May 2016

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Major bank trading margins at end of May[private role=’subscriber’][/private]

Other financials trading margins at end of May[private role=’subscriber’]

ASX LISTED HYBRIDS

COMPANYCODEHYBRID
TYPE
MATURITY
OR STEP-UP
DATE
MARGIN
INC FRANK
TRADING
MARGIN
∆ MONTHMONTH
CLOSE
YTM
Est**
AMP Capital NotesAMPPABasel III22/12/20215.10%4.68%0.18%103.206.68%
ANZ Banking GroupANZPAMCPS II16/12/20163.10%2.67%0.47%99.954.67%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%3.41%0.30%100.845.53%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%4.97%0.06%94.527.09%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.80%-0.32%93.606.92%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%4.90%-0.04%94.057.02%
Bendigo BankBENHBPerpetual21/10/20541.00%3.04%0.05%67.005.04%
Bendigo BankBENPDMCPS III13/12/20175.00%3.46%-0.79%101.905.58%
Bendigo BankBENPEMCPS III30/11/20203.20%5.20%-0.44%92.407.32%
Bendigo BankBENPFMCPS III15/06/20214.00%4.90%-0.80%99.007.02%
Bank Of QueenslandBOQPDMCPS III15/04/20185.10%4.38%0.06%102.076.50%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%3.96%0.17%100.785.96%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%4.84%-0.01%90.356.84%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%4.69%0.00%103.406.69%
ChallengerCGFPACapital Note25/05/20203.40%5.00%0.01%94.507.00%
IAGIAGPCMCPS III1/05/20174.00%3.33%0.97%101.005.45%
IAG RESIANGReset pref16/12/20194.00%4.41%0.02%99.906.41%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.15%-0.16%66.006.15%
Macquarie BankMBLPACapital Note III24/03/20213.30%5.05%0.07%93.897.17%
Macquarie GroupMQGPACapital Note III7/06/20194.00%3.96%-0.57%99.656.08%
Macquarie GroupMQGPBCapital Note III17/03/20225.15%5.20%0.04%101.157.32%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.61%-0.11%73.018.61%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.65%-0.02%64.125.65%
Nat Aust BankNABPAMCPS III20/03/20193.20%4.27%0.34%98.206.27%
Nat Aust BankNABPBMCPS III17/12/20203.25%4.72%-0.03%94.006.72%
Nat Aust BankNABPCCapital Note III23/03/20203.50%4.61%0.19%97.276.61%
NufarmNFNGStep UpPerpetual3.90%5.54%0.01%81.017.66%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%9.7010.92%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.64%0.06%103.506.76%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%1.79%-0.38%80.003.79%
SuncorpSUNPCMCPS III17/12/20174.65%3.82%-0.04%102.515.82%
SuncorpSUNPEMCPS III17/06/20203.40%3.93%-0.48%99.155.93%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%11.43%1.12%58.4513.55%
WestpacWBCPCMCPS III31/03/20183.25%3.57%0.39%100.255.69%
WestpacWBCPDMCPS III8/03/20193.20%4.18%0.10%97.356.18%
WestpacWBCPEMCPS III22/09/20223.05%4.91%0.29%91.506.91%
WestpacWBCPFCapital Note III22/03/20214.00%4.56%-0.08%98.816.56%
WestpacWCTPAStep Up30/06/20161.00%1.10%0.10%100.083.10%

** 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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