18 Apr – 22 Apr 2016

Share

[private role=’subscriber’]

ASX-listed floating rate hybrid margins were essentially the same this week and by the end of the week the average was at 4.71%, a little lower than the previous week’s average of 4.79%.

ANZ CPS II (ASX code: ANZPA) has been used by some investors as a short term investment when constructing a portfolio with a varying maturity profile. Now they have got close to maturity (Sept 2017) for new investors, a similar but alternative security is the ANZ CPS III (ASX code: ANZPC). According to Evans & Partners numbers (using a constant bank bill yield) the yield on the converting preference shares would be around 5.60% for an 18 month term.

hybrids-22apr-yieldreport
[/private]

[private role=’subscriber’]

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%4.77%0.01%102.107.04%
ANZ Banking GroupANZPAMCPS II16/12/20163.10%2.53%0.03%100.874.80%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%3.32%-0.11%100.455.78%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%5.06%0.23%93.587.52%
ANZ Banking GroupANZPECapital Note24/03/20223.25%5.26%0.12%91.017.72%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%5.17%-0.04%92.157.63%
Bendigo BankBENHBPerpetual21/10/20541.00%3.02%0.04%68.955.29%
Bendigo BankBENPDMCPS III13/12/20175.00%4.19%-0.04%103.856.65%
Bendigo BankBENPEMCPS III30/11/20203.20%5.63%-0.09%93.008.09%
Bendigo BankBENPFMCPS III15/06/20214.00%5.45%-0.39%96.207.91%
Bank Of QueenslandBOQPDMCPS III16/04/20185.10%4.50%0.58%101.206.96%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%3.94%0.14%100.256.21%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%5.09%-0.05%88.657.36%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%4.71%0.00%102.606.98%
ChallengerCGFPACapital Note25/05/20203.40%5.68%-0.12%93.007.95%
IAGIAGPCMCPS III1/05/20174.00%2.97%-0.35%100.815.43%
IAG RESIANGReset pref16/12/20194.00%4.21%-0.21%99.956.48%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.33%0.03%65.106.60%
Macquarie BankMBLPACapital Note III24/03/20203.30%4.96%-0.14%93.687.42%
Macquarie GroupMQGPACapital Note III19/06/20184.00%4.80%0.12%99.827.26%
Macquarie GroupMQGPBCapital Note III17/03/20215.15%5.49%0.11%99.157.95%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.86%-0.01%71.409.13%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.76%0.00%65.006.03%
Nat Aust BankNABPAMCPS III20/03/20193.20%4.27%-0.28%97.646.54%
Nat Aust BankNABPBMCPS III17/12/20203.25%4.94%-0.01%93.917.21%
Nat Aust BankNABPCCapital Note III23/03/20203.50%4.81%-0.25%96.007.08%
NufarmNFNGStep UpPerpetual3.90%5.60%-0.02%80.508.06%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%10.0011.26%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.68%0.02%102.197.14%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.19%0.03%75.314.46%
SuncorpSUNPCMCPS III17/12/20174.65%3.90%-0.13%101.826.17%
SuncorpSUNPEMCPS III17/06/20203.40%4.55%-0.05%96.406.82%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%10.14%-0.31%61.3012.60%
WestpacWBCPCMCPS III31/03/20183.25%3.17%0.03%100.455.63%
WestpacWBCPDMCPS III8/03/20193.20%4.02%-0.50%98.506.29%
WestpacWBCPEMCPS III23/09/20223.05%5.06%0.07%90.297.33%
WestpacWBCPFCapital Note III22/03/20214.00%4.71%0.01%97.606.98%
WestpacWCTPAStep Up30/06/20161.00%0.65%-0.48%99.952.92%

** 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

[/private]