Hybrids Monthly Update - September 2015 - ASX

Hybrids Monthly Update - September 2015 Month:

Sep-15

Trading days:

22

Period ending: Wednesday, 30 September 2015

Australian Yield Curve

S&P/ASX 200 Accumulation

4.00

S&P/ASX Australian Fixed Interest S&P/ASX Government Bond

163 30-Sep-15 153

31-Aug-15 3.50

S&P/ASX Indices (rebased to 100)

30-Sep-14 143

30-Sep-12

133

%

3.00

123 2.50

113 103

2.00 93

1.50

Sep-15

May-15

Jan-15

Sep-14

May-14

Jan-14

Sep-13

Jan-13

May-13

Sep-12

Jan-12

May-12

Sep-11

May-11

GOVT10Y

GOVT5Y

GOVT3Y

BBSW6M

BBSW5M

BBSW4M

BBSW3M

BBSW2M

BBSW1M

CASH

83

13.00%

Market Comparison

LKOG

11.00% MYBG SKSG AZZG PPCG

9.00%

AYIG CGNG Hybrid Convertible

Coupon

NMGG 7.00% NFNG AFIG

KBLGA IANG

5.00%

3.00%

Apr-39

Aug-37

Dec-35

May-34

Sep-32

Jan-31

Jun-29

Oct-27

Feb-26

Jul-24

Nov-22

Mar-21

Jul-19

Dec-17

Apr-16

Aug-14

-1.00%

Dec-12

1.00%

Maturity / Conversion / Reset Date

Snapshot by Category Segment

Number listed

Market Cap $b

Trades Total (#)

Trades per day (#)

28.5

23,689

1,077

Value Volume (#) 5,310,169

$m 454.5

Hybrids - Preference Shares

38

Hyrbrids - Convertibles

13

1.1

908

41

892,153

11.0

TOTAL

51

29.68

24,597

1,118

6,202,322

465.5

Size ($m)

Type

Listing Date

Issue Price

Maturity / Conv / Reset

Interest Rate / Dividend

Distribution Payable

Last Price

1,324.4

Hybrid - Preference Shares

09-Sep-2015

$100.00

n/a

n/a

$97.85

5.0


22-Jun-2015

$1.00

n/a

n/a

$0.90

282.2


16-Jun-2015

$100.00

n/a

n/a

$97.20

Recent Listings Entity

ASX Code

Westpac Banking Corporation WBCPF Keybridge Capital Limited

KBCPA

Bendigo and Adelaide Bank Limited BENPF Lakes Oil NL

LKOGA

National Australia Bank Limited NABPC

4.2

Hybrid - Convertible

21-Apr-2015

$10.00

31-Mar-2017

Semi-Annual

$7.85

1,342.8


23-Mar-2015

$100.00

n/a

n/a

$95.50


06-Mar-2015

$100.00

n/a

n/a

$91.22

Hybrid - Convertible

22-Jan-2015

$1.00

29-Jan-2020

Semi-Annual

$0.99

Australia and New Zealand Banking ANZPF Group 970.2 Limited Cml Group Limited

CGRG

10.4

*BBSW = Bank Bill Swap Rate #

As of the date of this report this security has not traded, the Last Price reflects the Issue Price

Hybrids Monthly Update - September 2015 Market Capitalisation Trends

Performance and Trading Activity Breakdown by Category Hybrids - Preference Shares

Sep-13

Sep-14

% change

20.8

25.5

22.4%

28.5

12.0%

31

34

9.7%

38

11.8%

17,766

23,821

34.1%

23,689

-0.6%

339.0

1,915.8

465.1%

454.5

-76.3%

Sep-13

Sep-14

% change

Market Cap ($b)

1.9

1.3

-30.3%

1.1

Number listed (actual)

