Fixed Interest Weekly
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- Ralph Armstrong
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1 Fixed Interest Weekly Table of Contents Debt Securities AGLHA - AGL Energy Subordinated Notes AMPHA - AMP Subordinated Notes II ANZHA - ANZ Subordinated Notes AQHHA - APA Subordinated Notes CTXHA - Caltex Subordinated Notes CWNHA - Crown Subordinated Notes CWNHB - Crown Subordinated Notes II NABHB - National Bank Subordinated Notes QUBHA - Qube Subordinated Notes SUNPD - Suncorp Subordinated Notes TTSHA - Tatts Bonds TAHHB - Tabcorp Subordinated Notes WBCHA - Westpac Subordinated Notes WBCHB - Westpac Subordinated Notes II Preference Shares / Capital Notes AMPPA - AMP Capital Notes ANZPC - ANZ Convertible Preference Shares III ANZPD - ANZ Capital Notes ANZPE - ANZ Capital Notes 2 ANZPF - ANZ Capital Notes 3 ANZPG - ANZ Capital Notes 4 BENHB - Bendigo Bank Income Security BENPD - Bendigo Bank CPS BENPE - Bendigo Bank CPS II BENPF - Bendigo Bank CPS III BOQPD - BOQ Convertible Preference Shares CBAPC - Commonwealth Bank Perls VI CBAPD - CommBank Perls VII CBAPE - CommBank Perls VIII CGFPA - Challenger Capital Notes ELDPA - Elders HYBRIDS GMPPA - Goodman PLUS IAGPC - IAG Convertible Preference Shares IANG - IAG Reset Exchangeable Securities MBLHB - Macquarie Income Securities MBLPA - Macquarie Bank Capital Notes MQGPA - Macquarie Capital Notes MQGPB - Macquarie Capital Notes NABHA - National Bank Income Securities NABPA - National Bank CPS NABPB - National Bank CPS II NABPC - National Bank Capital Notes NABPD - National Bank Capital Notes II NFNG - Nufarm Step-up Pref. Shares RHCPA - Ramsay CARES SBKHB - Suncorp Income Securities SUNPC - Suncorp Convertible Pref. Shares II SUNPE - Suncorp Convertible Pref. Shares III SVWPA - Seven Group Holdings TELYS4 WBCPC - Westpac Convertible Pref. Shares III WBCPD - Westpac Capital Notes WBCPE - Westpac Capital Notes II WBCPF - Westpac Capital Notes III WBCPG - Westpac Capital Notes IV IMPORTANT DISCLOSURES REGARDING COMPANIES THAT ARE THE SUBJECT OF THIS REPORT AND AN EXPLANATION OF RECOMMENDATIONS CAN BE FOUND AT THE END OF THIS DOCUMENT. MORGANS FINANCIAL LIMITED (A.B.N ) AFSL A PARTICIPANT OF ASX GROUP
2 24 February 217 AGL Energy Subordinated Notes Hybrid 3-Bbsw+3.8% Sub Step T-6-19 Last price A$15.5 Avg. Daily Turnover Fair value A$14.1 A$65m $.2m Fair margin 252 bp AGLHA.ASX Clean price: $13.73 Cash yield: 5.33% Gross yield: 5.33% Yield to call: 4.13% Implied sw ap: 2.5% Trading margin: 2.8% AGL Face Value: $1. Issue Date: 4 Apr 12 Call Date: 8 Jun 19 Term to Call: 2.3 years Maturity Date: 8 Jun 39 AGL Energy Limited (AGL) is an Australian integrated renew able energy company. AGL engaged in creating a sustainable energy future for investors, communities, and customers. AGL's pow er generation portfolio includes base, peaking and intermediate generation plants, w hich spread across both traditional thermal generation and renew able sources. The company operates in four segments: Retail Energy, Merchant Energy, Upstream Gas and Energy Investment. A significant generation portfolio w hich w ould benefit from an increase in w holesale electricity prices. The business is moving out of upstream gas exploration to focus on generation. AGL reported underlying 1H17 EBIT +5% to $685m and Underlying PAT +4% to $389m, due to strength in the w holesale electricity market and cost-outs offset by decline in gas margins. Underlying Operating CF -19% to Dist. Rate: 3.8% + 9d $699m, impacted by futures margin calls (to be offset by future benefit of rising w holesale prices) and low er collections. Franking: % Current coupon: 5.57% Next distribution: 8 Mar 17 Company Financials Ex distribution: 27 Feb 17 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Accrued: $1.32 Revenue (A$m) 7,454. 9, ,542. 1, ,15. Cash payment: $1.37 EBITDA (A$m) ,37.8 1,3. 1,221. 1,646. Gross payment: $1.37 NPAT (A$m) Deferrable: No Operating Cashflow (A$m) ,82. 