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BetaShares Active Australian Hybrids Fund (HBRD)

ASX.HBRD $10.14

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HBRD $10.14

20 MINUTE DELAYED

TODAY

0.00 %

1 YEAR RETURN

0.00%

VOLUME

504,115

DIV YIELD

PE RATIO

0.00

52 WEEK RANGE

10.03

10.23

ANALYSIS
OPINION
ACTION

ANALYSIS

Overview

SHARE PRICE ACTIVITY
Last (Price)	10.14
Change	0.00 (0.00)
Bid / Ask	10.13 - 10.15
Volume	504,115
Turnover	5,115,390
Open	10.15
Day Range	10.14 - 10.16
VWAP	10.15
Prev Close	10.14
Last Trade	05/12 4:10pm (AEST)

KEY INFORMATION
Sector
Shares Issued
NTA/Share	0.00
Last Dividend	0.05
Dividend Ex Date	02 DEC 2024
Dividend Pay Date	17 DEC 2024

CURRENT ()
Revenue
EBITDA
Profit
Earnings Per Share (EPS)	0
Dividend Per Share (DPS)	0
Yield %	0.00
Market Cap	0
Price to Earnings Ratio (P/E)	0

TARGET PRICE FORECAST

ESTIMATES ()
Revenue	0.00
EBITDA	0.00
Profit	0.00
Earnings Per Share (EPS)	0.00
Dividend Per Share (DPS)	0.00

BROKER CONSENSUS RECOMMENDATION

BUY

SELL

Target Price

0.00

Lt Growth Rate

0.00

Recommendation ()

0.00

OPINION

02/10/2024 09:30

Active Australian Hybrids Fund ETF (HBRD) $10.17

HBRD was traditionally a Hybrid portfolio, however in recent times, the manager, Coolabah Capital run by Chris Joye has moved more towards debt securities (senior & subordinated debt) holding the view that after a very good run for Hybrids, they have become relatively less attractive than lower risk debt.

17/04/2024 09:37

New Suncorp Hybrid – Capital Notes 5 (SUNPJ)

Yesterday, Suncorp announced a new hybrid offer launching the Capital Notes 5, looking to raise approx. $300m in Tier 1 equity through the deal. The offer includes a new money portion, though holders of Suncorp Capital Notes 2 (SUNPG) will also have the opportunity to roll and likely make up the bulk of the deal given the new offer is smaller (at this stage) than the $375m Capital Notes 2.

06/03/2024 09:16

New Hybrids

There has been a flurry of new issuance across the Hybrid market in recent months, starting with Westpac at the end of 2023, ANZ first off the mark in 2024, followed by Bendigo & Adelaide Bank & IAG more recently. All are typical Tier 1 hybrid securities with the usual conditions, something we wrote about here. Below, we’ve provided an overview of each.

20/12/2023 09:14

Hybrid Securities

The new Westpac Hybrid Note (WBCPM) came onto the market yesterday and closed at $101.60, an excellent start to trade, which highlights how margins have moved in the past few weeks. The 10th WBC Hybrid was issued on a margin of 3.1% over the 90-day bank bill rate.

22/11/2023 09:28

New Westpac Hybrid (WBCPM)

Westpac launched a new Hybrid on Monday to replace an existing security due to be called in July of 2024 (WBCPI). The new money book closed early due to demand and on the last book update, they had ~$3.4bn worth of bids for both new money and the reinvestment of the existing (WBCPI). They initially said they would raise $750m which is the usual line, however, we suspect they will print north of $1.5bn, given the existing WBCPI has $1.4bn on issue.

08/11/2023 09:19

New Westpac Hybrid deal expected

Media reports are suggesting a new hybrid security from Westpac will be launched next week to raise $1.5bn in tier 1 capital, around 18 months since they tapped the hybrid market under the Capital Notes 9 offer (WBCPL), which was issued at a margin of 3.40%. The deal will be used to replace an existing hybrid on issue, the Westpac Capital Notes 6 (WBCPJ) which is due to be called in July of 2024.

27/09/2023 09:07

Potential changes to Bank Hybrids – Should we be concerned?

APRA released a discussion paper last week looking at the current structure of tier 1 hybrid securities, with a specific focus on how they absorb losses in times of stress. There has been some press on this, with Chris Joye from Coolabah writing in the AFR on the topic here. There are multiple parts to this and a lot of water to go under the bridge until something might change, however, our initial thoughts are as follows, and sorry, it’s a bit dry!

ACTION

HBRD

UPDATED 30/10/2024 09:05

MM is now neutral on hybrids with spreads <2%

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HBRD

UPDATED 02/10/2024 10:22

MM is neutral on HBRD

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HBRD

UPDATED 18/09/2024 09:33

MM is still comfortable holding Hybrids for income

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HBRD

UPDATED 17/04/2024 16:57

MM remains bullish on Hybrids, though margins are at the bottom of the range

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HBRD

UPDATED 06/03/2024 08:58

MM continues to like select Hybrid securities

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HBRD

UPDATED 20/12/2023 15:29

MM remains a comfortable holder of major bank Hybrids

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HBRD

UPDATED 22/11/2023 16:42

MM likes the new WBCPM

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HBRD

UPDATED 08/11/2023 11:41

MM continues to like Hybrid securities which are now paying over 7.5% grossed for franking

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HBRD

UPDATED 27/09/2023 09:29

MM remains comfortable with our Tier 1 Bank Hybrids but will monitor future changes

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HBRD

UPDATED 26/07/2023 17:19

MM remains positive on Hybrids for a portion of the Income Portfolio

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BetaShares Active Australian Hybrids Fund (HBRD)

ASX.HBRD $10.14

14 DAYS FREE ACCESS

HBRD $10.14

PERFORMANCE

BROKER CALLS

BROKER CONSENSUS RECOMMENDATION

OPINION

Active Australian Hybrids Fund ETF (HBRD) $10.17

New Suncorp Hybrid – Capital Notes 5 (SUNPJ)

New Hybrids

Hybrid Securities

**New** Westpac Hybrid (WBCPM)

New Westpac Hybrid deal expected

Potential changes to Bank Hybrids – Should we be concerned?

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New Westpac Hybrid (WBCPM)