The first quarter of 2016 was a tale of two halves for the ASX listed hybrid universe. January started poorly as the Australian share market followed their global peers as a risk-off tone permeated the financial markets. ASX listed hybrids followed suit with corporate issued hybrids faring much worse than their bank issued peers. The risk-off tone continued into [...]
Trading margins for the majority of ASX listed notes (hybrids) of the four major Australian banks have been rising for most of the past year and a half, the low point being the 18th of August 2014 PERLS VII (ASX code: CBAPD) transaction issued at 280 basis points over swap. The peak in trading margins was reached on the 15th [...]
We have updated our recommendation for Multiplex SITES (ASX: MXUPA). For subscribers to view the full report click here. To sign up for a free trial and get access to the report click here.
The first chart shows the move in trading margins over the past week: Whilst the rally in securities with an expected call date of less than a year has stalled a little, investors have continued to buy securities between two and three years to the expected call date; and Generally investors continued to ignore longer dated hybrids (i.e. hybrids [...]
As it has been almost 3 weeks since the CBA launched their PERLS VIII hybrid issue, now is an opportune time to have a look at how the existing Tier 1 hybrids have fared. The green arrows on Chart 1 highlights hybrids that have rallied over the last three weeks and their trading margins narrowed since the PERLS VIII issue announcement [...]
Westpac released its first quarter 2016 capital and asset update (Pillar 3) on Friday. The common equity tier 1 (CET1) ratio improved by 0.7% to 10.2% on an APRA basis and is 14.3% on an internationally comparable basis. Total capital increased by 0.6% to 13.9% and the capital stack saw a modest reduction in additional tier 1 (AT1, from 1.9% [...]
New Issue: PERLS VIII - Do Not Subscribe On the 16th of February 2016 the Commonwealth Bank of Australia (CBA) announced a new transaction, PERLS VIII (Prospective ASX Code: CBAPE). The purpose of this transaction is to provide funding for the group but more specifically it will be treated as additional Tier 1 capital for regulatory purposes. The indicative size [...]
On the 16th of February 2016, The Commonwealth Bank of Australia announced that it will redeem PERLS III and offer investors a rollover into PERLS VIII. The options for investors holding PERLS III (ASX code: PCAPA) 2016 are: 1. Exchange PERLS III for the new PERLS VIII issue; 2. Redeem PERLS III ($200 face value plus last dividend ) for cash; 3. [...]
On 10 June 2015, Origin Energy held its investor day where management presented its strategy to improve returns in Energy Markets and its action plan for the entire company. It's four main priorities are: Improve returns in the energy markets businesses: In Energy markets (56% of the Group's EBITDA), as demand for gas is due to increase, notably for export [...]
This week was a big week for AGL Energy, as it released its strategic road map ahead of a two-day investor briefing at AGL's Macquarie Generation power plants in the Hunter Valley. It was also the occasion for newly appointed CEO Andy Vesey to outline its plan on how to improve its return on funds employed and hopefully deliver sustainable earnings growth in [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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