14 Jun – 17 Jun 2016

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ASX-listed floating rate hybrid margins were a little higher this week on average. The median trading margin edged up from 4.43% to 4.48% with the majority of margins rising across all issuers except those from NAB. One increase which stands out a little was the one by Westpac CPS (ASX code: WBCPC) but by the looks of it, the margin needed to rise just to bring the security back in line with its peers.

There was a bit of corporate action in the hybrids space this week with Elders launching a second buy back of its hybrids (ASX code: ELDPA). At the end of the week, Elders announced it had raised just over $100 million via an ordinary share issue and this money would funds the repurchase of the hybrids at $95.00 each.

hybrids-17jun

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%4.23%-0.11%103.906.23%
ANZ Banking GroupANZPAMCPS II16-Dec-163.10%2.81%0.04%100.124.81%
ANZ Banking GroupANZPCMCPS III28-Sep-173.10%3.51%0.41%101.025.65%
ANZ Banking GroupANZPDMCPS III1-Sep-213.40%5.05%0.19%94.517.19%
ANZ Banking GroupANZPECapital Note24-Mar-223.25%5.04%0.04%92.857.18%
ANZ Banking GroupANZPFCapital Note24-Mar-233.60%5.17%0.18%93.007.31%
Bendigo BankBENHBPerpetual21-Oct-541.00%3.07%0.00%66.005.07%
Bendigo BankBENPDMCPS III13-Dec-175.00%3.87%0.28%101.616.01%
Bendigo BankBENPEMCPS III30-Nov-203.20%5.10%0.10%93.107.24%
Bendigo BankBENPFMCPS III15-Jun-214.00%5.14%0.20%95.307.28%
Bank Of QueenslandBOQPDMCPS III15-Apr-185.10%4.48%0.22%102.256.62%
CBA PERLS 6CBAPCMCPS III15-Dec-183.80%3.78%0.26%100.055.78%
CBA PERLS 7CBAPDMCPS III15-Dec-222.80%5.15%0.10%87.937.15%
CBA PERLS 8CBAPEMCPS IIII15-Oct-215.20%4.57%0.14%102.806.57%
ChallengerCGFPACapital Note25-May-203.40%4.80%0.18%95.506.80%
IAGIAGPCMCPS III1-May-174.00%3.75%-0.02%100.935.89%
IAG RESIANGReset pref16-Dec-194.00%3.74%0.00%100.805.74%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.07%-0.02%66.296.07%
Macquarie BankMBLPACapital Note III24-Mar-213.30%4.90%0.05%94.807.04%
Macquarie GroupMQGPACapital Note III7-Jun-194.00%3.83%-0.09%100.305.97%
Macquarie GroupMQGPBCapital Note III17-Mar-225.15%5.23%0.07%101.407.37%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.62%0.05%72.708.62%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.47%0.00%65.455.47%
Nat Aust BankNABPAMCPS III20-Mar-193.20%4.42%0.03%96.856.42%
Nat Aust BankNABPBMCPS III17-Dec-203.25%4.80%-0.04%94.006.80%
Nat Aust BankNABPCCapital Note III23-Mar-203.50%4.43%-0.33%96.806.43%
NufarmNFNGStep UpPerpetual3.90%5.49%-0.04%81.497.63%
PaperlinxPXUPAPerp'l Pref30-Jun-52N/A8.80%0.00%11.0010.94%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.66%0.03%103.666.80%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%1.95%-0.13%77.003.95%
SuncorpSUNPCMCPS III17-Dec-174.65%3.78%-0.05%101.205.78%
SuncorpSUNPEMCPS III17-Jun-203.40%4.49%0.27%96.156.49%
Seven Network TELYS 4SVWPAPerp'l Pref2-Dec-544.75%12.00%0.56%56.2014.14%
WestpacWBCPCMCPS III31-Mar-183.25%3.87%0.60%100.056.01%
WestpacWBCPDMCPS III8-Mar-193.20%4.44%0.03%97.006.44%
WestpacWBCPEMCPS III22-Sep-223.05%5.06%0.27%89.827.06%
WestpacWBCPFCapital Note III22-Mar-214.00%4.39%-0.08%98.306.39%
** 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