07 Sep – 11 Sep 2015

Share on LinkedInTweet about this on TwitterEmail this to someonePrint this page

[private role=’subscriber’]

Westpac’s latest hybrid debuted and immediately begin trading at a higher yield than the issue yield. This was more in line with similar hybrids where yields have risen over recent weeks. Click here for more.

Further to YieldReport’s article on the widening gap in the market’s view of Coles and Woolworths, here’s a diagram of the trading margin of Woolworths ASX-listed “Notes” (ASX Code: WOWHC), which have a call date in 2016 and the Woolworth’s 2016 senior bond.

hybrids-11sep

[/private]

[private role=’subscriber’]

ASX LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ WEEKWEEK
CLOSE
YTM
Est**
ANZ Banking GroupANZPAMCPS I16/12/20163.10%3.05%-0.98%99.985.23%
ANZ Banking GroupANZPCMCPS II28/09/20173.10%3.71%-0.91%99.005.97%
ANZ Banking GroupANZPDMCPS II1/09/20213.40%4.77%-0.16%93.627.03%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.87%0.11%94.357.13%
Bendigo BankBENHBPerpetual21/10/20541.00%2.66%0.11%74.004.84%
Bendigo BankBENPDMCPS II13/12/20175.00%4.13%-0.71%103.516.39%
Bendigo BankBENPEMCPS II30/11/20203.20%5.07%0.20%93.557.33%
Bendigo BankBENPFMCPSII15/06/20214.00%5.08%0.19%96.507.34%
Bank Of QueenslandBOQPDMCPS II15/04/20185.10%4.69%-0.04%103.956.95%
CBA PERLS 3PCAPAStep Up6/04/20161.05%3.88%-0.44%198.006.06%
CBA PERLS 6CBAPCMCPS II15/12/20183.80%4.24%0.09%98.656.42%
CBA PERLS 7CBAPDMCPS II15/12/20222.80%4.58%-0.05%89.956.76%
ChallengerCGFPACapital Note25/05/20203.40%4.86%0.06%94.507.04%
EldersELDPAPerp'l Pref30/06/2051N/A0.00%0.00%74.700.00%
IAGIAGPCMCPS II1/05/20174.00%4.38%0.13%101.666.64%
IAG RESIANGReset pref16/12/20194.00%4.13%-0.07%101.006.31%
Macquarie BankMBLHBIncome SecPerpetual1.70%3.84%0.04%71.516.02%
MacquarieMBLPACapital Note24/03/20213.30%4.79%-0.40%95.907.05%
MacquarieMQGPACapital Note7/06/20194.00%4.51%0.15%99.556.77%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%5.93%0.03%79.008.11%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.25%-0.05%70.995.43%
Nat Aust BankNABPAMCPS II20/03/20193.20%4.33%-0.44%96.306.51%
Nat Aust BankNABPBMCPS II17/12/20203.25%4.84%0.12%93.007.02%
NufarmNFNGStep UpPerpetual3.90%5.61%0.04%83.437.87%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%13.8011.06%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.84%0.03%102.927.10%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.16%-0.01%76.404.34%
SuncorpSUNPCMCPS II17/12/20174.65%4.17%-0.13%100.886.35%
SuncorpSUNPEMCPS II17/06/20203.40%5.07%0.23%93.277.25%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%8.81%0.24%68.0211.07%
WestpacWBCPCMCPS II31/03/20183.25%4.36%-0.19%99.896.62%
WestpacWBCPDMCPS II8/03/20193.20%4.41%-0.29%96.306.59%
WestpacWBCPEMCPS II22/09/20223.05%4.61%0.01%91.306.79%
WestpacWCTPAStep Up30/06/20161.00%3.33%-0.43%98.005.51%

** 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

[/private]