1,119. Cumulative: Yes Gross Debt (A$m) 4, ,19. 3,714. 3,882. 3,18. Div. Stopper: No Total Equity (A$m) 7, ,339. 7,587. 8,86. 7,915. Debt / EBITDA 4.98x 2.38x 2.86x 3.18x 1.89x Financial Covenants EBITDA / Int Exp 8.76x 5.99x 5.99x 5.29x 8.76x Interest Cover: > 3.x Gearing (ND/E) 31.5% 36.% 37.7% 36.8% 3.3% Leverage ratio: < 4.x, FACTSET The AGL Notes are a subordinated note that pays quarterly, cumulative coupons based on a rate of 3.8% above the 9d BBSW. The security has a final maturity date of 8 June 239 but is redeemable by the issuer on the Step-up date of 8 June 219. If not redeemed on this date, the coupon rate w ill increase by.25% per annum. The security has been afforded equity credit by the rating agencies w hich w ill be lost if the security is left outstanding past the call date. While coupons are cumulative they are subject to payment tests and may be deferred in these tests are failed. Uncertain demand across in the national electricity market w ith poor customer demand and solar system installations remaining solid. Competition in the retail space w ith potential customer churn. $11 $18 $16 $14 $12 $1 $98 $96 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 Apr 15 Oct 15 Apr 16 Oct Weekly Volume (') (RHS)
3 24 February 217 AMP Subordinated Notes II Sub Bond 3-Bbsw+2.65% Cum Red T Last price A$13. Avg. Daily Turnover Fair value A$12.12 A$325m $.1m Fair margin 195 bp AMPHA.ASX Clean price: $12.7 Cash yield: 4.32% Gross yield: 4.32% Yield to call: 3.39% Implied sw ap: 1.96% Trading margin: 1.44% AMP Face Value: $1. Issue Date: 18 Dec 13 Call Date: 18 Dec 18 Term to Call: 1.8 years Maturity Date: 18 Dec 23 AMP Limited (AMP) is Australia and New Zealand's independent w ealth management company, w ith an international investment management business and a retail banking business in Australia. It serves customers in Australia, New Zealand, Asia, Europe, the Middle East and North America. A surplus capital position of $1.9m above the minimum regulatory requirements. An improving cost to income ratio and a bottoming of earnings in the life business. Increased competition from other w ealth managers and life insurance companies. Volatile equity markets persist and this may impact fee performance. AMP's result w as relatively clean, w ith Australian Wealth Protection (AWP) seeing only -A$1m in negative experience profits for the year and management believing AWP business improvement plans are delivering Dist. Rate: 2.65% + 9d results. AMP appears to have turned a corner and is benefitting from improving flow s. Franking: % Current coupon: 4.44% Next distribution: 2 Mar 17 Company Financials Ex distribution: 9 Mar 17 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Accrued: $.93 Net Interest Income (A$m) 5,651. 1, ,47. 13, ,459. Cash payment: $1.11 Reported NPAT (A$m) Gross payment: $1.11 Cash Earnings (A$m) Deferrable: No Cash EPS (A$) Cumulative: Yes Cost to Income Ratio N/A N/A N/A N/A N/A 84.% 77.% 8.% 73.% 75.% Core Tier 1 Capital Ratio N/A N/A N/A N/A N/A Security Features Tier 1 Ratio N/A N/A N/A N/A N/A CET: No Gearing (ND/E) 22.% 21.% 24.% 18.% 21.% Viability Trigger: Yes, FACTSET The AMP Notes II are a subordinated debt security w ith a call date of 18 December 218, w hen the Issuer may redeem the security. If the security is not redeemed early by the issuer it w ill mature on the maturity date of 18 December 223 w hen holders w ill receive $1. per security. The AMP Notes count as Tier 2 Regulatory Capital for the Issuer and contains a Non-Viability Trigger Event w hich could result in holders receiving less than $1. w orth of Ordinary Shares if triggered. $11 $18 $16 $ $12 $1 $98 $96 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec Weekly Volume (') (RHS)
