01 Feb – 05 Feb 2016

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Generally ASX-listed floating rate hybrid margins rose over the week and the average hybrid trading margin at the end of the week was 4.91%, up from the previous 4.80% As with floating-rate note trading margins, the average is well above the 4.59% recorded at the end of November as well as October’s average of 4.31%.

At first glance the Commonwealth Bank PERLS 3 (ASX code PCAPA) look as they are a tempting deal but readers are reminded the step-up date is two months away and the proximity to the expected redemption date magnifies annualised calculations.

hybrids-yieldreport-5feb
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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%3.14%0.09%100.705.43%
ANZ Banking GroupANZPCMCPS II28/09/20173.10%3.94%-0.33%101.106.35%
ANZ Banking GroupANZPDMCPS II1/09/20213.40%5.18%-0.04%94.507.59%
ANZ Banking GroupANZPECapital Note24/03/20223.25%5.22%0.10%92.557.63%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%5.11%-0.13%93.997.52%
Bendigo BankBENHBPerpetual21/10/20541.00%2.91%-0.03%70.105.20%
Bendigo BankBENPDMCPS II13/12/20175.00%4.61%-0.34%101.727.02%
Bendigo BankBENPEMCPS II30/11/20203.20%5.48%-0.24%92.007.89%
Bendigo BankBENPFMCPSII15/06/20214.00%5.66%0.08%93.798.07%
Bank Of QueenslandBOQPDMCPS II16/04/20185.10%4.79%0.48%102.927.20%
CBA PERLS 3PCAPAStep Up6/04/20161.05%3.81%1.29%199.106.10%
CBA PERLS 6CBAPCMCPS II15/12/20183.80%4.00%0.08%100.326.29%
CBA PERLS 7CBAPDMCPS II15/12/20222.80%5.18%-0.16%88.127.47%
ChallengerCGFPACapital Note25/05/20203.40%5.89%0.46%92.158.18%
IAGIAGPCMCPS II1/05/20174.00%3.94%-0.23%101.706.35%
IAG RESIANGReset pref16/12/20194.00%4.74%0.26%98.407.03%
Macquarie BankMBLHBIncome SecPerpetual1.70%3.97%-0.07%68.506.26%
MacquarieMBLPACapital Note24/03/20203.30%5.23%0.07%94.007.64%
MacquarieMQGPACapital Note19/06/20184.00%4.29%-0.23%99.806.70%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.58%-0.02%72.058.87%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.53%0.07%66.155.82%
Nat Aust BankNABPAMCPS II20/03/20193.20%4.92%-0.16%95.907.21%
Nat Aust BankNABPBMCPS II17/12/20203.25%5.35%0.21%92.317.64%
Nat Aust BankNABPCCapital Note23/03/20203.50%5.35%0.07%94.207.64%
NufarmNFNGStep UpPerpetual3.90%5.65%0.02%81.718.06%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%11.0011.21%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.81%0.01%102.607.22%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.06%-0.08%77.004.35%
SuncorpSUNPCMCPS II17/12/20174.65%4.13%-0.29%101.846.42%
SuncorpSUNPEMCPS II17/06/20203.40%5.09%0.86%94.507.38%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%10.74%-0.05%56.8513.15%
WestpacWBCPCMCPS II31/03/20183.25%4.25%-0.62%99.986.66%
WestpacWBCPDMCPS II8/03/20193.20%4.34%-0.14%97.706.63%
WestpacWBCPEMCPS II23/09/20223.05%4.94%-0.14%90.797.23%
WestpacWBCPFCapital Note22/03/20214.00%4.81%0.24%97.307.10%
WestpacWCTPAStep Up30/06/20161.00%4.15%1.95%99.086.44%

** 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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