06 Jun – 10 Jun 2016

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ASX-listed floating rate hybrid margins were a little lower this week. The median trading margin fell back to 4.43% from its previous 4.63% and it is almost back to where it was two weeks ago.

With one or two exceptions, most securities in this segment of the market are generally trading in line with one another. An interesting question to be answered is whether the trading margins of Westpac Capital Notes (ASX code: WBCPD) and NAB CPS (ASX code: NABPA) are relatively too high or if the trading margins of Westpac CPS (ASX code: WBCPC) and CBA PERSL 6 (ASX code: CBAPC) are relatively too low.

listed-hybrids-10jun

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%4.34%-0.36%103.256.35%
ANZ Banking GroupANZPAMCPS II16-Dec-163.10%2.77%-0.18%100.054.78%
ANZ Banking GroupANZPCMCPS III28-Sep-173.10%3.10%-0.25%101.405.26%
ANZ Banking GroupANZPDMCPS III01-Sep-213.40%4.86%0.03%95.187.02%
ANZ Banking GroupANZPECapital Note24-Mar-223.25%5.00%0.18%92.897.16%
ANZ Banking GroupANZPFCapital Note24-Mar-233.60%4.99%0.00%93.807.15%
Bendigo BankBENHBPerpetual21-Oct-541.00%3.07%0.07%66.005.08%
Bendigo BankBENPDMCPS III13-Dec-175.00%3.59%-0.67%101.905.75%
Bendigo BankBENPEMCPS III30-Nov-203.20%5.00%-0.16%93.347.16%
Bendigo BankBENPFMCPS III15-Jun-214.00%4.93%0.10%96.007.09%
Bank Of QueenslandBOQPDMCPS III15-Apr-185.10%4.26%0.35%102.506.42%
CBA PERLS 6CBAPCMCPS III15-Dec-183.80%3.51%-0.43%100.555.52%
CBA PERLS 7CBAPDMCPS III15-Dec-222.80%5.05%0.14%88.307.06%
CBA PERLS 8CBAPEMCPS IIII15-Oct-215.20%4.43%-0.28%103.306.44%
ChallengerCGFPACapital Note25-May-203.40%4.62%0.04%96.006.63%
IAGIAGPCMCPS III01-May-174.00%3.77%-0.22%100.805.93%
IAG RESIANGReset pref16-Dec-194.00%3.74%-0.73%100.705.75%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.09%-0.06%66.106.10%
Macquarie BankMBLPACapital Note III24-Mar-213.30%4.85%0.01%94.897.01%
Macquarie GroupMQGPACapital Note III07-Jun-194.00%3.92%0.06%99.956.08%
Macquarie GroupMQGPBCapital Note III17-Mar-225.15%5.16%-0.02%101.607.32%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.58%-0.02%73.008.59%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.47%-0.07%65.445.48%
Nat Aust BankNABPAMCPS III20-Mar-193.20%4.40%0.05%96.806.41%
Nat Aust BankNABPBMCPS III17-Dec-203.25%4.84%0.10%93.756.85%
Nat Aust BankNABPCCapital Note III23-Mar-203.50%4.76%0.06%96.986.77%
NufarmNFNGStep UpPerpetual3.90%5.53%0.03%81.007.69%
PaperlinxPXUPAPerp'l Pref30-Jun-52N/A8.80%0.00%11.0010.96%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.63%-0.05%103.906.79%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.07%0.30%75.014.08%
SuncorpSUNPCMCPS III17-Dec-174.65%3.83%-0.05%101.025.84%
SuncorpSUNPEMCPS III17-Jun-203.40%4.22%0.50%96.956.23%
Seven Network TELYS 4SVWPAPerp'l Pref02-Dec-544.75%11.44%-0.35%58.2013.60%
WestpacWBCPCMCPS III31-Mar-183.25%3.28%-0.31%100.955.44%
WestpacWBCPDMCPS III08-Mar-193.20%4.42%-0.01%96.956.43%
WestpacWBCPEMCPS III22-Sep-223.05%4.79%-0.03%92.256.80%
WestpacWBCPFCapital Note III22-Mar-214.00%4.47%-0.23%97.856.48%
** 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