4 24 February 217 AMP Capital Notes Cap Note 3-Bbsw+5.1% Perp Non-Cum Red T Last price A$17.99 Avg. Daily Turnover Fair value A$15.74 A$268m $.1m Fair margin 411 bp AMPPA.ASX REDUCE Clean price: $16.88 Cash yield: 4.47% Gross yield: 6.39% Yield to call: 6.7% Implied sw ap: 2.51% Trading margin: 3.56% AMP Face Value: $1. Issue Date: 3 Nov 15 Call Date: 22 Dec 21 Term to Call: 4.8 years AMP Limited (AMP) is Australia and New Zealand's independent w ealth management company, w ith an international investment management business and a retail banking business in Australia. It serves customers in Australia, New Zealand, Asia, Europe, the Middle East and North America. A surplus capital position of $1.9m above the minimum regulatory requirements. An improving cost to income ratio and a bottoming of earnings in the life business. Dist. Rate: 5.1% + 9d Franking: 8% Current coupon: 7.37% Next distribution: 22 Mar 17 Company Financials Ex distribution: 1 Mar 17 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Accrued: $1.11 Net Interest Income (A$m) 5,651. 1, ,47. 13, ,459. Cash payment: $1.35 Reported NPAT (A$m) Gross payment: $1.82 Cash Earnings (A$m) N/A N/A N/A N/A N/A 84.% 77.% 8.% 73.% 75.% Common Equity Tier 1 Capital Ratio N/A N/A N/A N/A N/A Security Features Total Tier 1 Capital Ratio N/A N/A N/A N/A N/A CET: No Total Capital Ratio 22.% 21.% 24.% 18.% 21.% Viability Trigger: Yes, FACTSET AMPPA is a Capital Note and w ill convert into AMP Ordinary Shares assuming the AMP share price is above $2.948 on the Mandatory Conversion Date (22 December 223). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem AMPPA for $1. per security on the Call Date of 22 December 221. AMPPA contains a Non-Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Increased competition from other w ealth managers and life insurance companies. Volatile equity markets persist and this may impact fee performance. AMP's result w as relatively clean, w ith Australian Wealth Protection (AWP) seeing only -A$1m in negative experience profits for the year and management believing AWP business improvement plans are delivering results. AMP appears to have turned a corner and is benefitting from improving flow s. $17 $15 $13 $11 $99 $97 $95 Dec 15 Jun 16 Dec Weekly Volume (') (RHS)
5 24 February 217 ANZ Subordinated Notes Sub Bond 3-Bbsw+2.75% Red T-6-17 Last price A$11.39 Avg. Daily Turnover Fair value A$11.31 A$1,59m $.6m Fair margin 123 bp ANZHA.ASX ADD Clean price: $1.45 Cash yield: 4.48% Gross yield: 4.48% Yield to call: 2.75% Implied sw ap: 1.78% Trading margin:.97% ANZ Face Value: $1. Issue Date: 2 Mar 12 Call Date: 2 Jun 17 Term to Call:.3 years Maturity Date: 2 Jun 22 ANZ Banking Group (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. ANZ operates in Australia, New Zealand, Asia Pacific region, the United Kingdom and the United States. ANZ main business divisions consist of Retail, Corporate and Commercial Banking, Global Wealth and International and Institutional Banking Division. A steady capital position. A stable balance sheet composition and good liquidity. Exposure to Asian economies (though this is reducing as assets are divested). Heightened regulatory risk follow ing the inquiry into the financial system. ANZ reported FY16 cash earnings of $5,889m, 1.5% higher than our forecast. Of the $278m pre-tax restructuring provision taken in FY16, $166m w as spent in FY16 and the remaining restructuring provision of Dist. Rate: 2.75% + 9d $112m w ill be utilised in FY17. The company's CET1 ratio sits at 9.6%. Franking: % Current coupon: 4.55% Next distribution: 2 Mar 17 Company Financials Ex distribution: 9 Mar 17 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16 Accrued: $.94 Net Interest Income (A$m) 12, , ,81. 14,616.. Cash payment: $1.12 Reported NPAT (A$m) 5,661. 6,31. 7,271. 7,493.. Gross payment: $1.12 Cash Earnings (A$m) 5,959. 6,5. 7,117. 7,215.. Deferrable: No Cash EPS (A$) Cumulative: Yes Cost to Income Ratio 46.3% 44.7% 44.3% 44.4% 5.6% 64.4% 71.4% 67.4% 69.2%.% Common Equity Tier 1 Capital Ratio 8.8% 8.48% 8.79% 9.6% 9.6% Security Features Total Tier 1 Capital Ratio 1.8% 1.37% 1.68% 11.3% 11.8% CET: No Total Capital Ratio 12.2% 12.19% 12.65% 13.3% 14.35% Viability Trigger: No, FACTSET ANZHA is a Subordinated Note w ith a Call Date of 2 June 217 and a final Maturity Date of 2 June 222. The security pays unfranked coupons based on a rate of 2.75% above the 9d BBSW. Coupons are Cumulative as w ell in the unlikely event of non-payment. The Security does not contain Common Equity Capital or Non-Viability Triggers. $11 $18 $16 $14 $12 $1 $98 $96 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep Weekly Volume (') (RHS)
