product Manager - Investment Products +61 2 9227 0318 Martin.Dinh@.au

Detail

ASX Listed Maturity / Date Conv / Reset

21-May-13 09-Dec-13 21-May-13

24-Jul-14 21-May-13 14-Apr-15 21-May-13 30-Jan-17 21-May-13 16-Oct-17 21-May-13 21-May-13 30-May-13 18-Mar-14 21-May-13 28-Jan-16 19-May-16 02-Mar-17 21-May-13 22-Nov-13 30-Mar-15 21-Oct-14 20-Oct-15 19-Oct-16

21-Jan-18 21-Oct-18 15-Mar-19 21-Oct-19 15-Apr-20 21-Nov-20 15-May-21 21-Dec-21 15-Jul-22 21-Nov-22 21-Apr-23 21-Apr-24 21-Apr-25 21-Apr-26 21-Apr-27 21-Nov-27 21-May-28 21-Nov-28 21-Apr-29 21-Apr-33 21-Jun-35 21-Apr-37 21-Jun-39 21-Mar-47

01-May-14 21-May-13 21-May-13 21-May-13 01-Sep-17 21-May-13 01-Oct-13 18-Aug-15

21-Nov-18 20-Aug-20 21-Feb-22 20-Sep-25 21-Nov-27 20-Sep-30 21-Aug-35 21-Aug-40

30-Jun-16 08-Jun-16 05-Jan-15 27-Oct-15 23-Feb-17

10-Jul-21 07-Jun-21 24-Dec-19 24-Dec-20 24-Dec-21

19-Dec-13 16-Dec-15 30-Apr-14

10-Jul-17 02-Jul-12 24-Apr-17 23-Aug-13

18-Dec-23 15-Dec-20 30-Jun-19 05-Oct-22

05-Jul-19 21-Apr-22 22-Aug-23

Coupon

Payment Announced Ex

Frequency

Date

Activity

Announced Payment Date

Mkt Cap ($m)#

Traded Value ($)

Traded Volume

Number of Trades

Prices

Monthly Liquidity %

Last *

Year High

Returns

Year Low

1 Month 1 Year Price 3 Year Price 5 Year Price

Price Return

Return

Return

Return

5.50% 3.25% 5.25% 2.75% 4.50% 1.75% 5.75% 2.00% 5.75% 2.25% 5.50% 2.75% 3.25% 4.25% 4.75% 2.75% 2.25% 2.75% 3.25% 4.50% 2.75% 3.75% 3.25% 3.00%

Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual Semi-Annual

11-Jan-18 12-Apr-18 06-Mar-18 12-Apr-18 05-Apr-18 10-May-18 04-May-18 12-Jun-18 04-Jan-18 10-May-18 12-Apr-18 12-Apr-18 12-Apr-18 12-Apr-18 12-Apr-18 10-May-18 10-May-18 10-May-18 12-Apr-18 12-Apr-18 12-Jun-18 12-Apr-18 12-Jun-18 12-Mar-18