15

12

-20.0%

13

8.3%

1,519

1,217

-19.9%

908

-25.4%

35.4

28.5

-19.7%

11.0

-61.2%

Sep-13

Sep-14

% change

22.7

26.8

18.1%

29.7

10.9%

46

46

0.0%

51

10.9%

19,285

25,038

29.8%

24,597

-1.8%

374.5

1,944.3

419.2%

465.5

-76.1%

Market Cap ($b)

Sep-15

Sep-14

Sep-13

Sep-12

Sep-11

Sep-10

Number listed (actual) Sep-09

Billions ($)

Last 12 months $29.0 $24.0 $19.0 $14.0 $9.0

Month trades Month value ($m)

Sep-15 % change


Sep-15

Sep-14

Sep-13

Sep-12

Sep-11

Sep-10

Month trades Sep-09

Billions ($)

Last 12 months $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0

Month value ($m)

Sep-15 % change -11.5%

Market Cap ($b) Number listed (actual)

Annualised Liquidity Hybrids - Preference Shares

19%


12%

*Annualised turnover by IRM Category

Sep-15

Sep-14

Sep-13

Sep-12

Sep-11

Sep-10

Month trades Sep-09

Billions ($)

Last 12 months Hybrid Securities

$33.0 $31.0 $29.0 $27.0 $25.0 $23.0 $21.0 $19.0 $17.0 $15.0

Month value ($m)

Most Actively Traded Securities by Value ASX Code Security Type

Value ($)

%Value

Volume

Sep-15 % change

%Volume

CBAPD


48,059,567

10.32%

538,809

8.69%

NABPC


38,633,032

8.30%

404,702

6.53%

ANZPA


32,134,374

6.90%

323,671

5.22%

CBAPC


31,078,504

6.68%

312,440

5.04%

NABPB


25,319,981

5.44%

271,423

4.38%

175,225,458.02

37.64%

1,851,045

29.84%

TOTAL Top 5

Spotlight on Hybrids Monthly Update - September 2015

ASX Profiles ASX Code

Issuer

Detail Description

Activity

ASX Listed Maturity / Date Conv / Reset

Coupon

Payment Frequency

Ex Date

Payment Date

Mkt Cap ($m)#

Prices Traded Value ($)

Traded Volume

Number of Trades

Monthly Liquidity %

Last *

Returns Year High

Year Low

1 Month 1 Year Price 3 Year Price 5 Year Price Price Return Return Return Return

Hybrids - Convertibles AFIG

Australian Foundation Investment CompanyConvert LimitedBond 6.25% 28-02-17 Semi Sub Red

