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    Bank Hybrids

    Would like to invest more in bank hybrids. Can you please suggest two or three that are long duration and best value at the moment. Would MM buy now or perhaps wait until after Easter when the market has at times fallen a little. Thanks as always, Geoff

    Answer

    Hi Geoff,

    Worth noting that at the end of April there will be ~$1.5bn paid back to holders of the CBAPH given they are not rolling this security. That should tighten the market further. At the longer end, three securities that screen well are:  AN3PK, WBCPK & CBAPM, but there is not a lot in it. The latest ANZ hybrid (AN3PL) listed yesterday and closed at $101.

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    Major Bank Hybrids – Yields to call (orange) & Margin over swap (black) – Source: Shaw and Partners
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