27 Mar – 31 Mar 2017

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ASX-listed Hybrids

Trading margins in the hybrids sector fell again on average this week. The median trading margin dropped from 3.44% to 3.39% and while there were some substantials moves, they were not quite as large as those in the previous week. NAB CPS (ASX code: NABPA, -38bps), Bendigo CPS 2 (ASX code: BENPE, -28bps) and Macquarie Group Capital Notes (ASX code: MQGPA, 27bps) were the main culprits.

CBA’s new PERLS 9 (ASX code: CBAPF) commence trading this Monday, 3 April 2017 with an issue margin of 3.90%. Suncorp’s latest hybrid (ASX code: SUNPF) had its margin set just one day after the issue was announced but, as the amount on offer was small, it was not expected to take long to put away.

hybrids

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%3.79%-0.09%105.475.59%
ANZ Banking GroupANZPCMCPS III28-Sep-173.10%2.01%0.09%100.804.01%
ANZ Banking GroupANZPDMCPS III1-Sep-213.40%3.37%-0.14%100.505.37%
ANZ Banking GroupANZPECapital Note24-Mar-223.25%3.38%-0.07%99.505.38%
ANZ Banking GroupANZPFCapital Note24-Mar-233.60%3.57%0.02%100.205.57%
ANZ Banking GroupANZPGBasel III20-Mar-244.70%3.92%0.11%104.505.72%
Bendigo BankBENHBPerpetual21-Oct-541.00%2.89%-0.04%71.004.69%
Bendigo BankBENPDMCPS III13-Dec-175.00%1.78%0.11%104.203.78%
Bendigo BankBENPEMCPS III30-Nov-203.20%3.40%-0.28%101.005.40%
Bendigo BankBENPFMCPS III15-Jun-214.00%3.69%-0.12%102.805.69%
Bank Of QueenslandBOQPDMCPS III16-Apr-185.10%1.88%-0.13%102.903.88%
CBA PERLS 6CBAPCMCPS III15-Dec-183.80%2.57%-0.01%102.204.37%
CBA PERLS 7CBAPDMCPS III15-Dec-222.80%3.88%0.02%95.015.68%
CBA PERLS 8CBAPEMCPS IIII15-Oct-215.20%3.69%0.00%106.105.49%
ChallengerCGFPACapital Note25-May-203.40%3.70%0.12%99.555.50%
IAGIAGPCMCPS III1-May-174.00%-1.86%0.00%102.690.14%
IAGIAGPDBasel III15-Jun-234.70%3.96%0.12%104.005.76%
IAG RESIANGReset pref16-Dec-194.00%2.71%0.15%103.454.51%
Macquarie BankMBLHBIncome SecPerpetual1.70%3.35%-0.01%75.715.15%
Macquarie BankMBLPACapital Note III24-Mar-20203.30%3.12%-0.22%100.685.12%
Macquarie GroupMQGPACapital Note III19-Jun-20184.00%3.04%0.27%103.535.04%
Macquarie GroupMQGPBCapital Note III17-Mar-215.15%3.79%-0.01%105.955.79%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.07%-0.14%76.207.87%
Nat Aust BankNABHAIncome SecPerpetual1.25%2.78%-0.07%76.304.58%
Nat Aust BankNABPAMCPS III20-Mar-193.20%2.50%-0.38%101.404.30%
Nat Aust BankNABPBMCPS III17-Dec-203.25%3.47%0.03%99.405.27%
Nat Aust BankNABPCCapital Note III23-Mar-203.50%3.46%0.04%100.165.26%
Nat Aust BankNABPDCapital Note Basel III7-Jul-224.95%3.65%-0.13%105.655.45%
NufarmNFNGStep UpPerpetual3.90%5.11%0.12%88.307.11%
PaperlinxPXUPAPerp'l Pref30-Jun-52N/A8.80%0.00%13.1510.80%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.51%-0.10%104.006.51%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.28%-0.01%74.504.08%
SuncorpSUNPCMCPS III17-Dec-174.65%1.80%-0.17%102.193.60%
SuncorpSUNPEMCPS III17-Jun-203.40%3.26%0.03%100.555.06%
Seven Network TELYS 4SVWPAPerp'l Pref2-Dec-544.75%7.51%0.01%76.249.51%
WestpacWBCPCMCPS III31-Mar-183.25%2.27%0.05%101.124.27%
WestpacWBCPDMCPS III8-Mar-193.20%2.96%-0.02%100.694.76%
WestpacWBCPEMCPS III23-Sep-223.05%3.38%-0.03%98.505.18%
WestpacWBCPFCapital Note III22-Mar-214.00%3.52%0.08%101.805.32%
WestpacWBCPGCapital Note Basel III20-Dec-214.90%3.69%0.04%104.945.49%
** 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