22-Dec-11

28-Feb-17

6.25%

19-Aug-15

31-Aug-15

$

215.75

$

1,402,664.83

12,548

81

0.65%

110.00

-2.03%

-2.46%

4.02%

n/a

AZZG

Antares Energy Limited

Convert Bond 10.00% 30-10-23 Qly Sub Non-Cum

03-Nov-03

30-Oct-23

10.00%

Quarterly

21-Jul-15

31-Jul-15

$

45.60

$

895,305.80

491,449

122

1.96%

1.92

2.08

1.60

13.61%

-7.25%

-4.00%

-3.03%

CGNG

Crater Gold Mining Limited

Convert Bond 10.00% 21-08-17 Semi Sub Cum Red

18-Aug-14

21-Aug-17

10.00%

Semi-Annual

25-Jun-15

06-Jul-15

$

3.45

$

-

0.00%

25.00

25.25

23.50

0.00%

n/a

n/a

n/a

CGRG

Cml Group Limited

Convert Bond 9.00% 29-01-20 Semi Cum Sub

22-Jan-15

29-Jan-20

9.00%

Semi-Annual

00-Jan-00

00-Jan-00

$

10.28

$

1

0.05%

0.99

1.03

0.99

0.00%

n/a

n/a

CTNG

Contango Microcap Limited


24-Dec-14

31-Mar-20

5.50%

Semi-Annual

18-Sep-15

30-Sep-15

$

26.50

$

173,783.40

1,732

18

0.66%

100.00

103.20

98.85

-1.48%

n/a

n/a

n/a

IANG

IAG Finance (New Zealand) Limited

Convert Bond 3-Bbsw+4.00% Perp Sub Non-Cum Ex Res

12-Jan-05

31-Dec-36

6.18%

Quarterly

03-Dec-15

15-Dec-15

$

552.70

$

6,456,734.21

63,848

509

1.17%

100.49

105.20

99.22

-1.91%

-1.79%

-0.49%

-3.38%

KBLGA

KBL Mining Limited


01-Sep-11

05-Aug-16

12.00%

Semi-Annual

18-Jun-15

30-Jun-15

$

9.12

$

91,644.50

286,118

14

1.00%

0.32

0.34

0.15

1.61%

5.00%

-7.35%

LKOGA

Lakes Oil NL

10% Unsec Red Conv Note Mat. 31-Mar-2017

21-Apr-15

31-Mar-17

10.00%

Semi-Annual

28-Sep-15

08-Oct-15

$

3.31

$

782.50

100

2

0.02%

7.85

10.30

7.80

0.64%

n/a

n/a

n/a

NFNG

Nufarm Finance (NZ) Limited

Convert Bond 6-Bbsw+1.90% Perp Sub Non-Cum Exh Stp

27-Nov-06

15-Apr-00

6.16%

Semi-Annual

02-Oct-15

15-Oct-15

$

209.11

$

1,687,454.10

20,202

139

0.81%

83.31

91.00

78.50

-0.11%

0.19%

4.14%

50.11%

NMGG

Noble Mineral Resources Limited

Convert Bond 8.00% 01-03-16 Semi Cum Sub

25-Feb-13

01-Mar-16

8.00%

Semi-Annual

20-Aug-14

01-Sep-14

$

-

$

#DIV/0!

-

-

-

n/a

n/a

n/a

PPCG

Peet Limited

Convert Bond 9.50% 16-06-16 Semi Cum

20-Jun-11

16-Jun-16

9.50%

Semi-Annual

03-Jun-15

16-Jun-15

$

51.50

$

0.63%

103.00

107.50

102.00

0.05%

-2.78%

9.11%

n/a

0.00%

1.00

1.00

1.00

0.00%

n/a

n/a

-27.01%

0.10%

0.45

0.50

0.45

-10.00%

12.50%

n/a

n/a

103.10

98.05

0.77%

-0.45%

0.57%

-4.09%

Semi-Annual

RSGG

Resolute Mining Limited

Convert Bond 10.00% 04-12-17 Qly Cum Red

16-Dec-14

15-Dec-17

10.00%

Quarterly

10-Sep-15

22-Sep-15

$

15.00

$

SKSG

Stokes Limited

Convert Bond 10.00% 30-06-17 Qly Sub Cum

18-Jun-14

30-Jun-17

10.00%

Quarterly

28-Sep-15

05-Oct-15

$

3.28

$

5,453.91

323,613.90 3,375.00

5,509

-

-

3,147 -

21 -

7,500

1

111.20

123.30

n/a

n/a

n/a

Hybrids - Preference Shares ANZPA

Australia and New Zealand Banking GroupCnv Limited Pref 3-Bbsw+3.10% Perp Sub Non-Cum Red T-12-16

18-Dec-09

n/a

n/a

n/a

26-Nov-15

15-Dec-15

$

1,963.80

$

32,134,374.13

323,671

1,699

1.64%

99.75

ANZPC

Australia and New Zealand Banking GroupCnv Limited Pref 6-Bbsw+3.10% Perp Sub Non-Cum T-09-19

29-Sep-11

n/a

n/a

n/a

11-Feb-16

01-Mar-16

$

1,323.52

$

17,616,511.00

178,874

1,067

1.33%

98.77

102.60

96.80

0.17%

-0.23%

0.79%

n/a

ANZPD

Australia and New Zealand Banking GroupCap Limited Note 6-Bbsw+3.40% Perp Non-Cum Red T-09-21

