02 May – 06 May 2016

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ASX-listed floating rate hybrid margins were higher and by the end of the week the median trading margin was at 4.59%, up from 4.52%. NAB’s Notes (ASX code: NABPC) sticks out a little (see below) and to some degree so do NAB’s CPS II (ASX code: NABPB). Westpac has announced that it will be redeeming its Westpac Trust Preferred Security Units (ASX code: WCTPA) and issuing a new hybrid shortly.

hybrids-yieldreport-6may
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ASX-LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ WEEKWEEK
CLOSE
YTM
Est**
AMP Capital NotesAMPPABasel III22/12/20215.10%4.32%-0.18%104.496.33%
ANZ Banking GroupANZPAMCPS II16/12/20163.10%1.94%-0.25%101.363.95%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%2.49%-0.62%101.654.60%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%4.40%-0.50%96.506.51%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.94%-0.18%92.557.05%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%5.07%0.13%92.807.18%
Bendigo BankBENHBPerpetual21/10/20541.00%2.91%-0.07%68.954.92%
Bendigo BankBENPDMCPS III13/12/20175.00%4.10%-0.15%104.116.21%
Bendigo BankBENPEMCPS III30/11/20203.20%5.29%-0.35%94.277.40%
Bendigo BankBENPFMCPS III15/06/20214.00%5.46%-0.23%96.257.57%
Bank Of QueenslandBOQPDMCPS III16/04/20185.10%4.32%0.00%101.776.43%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%3.77%-0.02%100.855.78%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%4.84%-0.01%89.956.85%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%4.59%-0.09%103.396.60%
ChallengerCGFPACapital Note25/05/20203.40%5.02%0.03%95.357.03%
IAGIAGPCMCPS III1/05/20174.00%2.69%0.33%101.274.80%
IAG RESIANGReset pref16/12/20194.00%4.27%-0.13%99.956.28%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.20%-0.10%65.016.21%
Macquarie BankMBLPACapital Note III24/03/20203.30%4.85%-0.12%94.256.96%
Macquarie GroupMQGPACapital Note III19/06/20184.00%4.39%-0.14%101.046.50%
Macquarie GroupMQGPBCapital Note III17/03/20215.15%5.30%0.14%100.237.41%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.60%-0.11%72.528.61%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.55%-0.12%64.775.56%
Nat Aust BankNABPAMCPS III20/03/20193.20%3.72%-0.21%99.235.73%
Nat Aust BankNABPBMCPS III17/12/20203.25%4.72%-0.03%94.926.73%
Nat Aust BankNABPCCapital Note III23/03/20203.50%4.73%0.31%96.466.74%
NufarmNFNGStep UpPerpetual3.90%5.60%0.06%80.007.71%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%10.0810.91%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.61%0.03%103.506.72%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.12%-0.04%75.144.13%
SuncorpSUNPCMCPS III17/12/20174.65%3.35%-0.51%102.865.36%
SuncorpSUNPEMCPS III17/06/20203.40%4.60%0.20%96.406.61%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%9.69%-0.62%62.5011.80%
WestpacWBCPCMCPS III31/03/20183.25%3.10%-0.09%100.755.21%
WestpacWBCPDMCPS III8/03/20193.20%3.89%-0.18%99.005.90%
WestpacWBCPEMCPS III23/09/20223.05%4.84%0.22%91.456.85%
WestpacWBCPFCapital Note III22/03/20214.00%4.74%0.11%97.656.75%
WestpacWCTPAStep Up30/06/20161.00%-0.05%-1.04%100.151.96%

** 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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