15 Aug – 19 Aug 2016

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ASX-listed hybrids

The median trading margin for hybrids went against the tide and rose 5bps to 4.08%. In light of ANZ Capital Notes 4 issue, some selling of existing securities is not a surprise. Some of the bigger margins moves included rises from Bank of Queensland CPS (ASX code: BOQPD, +42bps) and NAB Capital Notes (ASX code: NABPC, +27bps). Not all margins rose and some shorter-dated hybrids such as Suncorp CPS2 (ASX code: SUNPC) and Insurance Australia CPS2 (ASX code: IAGPC) had their margins contract aggressively.

Hybrid 160822 major banks

ASX-LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ WEEKWEEK
CLOSE
YTM
Est**
AMP Capital NotesAMPPACapital Note Basel322-Dec-215.10%4.08%0.05%105.715.78%
ANZ Banking GroupANZPAMCPS Basel216-Dec-163.10%2.90%1.59%100.893.06%
ANZ Banking GroupANZPCMCPS Basel328-Sep-173.10%1.63%-0.74%101.254.33%
ANZ Banking GroupANZPDMCPS Basel31-Sep-213.40%4.24%0.07%98.896.13%
ANZ Banking GroupANZPECapital Note Basel324-Mar-223.25%4.12%-0.22%98.006.30%
ANZ Banking GroupANZPFCapital Note Basel324-Mar-233.60%4.49%0.02%97.506.43%
Bendigo BankBENHBPerpetual21-Oct-541.00%2.90%-0.08%67.004.73%
Bendigo BankBENPDMCPS Basel313-Dec-175.00%3.07%-0.25%103.655.28%
Bendigo BankBENPEMCPS Basel330-Nov-203.20%4.44%0.00%96.506.41%
Bendigo BankBENPFMCPS Basel315-Jun-214.00%4.45%0.04%99.206.37%
Bank Of QueenslandBOQPDMCPS Basel316-Apr-185.10%3.65%0.42%104.665.19%
CBA PERLS 6CBAPCMCPS Basel315-Dec-183.80%3.32%-0.04%101.9995.11%
CBA PERLS 7CBAPDMCPS Basel315-Dec-222.80%4.41%-0.13%92.446.29%
CBA PERLS 8CBAPEMCPS Basel315-Oct-215.20%4.20%0.01%105.5495.95%
ChallengerCGFPACapital Note25-May-203.40%3.93%-0.30%98.105.99%
Insurance Aust.IAGPCMCPS Basel31-May-174.00%2.13%-0.80%103.004.89%
Insurance Aust. (NZ) RESIANGReset Preference16-Dec-194.00%3.19%-0.11%103.455.05%
Macquarie BankMBLHBIncome SecuritesPerpetual1.70%4.06%0.03%65.225.78%
Macquarie BankMBLPACapital Note Basel324-Mar-203.30%4.20%-0.10%98.536.26%
Macquarie GroupMQGPACapital Note Basel319-Jun-184.00%3.52%-0.24%102.105.72%
Macquarie GroupMQGPBCapital Note Basel317-Mar-215.15%4.61%-0.13%105.506.70%
Multiplex SITESMXUPAPerp'l PreferencePerpetual3.90%6.30%0.04%72.878.01%
Nat Aust BankNABHAIncome SecuritiesPerpetual1.25%3.37%-0.05%65.465.17%
Nat Aust BankNABPAMCPS Basel320-Mar-193.20%3.53%-0.14%99.985.42%
Nat Aust BankNABPBMCPS Basel317-Dec-203.25%4.10%0.14%97.605.71%
Nat Aust BankNABPCCapital Note Basel323-Mar-203.50%4.08%0.27%98.925.56%
Nat Aust BankNABPDCapital Note Basel37-Jul-204.95%4.47%-0.07%103.106.30%
NufarmNFNGStep UpPerpetual3.90%5.00%-0.06%87.357.03%
PaperlinxPXUPAPerp'l Preference30-Jun-52N/A8.80%0.00%9.5810.76%
Ramsay Health CareRHCPAPerp'l PreferencePerpetual4.85%4.66%-0.03%104.906.65%
Suncorp-MetwaySBKHBIncome SecurityPerpetual0.75%2.07%-0.07%74.213.88%
SuncorpSUNPCMCPS Basel317-Dec-174.65%1.79%-0.73%104.744.28%
SuncorpSUNPEMCPS Basel317-Jun-203.40%4.06%0.27%98.625.54%
Seven Network TELYS 4SVWPAPerp'l Preference2-Dec-544.75%8.82%0.08%71.1510.70%
WestpacWBCPCMCPS Basel331-Mar-183.25%2.53%-0.20%103.084.69%
WestpacWBCPDMCPS Basel38-Mar-193.20%3.68%0.14%99.805.29%
WestpacWBCPEMCPS Basel323-Sep-223.05%4.13%-0.27%95.256.15%
WestpacWBCPFCapital Note Basel322-Mar-214.00%4.17%0.24%100.205.69%
WestpacWBCPGCapital Note Basel320-Dec-214.90%4.50%0.09%102.706.16%
** 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