6 24 February 217 ANZ Convertible Preference Shares III Cnv Pref 6-Bbsw+3.1% Perp Sub Non-Cum T-9-19 Last price A$1.8 Avg. Daily Turnover Fair value A$99.79 A$1,34m $.5m Fair margin 338 bp ANZPC.ASX Clean price: $1.88 Cash yield: 3.4% Gross yield: 4.86% Yield to call: 3.5% Implied sw ap: 1.67% Trading margin: 1.38% ANZ Face Value: $1. Issue Date: 28 Sep 11 Call Date: 1 Sep 17 Term to Call:.5 years ANZ Banking Group (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. ANZ operates in Australia, New Zealand, Asia Pacific region, the United Kingdom and the United States. ANZ main business divisions consist of Retail, Corporate and Commercial Banking, Global Wealth and International and Institutional Banking Division. A steady capital position. A stable balance sheet composition and good liquidity. Dist. Rate: 3.1% + 18d Payable: Semi-annual Franking: 1% Current coupon: 5.42% Next distribution: 1 Mar 17 Company Financials Ex distribution: Ex-dist Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Accrued: -$.7 Net Interest Income (A$m) 11, , , ,81. 14,616. Cash payment: $. Reported NPAT (A$m) 5,355. 5,661. 6,31. 7,271. 7,493. Gross payment: $. Cash Earnings (A$m) 5,594. 5,959. 6,5. 7,117. 7, % 46.3% 44.7% 44.3% 44.4% 64.2% 64.4% 71.4% 67.4% 69.2% Common Equity Tier 1 Capital Ratio 8.5% 8.8% 8.48% 8.79% 9.6% Security Features Total Tier 1 Capital Ratio 1.9% 1.8% 1.37% 1.68% 11.3% CET: No Total Capital Ratio 12.1% 12.2% 12.19% 12.65% 13.3% Viability Trigger: Yes, FACTSET ANZPC is a Mandatory Convertible Security and w ill convert into ANZ Ordinary Shares assuming the ANZ share price is above $1.94 on the Mandatory Conversion Date (1 September 219). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem ANZPC for $1. per security on the Call Date of 1 September 217. ANZPC contains a Non-Viability Trigger Event w hich could result in holders receiving less than $1. w orth of Ordinary Shares if triggered. Exposure to Asian economies (though this is reducing as assets are divested). Heightened regulatory risk follow ing the inquiry into the financial system. ANZ reported FY16 cash earnings of $5,889m, 1.5% higher than our forecast. Of the $278m pre-tax restructuring provision taken in FY16, $166m w as spent in FY16 and the remaining restructuring provision of $112m w ill be utilised in FY17. The company's CET1 ratio sits at 9.6%. $ $ $1 8 6 $ $9 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Weekly Volume (') (RHS)
7 24 February 217 ANZ Capital Notes Cap Note 6-Bbsw+3.4% Perp Non-Cum Red T-9-21 Last price A$98.41 Avg. Daily Turnover Fair value A$98.7 A$1,12m $.4m Fair margin 39 bp ANZPD.ASX Clean price: $98.49 Cash yield: 3.7% Gross yield: 5.28% Yield to call: 6.27% Implied sw ap: 2.46% Trading margin: 3.81% ANZ Face Value: $1. Issue Date: 7 Aug 13 Call Date: 1 Sep 21 Term to Call: 4.5 years ANZ Banking Group (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. ANZ operates in Australia, New Zealand, Asia Pacific region, the United Kingdom and the United States. ANZ main business divisions consist of Retail, Corporate and Commercial Banking, Global Wealth and International and Institutional Banking Division. A steady capital position. A stable balance sheet composition and good liquidity. Dist. Rate: 3.4% + 18d Payable: Semi-annual Franking: 1% Current coupon: 5.72% Next distribution: 1 Mar 17 Company Financials Ex distribution: Ex-dist Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Accrued: -$.8 Net Interest Income (A$m) 11, , , ,81. 