Our weekly trading idea: Switch CTXHA into CWNHA

Bell Potter


Our weekly trading idea: Switch CTXHA into CWNHA. Analyst Damien Williamson reports that Crown Subordinated Notes (CWNHA) on a trading margin of 2.67% at $109.00 provides better value than Caltex Subordinated Notes (CTXHA) at $108.00, where the premium to face value has reduced the 4.50% issue margin to a trading margin of only 1.90%. On a yield to maturity basis, CWNHA (Sep 2018 call) provides 5.84% (3.17% 4 year swap + 2.67% trading margin) versus CTXHA (Sep 2017 call) at 4.84% (2.93% 3 year swap + 1.90% trading margin). See our fixed interest weekly report at this link: (VIEW LINK)

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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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