03 Apr – 07 Apr 2017

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ASX-listed Hybrids

Trading margins barely moved in the hybrids sector this week. The median increased by a very modest 3bps to 3.42% which is a bit surprising when securities such as Suncorp’s CPS 2 (SUNPC, +71bps), NAB CPS (ASX code: NABPA, +67bps), Bank of Queensland CPS (ASX code: BOQPD, +66bps) and Bendigo CPS (ASX code: BENPD, +55bsp) all had trading margins which increased markedly.hybrids

In other news, Challenger’s new Notes II (ASX code: CGFPB) will commence trading this Monday 10 April 2017.

ASX-LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ WEEKWEEK
CLOSE
YTM
Est**
AMP Capital NotesAMPPABasel III22-Dec-215.10%3.67%-0.11%106.065.46%
ANZ Banking GroupANZPCMCPS III28-Sep-273.10%1.94%-0.07%100.903.93%
ANZ Banking GroupANZPDMCPS III01-Sep-213.40%3.43%0.06%100.355.42%
ANZ Banking GroupANZPECapital Note24-Mar-223.25%3.68%0.30%98.325.67%
ANZ Banking GroupANZPFCapital Note24-Mar-233.60%3.62%0.05%100.075.61%
ANZ Banking GroupANZPGBasel III20-Mar-244.70%3.94%0.02%104.505.73%
Bendigo BankBENHBPerpetual1.00%2.86%-0.03%71.004.65%
Bendigo BankBENPDMCPS III13-Dec-175.00%2.33%0.55%103.904.32%
Bendigo BankBENPEMCPS III30-Nov-203.20%3.23%-0.17%101.655.22%
Bendigo BankBENPFMCPS III15-Jun-214.00%3.40%-0.29%103.995.39%
Bank Of QueenslandBOQPDMCPS III16-Apr-185.10%2.54%0.66%102.324.53%
CBA PERLS 6CBAPCMCPS III15-Dec-183.80%2.31%-0.25%102.704.10%
CBA PERLS 7CBAPDMCPS III15-Dec-222.80%3.95%0.06%94.805.74%
CBA PERLS 8CBAPEMCPS IIII15-Oct-215.20%3.65%-0.04%106.405.44%
ChallengerCGFPACapital Note25-May-203.40%3.72%0.02%99.605.51%
IAGIAGPCMCPS III01-May-174.00%-1.86%0.00%102.350.13%
IAGIAGPDBasel III15-Jun-234.70%3.90%-0.05%104.405.69%
IAG RESIANGReset pref16-Dec-194.00%2.53%-0.18%104.004.32%
Macquarie BankMBLHBIncome Sec1.70%3.34%-0.01%75.605.13%
Macquarie BankMBLPACapital Note III24-Mar-203.30%3.23%0.11%100.405.22%
Macquarie GroupMQGPACapital Note III19-Jun-184.00%2.86%-0.18%103.994.85%
Macquarie GroupMQGPBCapital Note III17-Mar-215.15%3.94%0.15%105.455.93%
Multiplex SITESMXUPAPerp'l Pref3.90%6.03%-0.04%76.407.82%
Nat Aust BankNABHAIncome Sec1.25%2.77%-0.01%76.104.56%
Nat Aust BankNABPAMCPS III20-Mar-193.20%3.17%0.67%100.254.96%
Nat Aust BankNABPBMCPS III17-Dec-203.25%3.47%0.00%99.505.26%
Nat Aust BankNABPCCapital Note III23-Mar-203.50%3.52%0.06%100.105.31%
Nat Aust BankNABPDCapital Note Basel III07-Jul-224.95%3.78%0.14%105.155.57%
NufarmNFNGStep Up3.90%4.94%-0.17%87.006.93%
PaperlinxPXUPAPerp'l PrefN/A8.80%0.00%13.1510.79%
Ramsay Health CareRHCPAPerp'l Pref4.85%4.48%-0.02%104.506.47%
Suncorp-MetwaySBKHBIncome Sec0.75%2.26%-0.02%74.504.05%
SuncorpSUNPCMCPS III17-Dec-174.65%2.51%0.71%101.774.30%
SuncorpSUNPEMCPS III17-Jun-203.40%3.28%0.02%100.585.07%
Seven TELYS 4SVWPAPerp'l Pref4.75%7.42%-0.09%76.789.41%
WestpacWBCPCMCPS III31-Mar-183.25%2.35%0.09%101.104.34%
WestpacWBCPDMCPS III08-Mar-193.20%2.95%-0.01%100.804.74%
WestpacWBCPEMCPS III23-Sep-223.05%3.29%-0.09%99.005.08%
WestpacWBCPFCapital Note III22-Mar-214.00%3.49%-0.03%102.005.28%
WestpacWBCPGCapital Note Basel III20-Dec-214.90%3.70%0.02%104.995.49%
Maturity Dates for BENHB(21-Oct-54) ; PXPUA(30-Jun-52); SVWPA(2-Dec-54)
** YTM for floating rate securities is an estimate using current interest rates. This will vary if rates change.
Source: Evans & Partners. Dealing Contact Michael Saba +61 3 9631 9813