08-Aug-13

n/a

n/a

n/a

18-Feb-16

01-Mar-16

$

1,030.96

$

14,987,936.30

160,857

919

1.45%

92.05

102.68

91.10

-3.05%

-7.11%

n/a

n/a

101.00

89.74

-5.83%

-8.03%

n/a

n/a

ANZPE


01-Apr-14

n/a

n/a

n/a

14-Sep-15

24-Sep-15

$

1,457.03

$

20,265,122.28

218,731

1,219

1.39%

90.50

ANZPF


06-Mar-15

n/a

n/a

n/a

14-Sep-15

24-Sep-15

$

885.02

$

13,201,931.47

141,177

801

1.49%

91.22

101.27

90.90

-6.01%

n/a

n/a

n/a

BENPD

Bendigo and Adelaide Bank Limited

Cnv Pref 6-Bbsw+5.00% Perp Non-Cum Red T-12-19

01-Nov-12

n/a

n/a

n/a

25-Nov-15

14-Dec-15

$

278.28

$

3,170,454.48

30,847

211

1.14%

103.50

107.25

100.00

0.99%

-1.90%

n/a

n/a

BENPE



13-Oct-14

n/a

n/a

n/a

16-Nov-15

30-Nov-15

$

271.96

$

6,365,076.43

68,280

299

2.34%

93.10

100.00

92.18

-0.16%

n/a

n/a

n/a

BENPF



16-Jun-15

n/a

n/a

n/a

01-Dec-15

15-Dec-15

$

274.31

$

3,743,684.85

38,455

233

1.36%

97.20

100.32

95.00

-0.82%

n/a

n/a

n/a

BOQPD

Bank of Queensland Limited


27-Dec-12

n/a

n/a

n/a

25-Sep-15

15-Oct-15

$

309.30

$

5,512,217.46

53,041

256

1.78%

103.10

107.90

101.30

-0.77%

-0.11%

n/a

n/a

CAMPA

Clime Capital Limited

Convting Pref Perp 7.50% Qly Sub Non-Cum T-05-17

30-Apr-07

n/a

n/a

n/a

01-Oct-15

22-Oct-15

$

10.73

$

298,981.35

211,383

35

2.79%

1.40

2.04

1.35

-2.44%

-32.69%

-27.84%

-23.29%

CBAPC

Commonwealth Bank of Australia

Cap Note 3-Bbsw+3.80% Perp Non-Cum Red T-12-20

18-Oct-12

n/a

n/a

n/a

03-Dec-15

15-Dec-15

$

2,006.00

$

31,078,503.92

312,440

1,662

1.55%

100.30

104.94

98.11

0.15%

-0.10%

n/a

n/a

CBAPD

Commonwealth Bank of Australia


02-Oct-14

n/a

n/a

n/a

03-Dec-15

15-Dec-15

$

2,610.00

$

48,059,567.34

538,809

2,221

1.84%

87.00

98.49

86.40

-5.95%

n/a

n/a

CGFPA

Challenger Limited

Cnv Pref 3-Bbsw+3.40% Perp Sub Non-Cum Red T-05-22

10-Oct-14

n/a

n/a

n/a

13-Nov-15

25-Nov-15

$

325.34

$

3,215,026.61

33,947

197

0.99%

94.30

99.98

93.00

-0.98%

n/a

n/a

n/a

ELDPA

Elders Limited

Cnv Pref 3-Bbsw+2.50% Perp Sub Non-Cum Stp T-06-11

11-Apr-06

n/a

n/a

n/a

17-Jun-09

30-Jun-09

$

113.28

$

692,328.50

9,253

28

0.61%

75.52

80.50

53.00

2.05%

33.66%

86.47%

63.29%

GMPPA

Goodman Plus Trust

Hybrid 3-Bbsw+1.90% Perp Non-Cum Step

24-Dec-07

n/a

n/a

n/a

21-Sep-15

30-Sep-15

$

327.00

$

3,871,313.99

38,738

248

1.18%

100.01

105.30

98.20

-0.98%

-1.76%

11.06%

33.52%

IAGPC

Insurance Australia Group Limited

Cnv Pref 6-Bbsw+4.00% Perp Sub Non-Cum T-05-19

02-May-12

n/a

n/a

n/a

