08 Aug – 12 Aug 2016

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The median trading margin for hybrids fell 12bps to 4.03% and falls were generally across the board with few exceptions. One of those exceptions was Westpac’s Capital Notes 4 (ASX code: WBCPG) which is a little puzzling as they and NAB’s Capital Notes 2 (ASX code: NABPD) now seem stand out.

hybrids-yield-12aug

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%-0.25%105.805.78%
ANZ Banking GroupANZPAMCPS Basel216-Dec-163.10%1.31%0.16%101.303.06%
ANZ Banking GroupANZPCMCPS Basel328-Sep-173.10%2.37%0.08%102.954.33%
ANZ Banking GroupANZPDMCPS Basel31-Sep-213.40%4.17%-0.21%99.056.13%
ANZ Banking GroupANZPECapital Note Basel324-Mar-223.25%4.34%-0.05%96.856.30%
ANZ Banking GroupANZPFCapital Note Basel324-Mar-233.60%4.47%0.09%97.466.43%
Bendigo BankBENHBPerpetual21-Oct-541.00%2.98%0.03%66.004.73%
Bendigo BankBENPDMCPS Basel313-Dec-175.00%3.32%-0.06%103.205.28%
Bendigo BankBENPEMCPS Basel330-Nov-203.20%4.45%-0.27%96.356.41%
Bendigo BankBENPFMCPS Basel315-Jun-214.00%4.41%-0.08%99.206.37%
Bank Of QueenslandBOQPDMCPS Basel316-Apr-185.10%3.23%-0.36%105.205.19%
CBA PERLS 6CBAPCMCPS Basel315-Dec-183.80%3.36%-0.16%101.795.11%
CBA PERLS 7CBAPDMCPS Basel315-Dec-222.80%4.54%-0.27%91.686.29%
CBA PERLS 8CBAPEMCPS Basel315-Oct-215.20%4.20%-0.06%105.425.95%
ChallengerCGFPACapital Note25-May-203.40%4.24%-0.34%98.255.99%
Insurance Aust.IAGPCMCPS Basel31-May-174.00%2.93%1.11%102.344.89%
Insurance Aust. (NZ) RESIANGReset Preference16-Dec-194.00%3.30%-0.39%103.005.05%
Macquarie BankMBLHBIncome SecuritesPerpetual1.70%4.03%-0.03%65.515.78%
Macquarie BankMBLPACapital Note Basel324-Mar-203.30%4.30%0.15%98.006.26%
Macquarie GroupMQGPACapital Note Basel319-Jun-184.00%3.76%0.06%101.355.72%
Macquarie GroupMQGPBCapital Note Basel317-Mar-215.15%4.74%-0.04%104.716.70%
Multiplex SITESMXUPAPerp'l PreferencePerpetual3.90%6.26%0.00%73.118.01%
Nat Aust BankNABHAIncome SecuritiesPerpetual1.25%3.42%-0.06%64.875.17%
Nat Aust BankNABPAMCPS Basel320-Mar-193.20%3.67%-0.01%99.525.42%
Nat Aust BankNABPBMCPS Basel317-Dec-203.25%3.96%-0.19%98.005.71%
Nat Aust BankNABPCCapital Note Basel323-Mar-203.50%3.81%-0.17%99.655.56%
Nat Aust BankNABPDCapital Note Basel37-Jul-204.95%4.55%-0.20%103.206.30%
NufarmNFNGStep UpPerpetual3.90%5.07%-0.04%86.507.03%
PaperlinxPXUPAPerp'l Preference30-Jun-52N/A8.80%0.00%9.0010.76%
Ramsay Health CareRHCPAPerp'l PreferencePerpetual4.85%4.69%-0.04%104.246.65%
Suncorp-MetwaySBKHBIncome SecurityPerpetual0.75%2.13%0.06%73.203.88%
SuncorpSUNPCMCPS Basel317-Dec-174.65%2.53%-0.57%103.684.28%
SuncorpSUNPEMCPS Basel317-Jun-203.40%3.79%-0.50%99.405.54%
Seven Network TELYS 4SVWPAPerp'l Preference2-Dec-544.75%8.74%0.14%71.5010.70%
WestpacWBCPCMCPS Basel331-Mar-183.25%2.73%-0.10%102.654.69%
WestpacWBCPDMCPS Basel38-Mar-193.20%3.54%-0.09%100.015.29%
WestpacWBCPEMCPS Basel323-Sep-223.05%4.40%-0.06%93.796.15%
WestpacWBCPFCapital Note Basel322-Mar-214.00%3.94%-0.17%101.005.69%
WestpacWBCPGCapital Note Basel320-Dec-214.90%4.41%0.01%102.966.16%
** 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