27 Feb – 03 Mar 2017

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ASX-listed hybrids

Trading margins in the hybrids sector went higher this week on an average and the median rose 4bps to 3.61%. The average may not have moved much, individual securities certainly did. Suncorp CPS (ASX code: SUNPC, +110bps) and ANZ CPS (ASX code: ASXPC, +186bps) both have 2017 maturity dates, so large movement there are no great surprise. However, the next largest movement came from Insurance Australia RES (ASX code: IANG, +42bps) while Westpac Capital Notes (ASX code: WBCPD, -84bps), NAB CPS (ASX code: NABPA, -71bps) and NAB (ASX code: NABPB, -41bps) went in the other direction.

weekly hybrids

Perhaps some of the movements is the result of multiple capital raisings in this area. Around a week ago CBA announced a new hybrid (ASX code: CBAPF) and now Challenger has announced a new hybrid which it had flagged some time ago.

In other news, Elders will clean up the balance of its hybrids which it does already own. The securities are currently held through a subsidiary and when the balance is purchased, they will all be redeemed.

ASX-LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ WEEKWEEK
CLOSE
YTM
Est**
AMP Capital NotesAMPPABasel III22/12/20215.10%3.72%0.12%107.005.51%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%2.36%1.86%100.354.36%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%3.62%-0.07%99.155.62%
ANZ Banking GroupANZPECapital Note24/03/20223.25%3.80%-0.07%99.895.80%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%3.87%-0.06%101.085.87%
ANZ Banking GroupANZPGBasel III20/03/20244.70%3.93%-0.08%105.555.72%
Bendigo BankBENHBPerpetual21/10/20541.00%2.99%0.02%70.004.78%
Bendigo BankBENPDMCPS III13/12/20175.00%2.12%0.26%103.664.12%
Bendigo BankBENPEMCPS III30/11/20203.20%3.77%-0.26%99.405.77%
Bendigo BankBENPFMCPS III15/06/20214.00%4.14%-0.02%100.756.14%
Bank Of QueenslandBOQPDMCPS III16/04/20185.10%2.61%0.03%105.304.61%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%2.69%0.17%103.044.48%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%3.92%0.05%95.605.71%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%3.65%-0.11%107.555.44%
ChallengerCGFPACapital Note25/05/20203.40%3.76%0.14%98.995.55%
IAGIAGPCMCPS III1/05/20174.00%-1.86%-2.13%102.250.14%
IAGIAGPDBasel III15/06/20234.70%4.05%0.00%104.555.84%
IAG RESIANGReset pref16/12/20194.00%3.02%0.42%103.724.81%
Macquarie BankMBLHBIncome SecPerpetual1.70%3.58%-0.01%74.125.37%
Macquarie BankMBLPACapital Note III24/03/20203.30%3.60%0.02%101.205.60%
Macquarie GroupMQGPACapital Note III19/06/20184.00%3.30%0.15%102.605.30%
Macquarie GroupMQGPBCapital Note III17/03/20215.15%4.18%0.07%107.306.18%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.19%-0.10%76.507.98%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.06%0.02%72.984.85%
Nat Aust BankNABPAMCPS III20/03/20193.20%2.55%-0.71%101.004.34%
Nat Aust BankNABPBMCPS III17/12/20203.25%3.24%-0.43%99.805.03%
Nat Aust BankNABPCCapital Note III23/03/20203.50%3.50%0.00%100.985.29%
Nat Aust BankNABPDCapital Note Basel III7/07/20224.95%3.81%-0.01%106.065.60%
NufarmNFNGStep UpPerpetual3.90%4.93%-0.17%89.886.93%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%13.8610.80%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.54%-0.06%106.406.54%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.33%0.02%74.004.12%
SuncorpSUNPCMCPS III17/12/20174.65%2.28%1.10%103.104.07%
SuncorpSUNPEMCPS III17/06/20203.40%3.22%0.10%100.305.01%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%7.34%0.06%77.209.34%
WestpacWBCPCMCPS III31/03/20183.25%1.88%-0.24%103.403.88%
WestpacWBCPDMCPS III8/03/20193.20%2.07%-0.84%102.063.86%
WestpacWBCPEMCPS III23/09/20223.05%3.71%0.03%97.855.50%
WestpacWBCPFCapital Note III22/03/20214.00%3.47%-0.24%103.005.26%
WestpacWBCPGCapital Note Basel III20/12/20214.90%3.65%-0.11%106.325.44%
** 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