28 Nov – 2 Dec 2016

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ASX-listed hybrids

Trading margins in the hybrids sector fell again on average. Trading margins of two out of three securities were lower and the median trading margin fell from 3.88% to 3.79%. The largest moves came from ANZ CPS (ASX code: ANZPC, -79bps), Macquarie Group Notes (ASX code: MQGPA -42bps) and Bendigo & Adelaide CPS (ASX code: BENPD, -42bps).

Why do yields act as they do?  Evans & Partners did a small piece on high running yields and the implications for total returns.

161205-hybrids

In other news, ANZ CPS (ASX code: ANZPA) will be redeemed on 15 December. Holders will receive $100 plus a $0.8447 fully-franked dividend.

 

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%4.01%0.03%106.005.78%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%2.19%-0.78%101.904.20%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%3.83%-0.27%99.585.84%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.12%-0.01%97.106.13%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%4.05%-0.12%98.706.06%
ANZ Banking GroupANZPGBasel III20/03/20244.70%4.20%-0.21%104.025.97%
Bendigo BankBENHBPerpetual21/10/20541.00%3.27%0.04%66.515.04%
Bendigo BankBENPDMCPS III13/12/20175.00%1.75%-0.42%103.003.76%
Bendigo BankBENPEMCPS III30/11/20203.20%3.76%-0.20%98.055.77%
Bendigo BankBENPFMCPS III15/06/20214.00%3.95%-0.29%100.005.96%
Bank Of QueenslandBOQPDMCPS III16/04/20185.10%2.70%0.07%104.004.71%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%2.95%-0.10%102.804.72%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%4.24%-0.19%93.916.01%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%3.78%-0.07%107.305.55%
ChallengerCGFPACapital Note25/05/20203.40%4.27%-0.03%97.406.04%
IAGIAGPCMCPS III1/05/20174.00%2.45%-0.11%101.104.46%
IAG RESIANGReset pref16/12/20194.00%4.00%-0.01%101.225.77%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.16%-0.18%67.905.93%
Macquarie BankMBLPACapital Note III24/03/20203.30%3.58%0.04%99.905.59%
Macquarie GroupMQGPACapital Note III19/06/20184.00%3.15%-0.42%101.655.16%
Macquarie GroupMQGPBCapital Note III17/03/20215.15%4.31%0.12%105.106.32%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%7.15%0.03%69.158.92%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.48%0.01%68.055.25%
Nat Aust BankNABPAMCPS III20/03/20193.20%3.17%-0.37%99.804.94%
Nat Aust BankNABPBMCPS III17/12/20203.25%3.74%-0.15%98.005.51%
Nat Aust BankNABPCCapital Note III23/03/20203.50%3.75%-0.11%100.255.52%
Nat Aust BankNABPDCapital Note Basel III7/07/20224.95%4.02%-0.09%105.355.79%
NufarmNFNGStep UpPerpetual3.90%5.24%0.02%85.007.25%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%13.0010.81%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.52%0.02%105.016.53%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.45%-0.03%72.104.22%
SuncorpSUNPCMCPS III17/12/20174.65%2.54%0.02%103.424.31%
SuncorpSUNPEMCPS III17/06/20203.40%3.45%-0.36%99.605.22%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%8.25%0.12%69.1010.26%
WestpacWBCPCMCPS III31/03/20183.25%2.68%0.16%101.514.69%
WestpacWBCPDMCPS III8/03/20193.20%3.29%-0.12%99.715.06%
WestpacWBCPEMCPS III23/09/20223.05%3.91%0.00%96.805.68%
WestpacWBCPFCapital Note III22/03/20214.00%3.79%0.05%101.905.56%
WestpacWBCPGCapital Note Basel III20/12/20214.90%3.92%-0.08%105.355.69%
** 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