7 Nov – 11 Nov 2016

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ASX-listed hybrids

Trading margins in the hybrids sector remained steady on average and the median trading margin was at 4.06% for a second week in a row. Largest movements in margins came from ANZ CPS 3 (ASX code: ANZPC, +102bps), Westpac CPS (ASX code: WBCPC, -74bps) and NAB capital Notes (ASX code: NABPC, -36bps).

161111-hybrids

 

Reports of a replacement issue for IAG’s CPS (ASX code: IAGPC) were doing the rounds this week even though the call date is in May 2017. Bell Potter speculate IAG may go early “given the market demand for recent Additional Tier 1 hybrids such as NABPD and WBCPG.”  The IAG hybrids have a face value of around $380 million and if it were to be true, it may be timely to get some extra funds in the kitty. At the very start of November, IAG said it plans to call (redeem) £100 million of subordinated term notes on 21 December 2016 and NZD$187 million of subordinated bonds on 15 December 2016.

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%4.17%0.03%104.955.93%
ANZ Banking GroupANZPAMCPS II16/12/20163.10%5.36%-1.20%100.197.12%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%3.30%1.02%100.805.30%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%4.04%0.05%98.406.04%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.26%0.08%96.156.26%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%4.21%-0.05%97.546.21%
ANZ Banking GroupANZPGBasel III20/03/20244.70%4.44%0.01%102.256.20%
Bendigo BankBENHBPerpetual21/10/20541.00%3.16%0.11%67.204.92%
Bendigo BankBENPDMCPS III13/12/20175.00%3.23%-0.31%104.695.23%
Bendigo BankBENPEMCPS III30/11/20203.20%4.32%0.10%98.406.32%
Bendigo BankBENPFMCPS III15/06/20214.00%4.39%-0.01%100.916.39%
Bank Of QueenslandBOQPDMCPS III16/04/20185.10%2.64%-0.18%103.804.64%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%3.01%0.11%102.404.77%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%4.50%0.11%92.306.26%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%4.01%0.05%105.985.77%
ChallengerCGFPACapital Note25/05/20203.40%4.10%-0.02%98.875.86%
IAGIAGPCMCPS III1/05/20174.00%1.85%0.05%101.103.85%
IAG RESIANGReset pref16/12/20194.00%3.72%-0.07%101.655.48%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.34%0.05%64.906.10%
Macquarie BankMBLPACapital Note III24/03/20203.30%3.48%-0.02%99.935.48%
Macquarie GroupMQGPACapital Note III19/06/20184.00%3.48%0.00%103.505.48%
Macquarie GroupMQGPBCapital Note III17/03/20215.15%4.27%-0.02%104.906.27%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%7.04%0.22%68.708.80%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.50%0.07%66.555.26%
Nat Aust BankNABPAMCPS III20/03/20193.20%3.68%0.11%99.625.44%
Nat Aust BankNABPBMCPS III17/12/20203.25%4.08%0.06%97.725.84%
Nat Aust BankNABPCCapital Note III23/03/20203.50%3.73%-0.36%99.995.49%
Nat Aust BankNABPDCapital Note Basel III7/07/20224.95%4.07%-0.13%104.755.83%
NufarmNFNGStep UpPerpetual3.90%5.06%0.04%86.097.06%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%12.2510.80%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.41%-0.03%106.256.41%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.30%0.06%73.604.06%
SuncorpSUNPCMCPS III17/12/20174.65%2.77%-0.19%102.904.53%
SuncorpSUNPEMCPS III17/06/20203.40%3.78%-0.11%99.505.54%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%8.35%0.00%70.8510.35%
WestpacWBCPCMCPS III31/03/20183.25%2.04%-0.74%101.994.04%
WestpacWBCPDMCPS III8/03/20193.20%3.46%0.01%100.275.22%
WestpacWBCPEMCPS III23/09/20223.05%4.13%0.00%95.405.89%
WestpacWBCPFCapital Note III22/03/20214.00%4.04%0.00%100.605.80%
WestpacWBCPGCapital Note Basel III20/12/20214.90%4.11%-0.01%104.205.87%
** 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