26 Apr – 29 Apr 2016

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ASX-listed floating rate hybrid margins were lower and by the end of the week the median trading margins was at 4.52%, down from 4.71%. While there was the odd hybrid whose margin rose, such as some of the Bendigo and Westpac hybrids, almost all other yields fell, in some case by quite a bit. In Westpac’s case, the diagram below gives a clue as to why this may have happened; the Westpac hybrids in question are the Westpac CPS (ASX code: WBCPC) and Capital Notes II (ASX code: WBCPD). With three of the major four banks announcing half-yearly results this week, investors would do well to watch the impact on hybrid prices and announcements on new funding initiatives.

hybrids-yieldreport-29apr
hybrid-yieldreport-29apr
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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%4.51%-0.27%103.486.66%
ANZ Banking GroupANZPAMCPS II16/12/20163.10%2.19%-0.33%101.154.34%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%3.11%-0.21%100.805.40%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%4.91%-0.15%94.307.20%
ANZ Banking GroupANZPECapital Note24/03/20223.25%5.12%-0.14%91.707.41%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%4.94%-0.23%93.407.23%
Bendigo BankBENHBPerpetual21/10/20541.00%2.98%-0.04%68.955.13%
Bendigo BankBENPDMCPS III13/12/20175.00%4.25%0.06%103.826.54%
Bendigo BankBENPEMCPS III30/11/20203.20%5.64%0.01%93.007.93%
Bendigo BankBENPFMCPS III15/06/20214.00%5.69%0.24%95.307.98%
Bank Of QueenslandBOQPDMCPS III15/04/20185.10%4.33%-0.18%101.656.62%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%3.79%-0.15%100.715.94%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%4.85%-0.24%89.897.00%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%4.69%-0.02%102.836.84%
ChallengerCGFPACapital Note25/05/20203.40%4.99%-0.68%95.377.14%
IAGIAGPCMCPS III1/05/20174.00%2.36%-0.60%101.504.65%
IAG RESIANGReset pref16/12/20194.00%4.40%0.19%99.456.55%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.30%-0.03%64.936.45%
Macquarie BankMBLPACapital Note III24/03/20213.30%4.98%0.02%93.707.27%
Macquarie GroupMQGPACapital Note III7/06/20194.00%4.53%-0.27%100.626.82%
Macquarie GroupMQGPBCapital Note III17/03/20225.15%5.16%-0.33%100.797.45%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.72%-0.15%72.238.87%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.67%-0.09%64.455.82%
Nat Aust BankNABPAMCPS III20/03/20193.20%3.93%-0.33%98.606.08%
Nat Aust BankNABPBMCPS III17/12/20203.25%4.74%-0.20%94.746.89%
Nat Aust BankNABPCCapital Note III23/03/20203.50%4.42%-0.39%97.406.57%
NufarmNFNGStep UpPerpetual3.90%5.53%-0.07%81.007.82%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%10.1911.09%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.58%-0.10%103.666.87%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.16%-0.03%75.314.31%
SuncorpSUNPCMCPS III17/12/20174.65%3.87%-0.03%101.976.02%
SuncorpSUNPEMCPS III17/06/20203.40%4.41%-0.14%97.006.56%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%10.31%0.17%60.2012.60%
WestpacWBCPCMCPS III31/03/20183.25%3.19%0.02%100.505.48%
WestpacWBCPDMCPS III8/03/20193.20%4.07%0.06%98.456.22%
WestpacWBCPEMCPS III22/09/20223.05%4.62%-0.44%92.466.77%
WestpacWBCPFCapital Note III22/03/20214.00%4.63%-0.07%98.006.78%
WestpacWCTPAStep Up30/06/20161.00%0.99%0.34%99.953.14%

** 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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