Westpac hybrid looks expensive: E & P

17 January 2017

 

Evans & Partners’ Head of Income Products, Michael Saba thinks Westpac’s Capital Notes 2 (ASX code: WBCPE) stands out and not for the right reasons. “The scatter plot shows WBCPE to be still too low in margin with better value in shorter dated issues. ANZPG tends to top the volume list most days however it sits about right given its longer maturity profile.” Its annual coupon, is equal to 90...

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