02-Nov-15

$

387.26

$

3,022,386.96

29,600

222

0.78%

102.62

105.54

100.70

0.95%

IVTPA

Inventis Limited

Convert Pref 6-Bbsw+1.90% Perp Sub Non-Cum T-12-16

17-Dec-13

n/a

n/a

n/a

00-Jan-00

00-Jan-00

$

-

$

KBCPA

Keybridge Capital Limited

Convert Bond 7.00% 31-07-20 Qly Cum Red

22-Jun-15

n/a

n/a

n/a

16-Sep-15

21-Sep-15

$

4.46

$

420,577.86

426,141

46

9.43%

MBLPA

Macquarie Group Limited


09-Oct-14

n/a

n/a

n/a

14-Sep-15

24-Sep-15

$

401.50

$

6,696,044.65

71,324

382

MQGPA

Macquarie Group Limited

Tr Pref 6-Bbsw+4.00% Perp Sub Non-Cum Red T-06-21

11-Jun-13

n/a

n/a

n/a

28-May-15

09-Jun-15

$

601.80

$

9,465,408.36

94,969

551

MXUPA

Multiplex Sites Trust

Trans Pref 3-Bbsw+ 3.90% Perp Sub Non-Cum Red Step

20-Jan-05

n/a

n/a

n/a

28-Sep-15

16-Oct-15

$

347.18

$

2,613,505.92

32,975

NABPA

National Australia Bank Limited


21-Mar-13

n/a

n/a

n/a

02-Dec-15

21-Dec-15

$

1,451.33

$

21,428,601.91

NABPB

National Australia Bank Limited


18-Dec-13

n/a

n/a

n/a

30-Nov-15

17-Dec-15

$

1,594.93

$

25,319,980.80

PCAPA

Preferred Capital Limited

Trans Pref 3-Bbsw+1.05% Perp Sub Non-Cum

07-Apr-06

n/a

n/a

n/a

24-Sep-15

06-Oct-15

$

1,152.17

$

25,148,334.78

PXUPA

PaperlinX SPS Trust

Trans Pref 6-Bbsw+2.40% Perp Sub Non-Cum

02-Apr-07

n/a

n/a

n/a

17-Jun-11

30-Jun-11

$

37.05

$

666,852.98

RHCPA

Ramsay Health Care Limited

Trans Pref 6-Bbsw+ 4.85% Perp Sub Red T-10-10

24-May-05

n/a

n/a

n/a

30-Sep-15

20-Oct-15

$

262.60

$

4,692,313.44

SUNPC

Suncorp Group Limited


07-Nov-12

n/a

n/a

n/a

08-Dec-15

17-Dec-15

$

567.28

$

7,052,905.75

SUNPD


Cap Note 3-Bbsw+2.85% 22-11-23 Cum Red

23-May-13

n/a

n/a

n/a

11-Nov-15

23-Nov-15

$

786.94

$

11,856,913.65

21-Oct-15

-

n/a

-1.30%

1.60%

n/a

n/a

n/a

n/a

n/a

0.90

1.02

0.90

-9.09%

n/a

n/a

n/a

1.67%

93.50

100.99

92.16

-2.40%

n/a

n/a

1.57%

100.30

104.25

96.00

0.50%

-1.16%

n/a

n/a

438

0.75%

77.15

94.50

77.00

-4.61%

-9.24%

2.32%

1.55%

224,088

1,177

1.48%

95.84

101.30

93.30

-1.20%

-2.45%

271,423

1,364

1.59%

92.88

100.00

92.15

-3.05%

-5.71%

n/a

n/a

127,157

711

2.18%

197.55

198.55

192.30

0.13%

2.25%

10.36%

5.64%

51,085

84

1.80%

13.00

16.50

6.25

0.00%

-13.33%

38.30%

-77.13%

45,604

242

1.79%

101.00

107.50

100.00

-2.74%

-4.54%

0.00%

3.07%

69,474

517

1.24%

101.30

106.00

99.30

-1.10%

-0.69%

n/a

n/a

117,102

666

1.51%

102.20

105.01

100.45

0.69%

-0.78%

n/a

101.71

92.15

-2.03%

-3.70%

n/a

n/a

-

-

#DIV/0!

