26/06/2024 09:29

Hybrids – A few things to keep across

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.

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21/03/2023 09:21

Is it time to look for opportunities as Hybrids scare investors?

As we all know by now Credit Suisse has been bought by UBS in a deal orchestrated and backed by the Swiss Government. Equity holders will receive shares in UBS at a level 89% below where they were trading just 12 months ago, however, this is more than holders of Credit Suisse Hybrids (called ‘Cocos’ in Europe which stands for Contingent Convertible Capital Instruments) will receive – they get zero in the deal.

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13/07/2022 10:29

Active Income Portfolio – Amendments

We are making a number of changes to the Income Portfolio.

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13/07/2022 09:37

Likely amendments for the MM Active Income Portfolio

While the portfolio has been resilient during the recent downturn in markets, staying in positive territory over the past 12 months, there are some tweaks we have been assessing over recent weeks to improve the composition of the portfolio further.

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08/06/2022 09:25

New National Bank Hybrid (NABPI)

This week NAB launched a new hybrid offer to refinance an existing note being the NABPD. The new note is the NAB Capital Notes 6 and will trade under code NABPI. They say they will raise $1bn with the opportunity to do more or less with the guided range of 3.15%-3.35% over the 90-day bank bill rate. At the lower end, this equates to 6.95% grossed for franking. Importantly, when quoting such a yield...

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