14,616. Cash payment: $. Reported NPAT (A$m) 5,355. 5,661. 6,31. 7,271. 7,493. Gross payment: $. Cash Earnings (A$m) 5,594. 5,959. 6,5. 7,117. 7, % 46.3% 44.7% 44.3% 44.4% 64.2% 64.4% 71.4% 67.4% 69.2% Common Equity Tier 1 Capital Ratio 8.5% 8.8% 8.48% 8.79% 9.6% Security Features Total Tier 1 Capital Ratio 1.9% 1.8% 1.37% 1.68% 11.3% CET: Yes Total Capital Ratio 12.1% 12.2% 12.19% 12.65% 13.3% Viability Trigger: Yes, FACTSET ANZPD is a Mandatory Convertible Security and w ill convert into ANZ Ordinary Shares assuming the ANZ share price is above $16.33 on the Mandatory Conversion Date (1 September 223). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem ANZPD for $1. per security on the Call Date of 1 September 221. ANZPD contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Exposure to Asian economies (though this is reducing as assets are divested). Heightened regulatory risk follow ing the inquiry into the financial system. ANZ reported FY16 cash earnings of $5,889m, 1.5% higher than our forecast. Of the $278m pre-tax restructuring provision taken in FY16, $166m w as spent in FY16 and the remaining restructuring provision of $112m w ill be utilised in FY17. The company's CET1 ratio sits at 9.6%. $ $15 $1 $ $9 Aug 13 Feb 14 Aug 14 Feb 15 Aug 15 Feb 16 Aug 16 Feb 17 Weekly Volume (') (RHS)
8 24 February 217 ANZ Capital Notes 2 Cap Note 6-Bbsw+3.25% Perp Non-Cum Red T-3-22 Last price A$99.5 Avg. Daily Turnover Fair value A$99.23 A$1,16m $.6m Fair margin 395 bp ANZPE.ASX Clean price: $97.91 Cash yield: 3.55% Gross yield: 5.7% Yield to call: 6.44% Implied sw ap: 2.55% Trading margin: 3.89% ANZ Face Value: $1. Issue Date: 31 Mar 14 Call Date: 24 Mar 22 Term to Call: 5.1 years ANZ Banking Group (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. ANZ operates in Australia, New Zealand, Asia Pacific region, the United Kingdom and the United States. ANZ main business divisions consist of Retail, Corporate and Commercial Banking, Global Wealth and International and Institutional Banking Division. A steady capital position. A stable balance sheet composition and good liquidity. Exposure to Asian economies (though this is reducing as assets are divested). Heightened regulatory risk follow ing the inquiry into the financial system. ANZ reported FY16 cash earnings of $5,889m, 1.5% higher than our forecast. Of the $278m pre-tax restructuring provision taken in FY16, $166m w as spent in FY16 and the remaining restructuring provision of Dist. Rate: 3.25% + 18d $112m w ill be utilised in FY17. The company's CET1 ratio sits at 9.6%. Payable: Semi-annual Franking: 1% Current coupon: 5.86% Next distribution: 24 Mar 17 Company Financials Ex distribution: 15 Mar 17 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Accrued: $1.59 Net Interest Income (A$m) 11, , , ,81. 14,616. Cash payment: $1.79 Reported NPAT (A$m) 5,355. 5,661. 6,31. 7,271. 7,493. Gross payment: $2.56 Cash Earnings (A$m) 5,594. 5,959. 6,5. 7,117. 7, % 46.3% 44.7% 44.3% 44.4% 64.2% 64.4% 71.4% 67.4% 69.2% Common Equity Tier 1 Capital Ratio 8.5% 8.8% 8.48% 8.79% 9.6% Security Features Total Tier 1 Capital Ratio 1.9% 1.8% 1.37% 1.68% 11.3% CET: Yes Total Capital Ratio 12.1% 12.2% 12.19% 12.65% 13.3% Viability Trigger: Yes, FACTSET ANZPE is a Capital Note and w ill convert into ANZ Ordinary Shares assuming the ANZ share price is above $18.9 on the Mandatory Conversion Date (24 March 224). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem ANZPE for $1. per security on the Call Date of 24 March 222. ANZPE contains both Common Equity and Non-Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. $11 25 $16 $12 $98 $94 $ $86 Apr 14 Oct 14 Apr 15 Oct 15 Apr 16 Oct 16 Weekly Volume (') (RHS)