22-Jan-18 $ 11,203.00 $

23-Apr-18 $ 13,256.94 $

15-Mar-18 $ 20,112.24 $

23-Apr-18 $ 22,617.17 $

16-Apr-18 $ 29,785.72 $

21-May-18 $ 26,567.11 $

15-May-18 $ 33,672.70 $

21-Jun-18 $ 16,840.20 $

15-Jan-18 $ 28,933.82 $

21-May-18 $

-$

23-Apr-18 $ 25,957.08 $

23-Apr-18 $ 25,189.06 $

23-Apr-18 $ 27,491.91 $

23-Apr-18 $ 35,642.57 $

23-Apr-18 $ 34,499.29 $

21-May-18 $ 27,455.68 $

21-May-18 $ 22,965.51 $

21-May-18 $ 21,329.74 $

23-Apr-18 $ 21,340.81 $

23-Apr-18 $ 16,191.90 $

21-Jun-18 $ 6,643.51 $

23-Apr-18 $ 12,315.30 $

21-Jun-18 $ 4,035.52 $

21-Mar-18 $ 10,061.53 $

121,047.83 64,451.86

3,767,164.32 11,232.94

339,864.89 515,606.75

36,198.28 162,288.20 357,194.86

49,940.74 16,302.94 33,781.46 114,000.00 34,145.54

5,823.80 27,679.70 2,137.20 45,226.86 88,003.11 194,733.91 135,792.71 254,663.72

1,180 633

35,613 110

3,191 5,178

321 1,634 3,030

426 160 318 1,000 286 -

60 272

20 372 910 1,763 1,319 2,659

12

0.00%

102.64

106.52

101.50

0.12%

-4.07%

-8.43%

n/a

4

0.00%

102.00

103.88

101.40

0.24%

-0.97%

-2.38%

n/a

23

0.02%

105.56

109.42

105.02

-0.17%

-2.88%

-6.83%

n/a

2

0.00%

101.97

103.11

101.71

-0.09%

-0.96%

1.68%

n/a

20

0.00%

106.39

110.02

106.06

-0.48%

-2.01%

-4.24%

n/a

12

0.00%

99.13

100.44

98.98

-0.58%

0.64%

n/a

n/a

13

0.00%

113.00

117.60

112.24

0.01%

-3.83%

-5.25%

n/a

5

0.00%

99.06

101.51

99.05

-1.42%

n/a

n/a

n/a

22

0.00%

117.62

120.93

116.41

-0.57%

-2.41%

-4.62%

n/a

-

n/a

-

-

-

n/a

n/a

n/a

n/a

5

0.00%

116.40

121.15

116.40

-0.96%

-1.83%

-4.10%

n/a

2

0.00%

101.98

104.23

101.00

-0.89%

0.51%

1.81%

n/a

3

0.00%

105.33

107.49

104.38

-1.06%

-0.21%

1.98%

n/a

2

0.00%

113.15

116.55

112.18

0.75%

-0.07%

4.40%

n/a

4

0.00%

118.15

121.39

116.79

-1.33%

0.17%

-0.57%

n/a

-

0.00%

100.94

102.55

98.47

-1.25%

-7.29%

n/a

n/a

2

0.00%

96.09

98.38

93.07

-0.96%

0.54%

n/a

n/a

2

0.00%

100.61

103.01

99.13

-1.24%

n/a

n/a

n/a

1

0.00%

105.65

108.80

102.88

0.22%

2.54%

3.99%

n/a

6

0.00%

119.94

122.69

116.78

-1.32%

3.75%

1.65%

n/a

4

0.00%

95.59

98.91

90.97

-2.93%

6.78%

n/a

n/a

5

0.00%

109.96

112.71

104.82

-1.65%

7.47%

4.92%

n/a

4

0.00%

100.89

104.57

94.27

-3.22%

8.22%

n/a

n/a

9

0.00%

94.03

96.46

84.76

-1.90%

10.29%

n/a

n/a

1.00% 4.00% 1.25% 3.00% 3.00% 2.50% 2.00% 1.25%

Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly

12-Feb-18 09-Feb-18 12-Feb-18 09-Mar-18 12-Feb-18 09-Mar-18 12-Feb-18 12-Feb-18

21-Feb-18 $ 5,503.68 $ 20-Feb-18 $ 9,432.11 $ 21-Feb-18 $ 6,696.85 $ 20-Mar-18 $ 10,131.23 $ 21-Feb-18 $ 3,157.25 $ 20-Mar-18 $ 6,089.80 $ 21-Feb-18 $ 4,841.81 $ 21-Feb-18 $ 3,407.46 $

216,320.00 129,404.37

56,670.99 81,573.77 122,099.20 196,315.57 25,840.00

-

2,000 701 494 577

1,210 1,387

200 -

1

0.00%

108.15

108.16

106.82

0.09%

1.97%

3.18%

n/a

10

0.00%

184.61

188.59

184.35

-0.24%

-1.33%

-4.65%

n/a

3

0.00%

114.67

115.91

111.19

-0.62%

1.15%

3.27%

n/a

8

0.00%

140.85

144.21

138.97

-0.99%

1.46%

-0.75%

n/a

4

0.00%

100.23

101.03

97.85

-0.61%

n/a

n/a

n/a

5

0.00%

140.23

142.51

135.12

-1.06%

1.37%

3.07%

n/a

1

0.00%

127.42

129.20

120.69

2.11%

4.52%

3.83%

n/a

-

0.00%

109.92

110.28

101.90

-0.33%

6.73%

n/a

n/a

8.00% 1.00% 7.75% 7.75% 7.75%

Semi-Annual Semi-Annual

Quarterly Quarterly Quarterly

$

22.53 $

$ 102.50 $

$ 151.50 $

$

91.89 $

$ 178.94 $

10,744.49 1,835,300.40

142,720.71 4,059.60

291,627.97

106

4

0.05%

101.00

104.50

98.30

-1.94%

0.80%

n/a

n/a

17,676

103

1.79%

102.50

107.00

100.01

-4.03%

1.94%

n/a

n/a

1,411

7

0.09%

101.00

102.97

100.00

0.00%

0.80%

n/a

n/a

40

1

0.00%

101.49

103.10

100.00

0.15%

-0.25%

n/a

n/a

2,860

20

0.16%

102.25

102.75

100.01

0.31%

n/a

n/a

n/a

4.43% 4.50% 5.91% 6.36% 4.81% 6.45% 4.03%

Quarterly Quarterly Quarterly

n/a Quarterly Quarterly Quarterly

08-Mar-18 04-Jan-18

11-Jan-18 13-Feb-18

19-Mar-18 $ 15-Jan-18 $

$ $ $ 22-Jan-18 $ 22-Feb-18 $

330.88 $ 260.75 $

51.25 $ 51.50 $ 197.10 $ 51.60 $ 935.93 $

2,664,714.44 2,838,262.13

240,982.96 284,980.69 562,953.89 1,094,308.76 10,735,009.02

26,137 27,227

2,320 2,761 5,471 10,612 106,369

165

0.81%

159

1.09%

26

0.47%

23

0.55%

35

0.29%

75

2.12%

394

1.15%

101.81 104.30 102.50 103.00 101.25 103.20 101.15

104.10 108.00 104.50 104.50 106.50 104.00 103.00

101.30 102.75

99.90 100.60 100.80

99.50 100.50

-0.33% -0.19% -1.39% -0.58% -2.09% 0.11% 0.39%

-0.82% -0.94% 1.99% 0.94% -4.03%

n/a -0.30%

-3.04% n/a

-1.44% n/a

-2.55% n/a

-1.89%

n/a n/a n/a n/a -2.18% n/a n/a

Past Performance is not a reliable indicator of future performance.

Information provided does not constitute financial product advice. You should obtain independent advice from an Australian f inancial services licensee before making any financial decisions. Although ASX Limited ABN 98 008 624 691 and its related bodies corporate ("ASX") has made every effort to ensure the accuracy of the information as at the date of publication, ASX does not give any warranty or representation as to the accuracy, reliability or completeness of the information. To the extent permitted by law, ASX and its employees, officers and contract ors shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided or omitted or from any one acting or refraining to act in reliance on thi s information. ? Copyright 2017 ASX Operations Pty Limited ABN 42 004 523 782. All rights reserved 2017

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