23 May – 27 May 2016

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ASX-listed floating rate hybrid margins were generally lower this week. The median trading margin fell back to 4.34%, down from 4.57%. A big driver of the falls was related to the movement in ANZ CPS3 (ASX code ANZPC) and ANZ CPS2 (ASX code: ANZPA) but as the second chart shows each is relatively close to maturity and, as readers will recall, small price movements may lead to large yield/margin changes.

hybrids-yieldreport-27may
hybrid-Yieldreport-27may

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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%4.63%0.04%103.406.60%
ANZ Banking GroupANZPAMCPS II16/12/20163.10%2.15%-0.62%100.204.12%
ANZ Banking GroupANZPCMCPS III28/09/20173.10%2.92%-0.74%101.405.04%
ANZ Banking GroupANZPDMCPS III1/09/20213.40%5.03%0.27%94.207.15%
ANZ Banking GroupANZPECapital Note24/03/20223.25%4.95%-0.04%92.897.07%
ANZ Banking GroupANZPFCapital Note24/03/20233.60%4.91%-0.13%93.957.03%
Bendigo BankBENHBPerpetual21/10/20541.00%2.89%0.03%68.504.86%
Bendigo BankBENPDMCPS III13/12/20175.00%4.06%-0.05%101.006.18%
Bendigo BankBENPEMCPS III30/11/20203.20%5.02%-0.16%93.007.14%
Bendigo BankBENPFMCPS III15/06/20214.00%5.06%-0.26%98.307.18%
Bank Of QueenslandBOQPDMCPS III16/04/20185.10%4.34%0.12%102.116.46%
CBA PERLS 6CBAPCMCPS III15/12/20183.80%3.81%-0.05%101.105.78%
CBA PERLS 7CBAPDMCPS III15/12/20222.80%4.88%-0.02%90.106.85%
CBA PERLS 8CBAPEMCPS IIII15/10/20215.20%4.59%-0.09%103.806.56%
ChallengerCGFPACapital Note25/05/20203.40%5.14%-0.16%94.007.11%
IAGIAGPCMCPS III1/05/20174.00%3.63%0.57%100.705.75%
IAG RESIANGReset pref16/12/20194.00%4.30%0.16%100.206.27%
Macquarie BankMBLHBIncome SecPerpetual1.70%4.12%-0.03%65.976.09%
Macquarie BankMBLPACapital Note III24/03/20203.30%5.04%0.11%93.907.16%
Macquarie GroupMQGPACapital Note III19/06/20184.00%3.93%-0.47%99.706.05%
Macquarie GroupMQGPBCapital Note III17/03/20215.15%5.27%-0.06%100.807.39%
Multiplex SITESMXUPAPerp'l PrefPerpetual3.90%6.72%0.14%71.928.69%
Nat Aust BankNABHAIncome SecPerpetual1.25%3.62%-0.02%64.205.59%
Nat Aust BankNABPAMCPS III20/03/20193.20%4.41%-0.16%97.826.38%
Nat Aust BankNABPBMCPS III17/12/20203.25%4.76%0.26%95.126.73%
Nat Aust BankNABPCCapital Note III23/03/20203.50%4.77%0.14%96.706.74%
NufarmNFNGStep UpPerpetual3.90%5.53%0.05%81.007.65%
PaperlinxPXUPAPerp'l Pref30/06/2052N/A8.80%0.00%9.7010.92%
Ramsay Health CareRHCPAPerp'l PrefPerpetual4.85%4.66%0.07%103.256.78%
Suncorp-MetwaySBKHBIncome SecPerpetual0.75%2.10%0.00%75.004.07%
SuncorpSUNPCMCPS III17/12/20174.65%3.94%-0.03%102.305.91%
SuncorpSUNPEMCPS III17/06/20203.40%3.95%-0.41%99.055.92%
Seven Network TELYS 4SVWPAPerp'l Pref2/12/20544.75%11.33%-0.01%58.6113.45%
WestpacWBCPCMCPS III31/03/20183.25%3.35%0.01%100.615.47%
WestpacWBCPDMCPS III8/03/20193.20%4.43%0.01%97.996.40%
WestpacWBCPEMCPS III23/09/20223.05%4.96%0.05%91.206.93%
WestpacWBCPFCapital Note III22/03/20214.00%4.53%-0.04%98.886.50%
WestpacWCTPAStep Up30/06/20161.00%1.10%0.00%100.303.07%

** 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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