9 24 February 217 ANZ Capital Notes 3 Cap Note 6-Bbsw+3.6% Perp Non-Cum Red T-3-23 Last price A$1.98 Avg. Daily Turnover Fair value A$99.88 A$97m $.4m Fair margin 47 bp ANZPF.ASX Clean price: $99.28 Cash yield: 3.74% Gross yield: 5.34% Yield to call: 6.53% Implied sw ap: 2.7% Trading margin: 3.84% ANZ Face Value: $1. Issue Date: 5 Mar 15 Call Date: 24 Mar 23 Term to Call: 6.1 years ANZ Banking Group (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. ANZ operates in Australia, New Zealand, Asia Pacific region, the United Kingdom and the United States. ANZ main business divisions consist of Retail, Corporate and Commercial Banking, Global Wealth and International and Institutional Banking Division. A steady capital position. A stable balance sheet composition and good liquidity. Dist. Rate: 3.6% + 18d Payable: Semi-annual Franking: 1% Current coupon: 5.98% Next distribution: 24 Mar 17 Company Financials Ex distribution: 15 Mar 17 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Accrued: $1.7 Net Interest Income (A$m) 11, , , ,81. 14,616. Cash payment: $1.91 Reported NPAT (A$m) 5,355. 5,661. 6,31. 7,271. 7,493. Gross payment: $2.73 Cash Earnings (A$m) 5,594. 5,959. 6,5. 7,117. 7, % 46.3% 44.7% 44.3% 44.4% 64.2% 64.4% 71.4% 67.4% 69.2% Common Equity Tier 1 Capital Ratio 8.5% 8.8% 8.48% 8.79% 9.6% Security Features Total Tier 1 Capital Ratio 1.9% 1.8% 1.37% 1.68% 11.3% CET: Yes Total Capital Ratio 12.1% 12.2% 12.19% 12.65% 13.3% Viability Trigger: Yes, FACTSET ANZPF is a Capital Note and w ill convert into ANZ Ordinary Shares assuming the ANZ share price is above the required level on the Mandatory Conversion Date (24 March 225). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem ANZPF for $1. per security on the Call Date of 24 March 223. ANZPF contains both Common Equity and Non-Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Exposure to Asian economies (though this is reducing as assets are divested). Heightened regulatory risk follow ing the inquiry into the financial system. ANZ reported FY16 cash earnings of $5,889m, 1.5% higher than our forecast. Of the $278m pre-tax restructuring provision taken in FY16, $166m w as spent in FY16 and the remaining restructuring provision of $112m w ill be utilised in FY17. The company's CET1 ratio sits at 9.6%. $16 $12 $98 $94 $9 $86 Mar 15 Sep 15 Mar 16 Sep Weekly Volume (') (RHS)
10 24 February 217 ANZ Capital Notes 4 Cap Note 3-Bbsw+4.7% Perp Non-Cum Red T-3-24 Last price A$14.5 Avg. Daily Turnover Fair value A$14.39 A$1,622m $.6m Fair margin 421 bp ANZPG.ASX Clean price: $13.57 Cash yield: 4.35% Gross yield: 6.22% Yield to call: 7.1% Implied sw ap: 2.82% Trading margin: 4.19% ANZ Face Value: $1. Issue Date: 27 Sep 16 Call Date: 2 Mar 24 Term to Call: 7.1 years ANZ Banking Group (ANZ) provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. ANZ operates in Australia, New Zealand, Asia Pacific region, the United Kingdom and the United States. ANZ main business divisions consist of Retail, Corporate and Commercial Banking, Global Wealth and International and Institutional Banking Division. A steady capital position. A stable balance sheet composition and good liquidity. Dist. Rate: 4.7% + 9d Franking: 1% Current coupon: 6.45% Next distribution: 2 Mar 17 Company Financials Ex distribution: 9 Mar 17 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Accrued: $.93 Net Interest Income (A$m) 11, , , ,81. 14,616. Cash payment: $1.11 Reported NPAT (A$m) 5,355. 5,661. 6,31. 7,271. 7,493. Gross payment: $1.59 Cash Earnings (A$m) 5,594. 5,959. 6,5. 7,117. 7, % 46.3% 44.7% 44.3% 44.4% 64.2% 64.4% 71.4% 67.4% 69.2% Common Equity Tier 1 Capital Ratio 8.5% 8.8% 8.5% 8.8% 9.6% Security Features Total Tier 1 Capital Ratio 1.9% 1.8% 1.4% 1.7% 11.3% CET: Yes Total Capital Ratio 12.1% 12.2% 12.2% 12.7% 13.3% Viability Trigger: Yes, FACTSET ANZPG is a Capital Note and w ill convert into ANZ Ordinary Shares assuming the ANZ share price is above the required level on the Mandatory Conversion Date (24 March 226). