26 Sep – 30 Sep 2016

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ASX-listed hybrids

This week the median trading margin for hybrids edged down ever so slightly to 4.04%. Hybrids which had the largest trading margin rises include ANZ CPS 3 (ASX code: ANZPC, +52bps) and Suncorp CPS 3 (ASX code: SUNPE, +29bps) while Bendigo & Adelaide Bank CPS (ASX code: BENPD, -40bps) led the margin declines. All of these are at the short end of the curve.

161003-hybrids

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%4.03%-0.29%104.905.77%
ANZ Banking GroupANZPAMCPS Basel216-Dec-163.10%2.03%-1.00%99.993.77%
ANZ Banking GroupANZPCMCPS Basel328-Sep-173.10%2.97%0.52%100.454.94%
ANZ Banking GroupANZPDMCPS Basel31-Sep-213.40%4.09%-0.27%97.486.06%
ANZ Banking GroupANZPECapital Note Basel324-Mar-223.25%4.32%-0.12%95.106.29%
ANZ Banking GroupANZPFCapital Note Basel324-Mar-233.60%4.24%-0.31%96.656.21%
Bendigo BankBENHBPerpetual21-Oct-541.00%2.94%0.23%66.754.68%
Bendigo BankBENPDMCPS Basel313-Dec-175.00%3.04%-0.40%104.255.01%
Bendigo BankBENPEMCPS Basel330-Nov-203.20%4.64%0.00%96.496.61%
Bendigo BankBENPFMCPS Basel315-Jun-214.00%4.43%-0.04%99.946.40%
Bank Of QueenslandBOQPDMCPS Basel316-Apr-185.10%3.49%0.02%102.025.46%
CBA PERLS 6CBAPCMCPS Basel315-Dec-183.80%3.33%0.15%101.155.07%
CBA PERLS 7CBAPDMCPS Basel315-Dec-222.80%4.75%0.01%90.286.49%
CBA PERLS 8CBAPEMCPS Basel315-Oct-215.20%4.00%-0.10%105.355.74%
ChallengerCGFPACapital Note25-May-203.40%4.47%0.18%97.006.21%
Insurance Aust.IAGPCMCPS Basel31-May-174.00%3.49%0.40%102.705.46%
Insurance Aust. (NZ) RESIANGReset Preference16-Dec-194.00%3.81%0.03%100.755.55%
Macquarie BankMBLHBIncome SecuritesPerpetual1.70%4.12%0.06%64.135.86%
Macquarie BankMBLPACapital Note Basel324-Mar-203.30%4.00%-0.01%97.305.97%
Macquarie GroupMQGPACapital Note Basel319-Jun-184.00%3.70%-0.04%102.285.67%
Macquarie GroupMQGPBCapital Note Basel317-Mar-215.15%4.60%-0.08%102.656.57%
Multiplex SITESMXUPAPerp'l PreferencePerpetual3.90%6.46%0.02%70.708.20%
Nat Aust BankNABHAIncome SecuritiesPerpetual1.25%3.37%0.00%65.875.11%
Nat Aust BankNABPAMCPS Basel320-Mar-193.20%3.67%0.21%99.005.41%
Nat Aust BankNABPBMCPS Basel317-Dec-203.25%4.28%-0.20%96.306.02%
Nat Aust BankNABPCCapital Note Basel323-Mar-203.50%3.99%0.02%98.505.73%
Nat Aust BankNABPDCapital Note Basel37-Jul-204.95%4.34%-0.12%102.756.08%
NufarmNFNGStep UpPerpetual3.90%5.01%0.00%88.006.98%
PaperlinxPXUPAPerp'l Preference30-Jun-52N/A8.80%0.00%11.0010.77%
Ramsay Health CareRHCPAPerp'l PreferencePerpetual4.85%4.70%-0.03%105.006.67%
Suncorp-MetwaySBKHBIncome SecurityPerpetual0.75%2.14%0.07%73.433.88%
SuncorpSUNPCMCPS Basel317-Dec-174.65%3.06%-0.31%102.004.80%
SuncorpSUNPEMCPS Basel317-Jun-203.40%4.04%0.29%98.005.78%
Seven Network TELYS 4SVWPAPerp'l Preference2-Dec-544.75%9.06%-0.35%70.6711.03%
WestpacWBCPCMCPS Basel331-Mar-183.25%2.75%0.11%100.664.72%
WestpacWBCPDMCPS Basel38-Mar-193.20%3.59%-0.01%99.365.33%
WestpacWBCPEMCPS Basel323-Sep-223.05%4.50%-0.04%92.926.24%
WestpacWBCPFCapital Note Basel322-Mar-214.00%4.05%0.05%99.905.79%
WestpacWBCPGCapital Note Basel320-Dec-214.90%4.24%-0.14%102.905.98%
** 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