17 Aug – 21 Aug 2015

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Readers will recall YieldReport’s article last week on the Elders announcement of a partial buy-back of the Elders subordinated notes. While YieldReport does not make specific recommendations on investments, we did recommend that investors act quickly and decide whether to accept the buy-back or not. The buy-back was a partial buy-back and was being conducted on-market on a “first come, first served” basis. Less than a week later, the buy-back was over with Elders buying 375,000 Elders notes at $80.00 or $30m worth in a little over three business days. The opportunity to sell ELDPAs at $80 was a quick one as the market price quickly fell back down to $77.

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ASX LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ WEEKWEEK
CLOSE
YTM
Est**
ANZ Banking GroupANZPAMCPS I16/12/20163.10%3.36%-0.16%100.65.50%
ANZ Banking GroupANZPCMCPS II28/09/20173.10%3.32%-0.31%99.405.57%
ANZ Banking GroupANZPDMCPS II1/09/20213.40%4.55%0.29%94.256.80%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.61%0.31%95.206.86%
Bendigo BankBENHBPerpetual21/10/20541.00%2.53%-0.04%75.004.67%
Bendigo BankBENPDMCPS II13/12/20175.00%4.45%0.15%102.456.70%
Bendigo BankBENPEMCPS II30/11/20203.20%4.62%0.45%95.006.87%
Bendigo BankBENPFMCPSII15/06/20214.00%4.38%0.16%99.306.63%
Bank Of QueenslandBOQPDMCPS II15/04/20185.10%4.22%0.28%104.656.47%
CBA PERLS 3PCAPAStep Up6/04/20161.05%3.46%0.13%197.85.60%
CBA PERLS 6CBAPCMCPS II15/12/20183.80%3.65%-0.10%101.55.79%
CBA PERLS 7CBAPDMCPS II15/12/20222.80%4.34%0.20%92.116.48%
ChallengerCGFPACapital Note25/05/20203.40%4.25%-0.05%96.506.39%
EldersELDPAPerp'l Pref30/06/2051N/A0.00%0.00%77.050.00%
IAGIAGPCMCPS II1/05/20174.00%3.89%0.10%102.056.14%
IAG RESIANGReset pref16/12/20194.00%3.88%0.11%101.556.02%
Macquarie BankMBLHBIncome SecPerpetual1.70%3.63%0.03%73.185.77%
MacquarieMBLPACapital Note24/03/20213.30%4.70%0.39%95.906.95%
MacquarieMQGPACapital Note7/06/20194.00%4.44%0.52%99.406.69%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%5.69%0.18%80.507.83%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.17%-0.02%71.255.31%
Nat Aust BankNABPAMCPS II20/03/20193.20%4.24%0.26%97.556.38%
Nat Aust BankNABPBMCPS II17/12/20203.25%4.66%0.47%94.756.80%
NufarmNFNGStep UpPerpetual3.90%5.36%0.00%85.207.61%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%13.0011.05%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.68%-0.04%104.56.93%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.15%-0.05%76.014.29%
SuncorpSUNPCMCPS II17/12/20174.65%3.99%0.19%102.616.13%
SuncorpSUNPEMCPS II17/06/20203.40%4.17%0.04%97.806.31%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%8.17%0.01%71.1010.42%
WestpacWBCPCMCPS II31/03/20183.25%3.94%0.20%100.486.19%
WestpacWBCPDMCPS II8/03/20193.20%3.86%-0.11%98.956.00%
WestpacWBCPEMCPS II22/09/20223.05%4.33%0.18%93.706.47%
WestpacWCTPAStep Up30/06/20161.00%3.30%-0.08%98.505.44%

** 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

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