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem ANZPG for $1. per security on the Call Date of 24 March 224. ANZPG contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Exposure to Asian economies (though this is reducing as assets are divested). Heightened regulatory risk follow ing the inquiry into the financial system. ANZ reported FY16 cash earnings of $5,889m, 1.5% higher than our forecast. Of the $278m pre-tax restructuring provision taken in FY16, $166m w as spent in FY16 and the remaining restructuring provision of $112m w ill be utilised in FY17. The company's CET1 ratio sits at 9.6%. $15 $13 $11 $99 $97 $95 $93 $91 $89 $87 $85 Sep 16Oct 16Oct 16Oct 16Oct 16Oct 16Nov 16Nov 16Nov 16Nov 16Nov 16Dec 16Dec 16Dec 16Dec 16Dec 16Jan 17Jan 17Jan 17Jan 17Jan 17Feb 17Feb 17Feb 17Feb Weekly Volume (') (RHS)
11 24 February 217 APA Subordinated Notes Hybrid 3-Bbsw+4.5% Sub Cum Red T-3-18 Last price A$13.68 Avg. Daily Turnover Fair value A$13.8 A$515m $.2m Fair margin 257 bp AQHHA.ASX Clean price: $12.62 Cash yield: 6.7% Gross yield: 6.7% Yield to call: 3.79% Implied sw ap: 1.8% Trading margin: 1.99% APA Face Value: $1. Issue Date: 18 Sep 12 Call Date: 31 Mar 18 Term to Call: 1.1 years Maturity Date: 3 Sep 72 APA Group (APA), comprising the Australian Pipeline Trust and APT Investment Trust, ow ns Australia s largest natural gas distribution and storage infrastructure netw ork, constituting mainly gas transmission and distribution, mostly servicing pow er generation, industrial, and commercial customers. A strong position in the domestic gas transition market w ith scope to expand this further via acquisitions. A history of grow ing profit and beating market expectations and guidance. Regulatory resets occuring over the coming years w hich may impact the rates of return afforded to the company. Potential increased leverage to partially fund any future acquisition. 2H16 EBITDA increased 58% on pcp, in-line w ith forecast. Grow th w as driven by acquisitions (LNG pipeline, Mt Isa pow er stations) and also by ramp-up of earnings from organic grow th investment (WA, QLD). EBITDA grow th offset by higher debt service drove a 42% increase in 2H16 Operating CF. Key credit metrics improved meaningfully. Dist. Rate: 4.5% + 9d Franking: % Current coupon: 6.3% Next distribution: 31 Mar 17 Company Financials Ex distribution: 22 Mar 17 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Accrued: $1.6 Revenue (A$m) 1,9.2 1,24.9 1, ,53. 2,59.8 Cash payment: $1.55 EBITDA (A$m) ,299.7 Gross payment: $1.55 NPAT (A$m) Deferrable: Yes Operating Cashflow (A$m) Cumulative: Yes Gross Debt (A$m) 2,95.9 4, ,78.3 9,35.9 9,724.2 Div. Stopper: Yes Total Equity (A$m) 1,614. 2, , , ,29.1 Debt / EBITDA 6.4x 7.x 6.96x 11.69x 7.48x Financial Covenants EBITDA / Int Exp 2.x 1.89x 2.9x 2.6x 2.52x Interest Cover: N/A Gearing (ND/E) 159.6% 167.9% 187.7% 22.4% 238.4% Leverage ratio: N/A, FACTSET The securities have an initial call date of 31 March 218, a Step-up date of 31 March 238 and a final maturity date of 3 September 272. The notes are redeemable on the call date and every coupon date thereafter. Coupons are cumulative, unfranked and floating rate based on a Margin of 4.5% above the 9 day BBSW. $11 $18 $16 $14 $12 $1 $98 $96 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep Weekly Volume (') (RHS)
12 24 February 217 Bendigo Bank Income Security Hybrid 3-Bbsw+1.% Perp Sub Cum Red Last price A$7. Avg. Daily Turnover Fair value A$64.54 A$35m $.m Fair margin 439 bp BENHB.ASX REDUCE Clean price: $7.5 Cash yield: 4.% Gross yield: 4.% Yield to call: N/A Implied sw ap: N/A Trading margin: N/A BEN Face Value: $1. Issue Date: 8 Jul 99 Call Date: N/A Term to Call: N/A Bendigo and Adelaide Bank Limited (BEN) a broad range of banking and other financial services including consumer, residential, business and commercial lending, deposit taking, payments services, w ealth management, funds management and superannuation, treasury and foreign exchange services. The Group conducts its activities solely in Australia. BEN is progressing w ell as it seeks to achieve Advanced Accreditation. BEN's CET1 ratio now sits at 8.17%. Margins look to have peaked, w ith the tailw ind from deposit pricing beginning to w ane. There remains stiff competition for loans and deposits and there is regulatory uncertainty for financial institutions. BEN's full year 215 cash earnings w ere $432.4m w ith the company's CET1 ratio sitting at 8.17%. The total capital ratio increased to 12.57% w hile the net interest margin declined 4bp on the prior year to 2.2%. Dist. Rate: 1.