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Announcements
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Over the past week, the June Hybrid Dividends were paid to holders. A total of ~$350 million of dividends has been paid so far in June. Whilst we haven’t seen significant buying into Hybrids over the last week, we do expect over the next few weeks that some of this excess cash will find its way back into the Hybrid market.
MM is selling MXT and increasing other fixed income holdings.
The portfolio fell during the week down by 2.07% with cash remaining at 4% following the recent purchase of AGL Energy (AGL) and a Westpac Hybrid (WBCPK). The main detractors were Centuria Capital (CNI) -8.70% & Pendal (PDL) which fell -6.30%, while the Hybrid securities traded up, the ANZPI the best of them adding +0.90%, with the rise in prices pulling down expected yields slightly. The 2-year swap rate is currently at 3.77% implying a ~6.7%...
The portfolio was lower during the week off -0.50% with cash elevated at an elevated 12%. G8 Education (GEM) -2.97% and Centuria (CNI) -2.96% were the biggest drags while ANZPI +1.62% and Metcash (MTS) +1.23% ahead of their AGM today were relative performers.
The portfolio added +3.58%% for the week while cash remains at ~1%. APA Group (APA) +13.17% was strong, a move like that for a regulated utility is big, particularly when markets were rallying, normally APA enjoys a safe-haven bid, while Stockland (SGP) +11.95% & Service Stream (SSM) +9.09% were also performers. Metcash (MTS) reported FY22 results during the week and added 6.63% although...
The Income Portfolio fell by -4.19% over the course of the week while cash sits at ~4%. Alumina (AWC) was the biggest drag on performance down by -11.48% while Insignia (IFL) was also weak, off by -9.75%. The positions that offered stability to the portfolio during a very volatile period were CBAPG which is the CBA hybrid, finishing +0.04%...
During the September quarter, there were 4 new Hybrid issues totalling $4bn. These came from ANZ which we participated in and hold in this portfolio (ANZPI), Macquarie, Suncorp & Westpac. The average margin over and above the bank bill rate for major bank hybrids remained low throughout the quarter, with average margins for > 3-year major...
A number of questions in the past week directed towards the ANZPI, which is the new hybrid security issued by ANZ.
Yesterday morning, ANZ launched a new hybrid offer that looks relatively attractive on an expected yield to call of 4.20% grossed for franking.
MM are adding to ANZPI in the Active Income Portfolio, allocating a further 2% around $100.40
We continue to view Hybrids as a good portfolio diversifier
In MM’s view, hybrids are now expensive
MM is adding the ANZPI to the Income Portfolio with a 5% weighting
MM are buying the New ANZ Hybrid (ANZPI) in the Active Income Portfolio, allocating 5% at $100
MM are planning to add the new ANZ Hybrid to the Income Portfolio with a 5% weighting
This ANZ Hybrid security (CBAPI) was issued with a 3.00% margin over the 90 day bank bill and is considered a lower risk, lower yield offer. First call date on this security is 20 March 2028.
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