-

-

-

n/a

n/a

n/a

n/a

SUNPE



09-May-14

n/a

n/a

n/a

01-Dec-15

17-Dec-15

$

380.00

$

7,434,544.37

78,889

368

1.96%

95.00

SVWPA

Seven Group Holdings Limited

Trans Pref 3-Bbsw+4.75% Perp Sub Non-Cum Red

30-Apr-10

n/a

n/a

n/a

13-May-15

01-Jun-15

$

320.15

$

4,439,232.62

65,361

448

1.39%

64.50

89.94

62.00

-5.16%

-26.20%

-23.03%

-26.46%

WBCPC

Westpac Banking Corporation


26-Mar-12

n/a

n/a

n/a

18-Sep-15

30-Sep-15

$

1,167.95

$

16,737,135.44

168,933

978

1.43%

98.20

103.81

97.55

-1.69%

-0.71%

-0.82%

n/a

WBCPD



12-Mar-13

n/a

n/a

n/a

26-Nov-15

08-Dec-15

$

1,324.77

$

17,996,242.98

187,648

969

1.36%

95.75

100.70

94.50

-0.62%

-2.74%

n/a

n/a

WBCPE



24-Jun-14

n/a

n/a

n/a

11-Dec-15

23-Dec-15

$

1,183.18

$

11,649,525.45

127,918

618

0.98%

90.28

99.85

89.52

-3.44%

-8.35%

n/a

n/a

WBCPF



09-Sep-15

n/a

n/a

n/a

10-Dec-15

22-Dec-15

$

1,295.95

$

20,373,755.77

208,785

1,075

1.57%

97.85

99.00

96.51

n/a

n/a

n/a

n/a

WCTPA

Westpac Tps Trust

Tr Bond 3-Bbsw+1.00% Perp Sub Non-Cum Stp T-06-16

22-Jun-06

n/a

n/a

n/a

11-Sep-15

30-Sep-15

$

751.68

$

14,292,844.93

145,609

563

1.90%

98.55

99.95

95.80

0.41%

2.50%

12.37%

5.97%

WHFPB

Whitefield Limited

Convert Pref 7.00% Perp Semi Sub Non-Cum Res Red

14-Aug-12

n/a

n/a

n/a

22-May-15

12-Jun-15

$

45.16

$

327,403.70

2,879

14

0.72%

112.90

117.00

112.00

-0.96%

-1.48%

4.63%

n/a

YCNPA

Yancoal Scn Limited

Convert Pref 7.00% Perp Semi Sub Non-Cum Res

02-Jan-15

n/a

n/a

n/a

00-Jan-00

00-Jan-00

$

-

$

#DIV/0!

-

-

-

n/a

n/a

n/a

n/a

-

-

-

All values are as at Sep-15.

Contacts Australia Ken Chapman Head of Debt Capital Markets +61 2 9227 0094 [email protected]

Past Performance is not a reliable indicator of future performance. Information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions. Although ASX Limited ABN 98 008 624 691 and its related bodies corporate (“ASX”) has made every effort to ensure the accuracy of the information as at the date of publication, ASX does not give any warranty or representation as to the accuracy, reliability or completeness of the information. To the extent permitted by law, ASX and its employees, officers and contractors shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided or omitted or from any one acting or refraining to act in reliance on this information. © Copyright 2011 ASX Limited ABN 98 008 624 691. All rights reserved 2011.