% + 9d Franking: % Current coupon: 2.99% Next distribution: 2 Mar 17 Company Financials Ex distribution: Ex-dist Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Accrued: -$.5 Net Interest Income (A$m) ,28. 1,118. 1,184.1 Cash payment: $. Reported NPAT (A$m) Gross payment: $. Cash Earnings (A$m) % 59.7% 57.7% 55.9% 55.2% 65.% 71.2% 71.4% 7.% 69.4% Common Equity Tier 1 Capital Ratio 6.8% 7.4% 7.8% 8.7% 8.2% Security Features Total Tier 1 Capital Ratio 7.8% 8.4% 9.3% 1.% 1.6% CET: No Total Capital Ratio 1.6% 1.4% 1.7% 12.3% 12.6% Viability Trigger: No, FACTSET BENHB is a perpetual income security that pays investors non-cumulative distributions based on a rate of 1.% above the 9d BBSW. The issuer has previously undertaken off-market buy-backs of the security. $11 $1 $9 $8 $7 $6 $5 $4 Oct 8 Oct 9 Oct 1 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct Weekly Volume (') (RHS)
13 24 February 217 Bendigo Bank CPS Cnv Pref 6-Bbsw+5.% Perp Non-Cum Red T Last price A$13.35 Avg. Daily Turnover Fair value A$12.37 A$269m $.1m Fair margin 385 bp BENPD.ASX Clean price: $12.27 Cash yield: 4.6% Gross yield: 6.58% Yield to call: 4.32% Implied sw ap: 1.74% Trading margin: 2.59% BEN Face Value: $1. Issue Date: 1 Nov 12 Call Date: 13 Dec 17 Term to Call:.8 years Bendigo and Adelaide Bank Limited (BEN) a broad range of banking and other financial services including consumer, residential, business and commercial lending, deposit taking, payments services, w ealth management, funds management and superannuation, treasury and foreign exchange services. The Group conducts its activities solely in Australia. BEN is progressing w ell as it seeks to achieve Advanced Accreditation. BEN's CET1 ratio now sits at 8.17%. Dist. Rate: 5.% + 18d Payable: Semi-annual Franking: 1% Current coupon: 7.26% Next distribution: 13 Jun 17 Company Financials Ex distribution: 25 May 17 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Accrued: $1.8 Net Interest Income (A$m) ,28. 1,118. 1,184.1 Cash payment: $2.44 Reported NPAT (A$m) Gross payment: $3.49 Cash Earnings (A$m) % 59.7% 57.7% 55.9% 55.2% 65.% 71.2% 71.4% 7.% 69.4% Common Equity Tier 1 Capital Ratio 6.8% 7.4% 7.8% 8.7% 8.2% Security Features Total Tier 1 Capital Ratio 7.8% 8.4% 9.3% 1.% 1.6% CET: Yes Total Capital Ratio 1.6% 1.4% 1.7% 12.3% 12.6% Viability Trigger: Yes, FACTSET BENPD is a Mandatory Convertible Security and w ill convert into BEN Ordinary Shares assuming the BEN share price is above $4.47 on the Mandatory Conversion Date (13 December 219). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem BENPD for $1. per security on the Call Date of 13 December 217. BENPD contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Margins look to have peaked, w ith the tailw ind from deposit pricing beginning to w ane. There remains stiff competition for loans and deposits and there is regulatory uncertainty for financial institutions. BEN's full year 215 cash earnings w ere $432.4m w ith the company's CET1 ratio sitting at 8.17%. The total capital ratio increased to 12.57% w hile the net interest margin declined 4bp on the prior year to 2.2%. $19 $17 $15 $13 $11 $99 $97 $95 Nov 12 May 13 Nov 13 May 14 Nov 14 May 15 Nov 15 May 16 Nov Weekly Volume (') (RHS)
14 24 February 217 Bendigo Bank CPS II Cnv Pref 6-Bbsw+3.2% Perp Non-Cum Red T-11-2 Last price A$98.7 Avg. Daily Turnover Fair value A$98.7 A$292m $.1m Fair margin 418 bp BENPE.ASX Clean price: $97.78 Cash yield: 3.54% Gross yield: 5.6% Yield to call: 6.32% Implied sw ap: 2.33% Trading margin: 3.98% BEN Face Value: $1. Issue Date: 1 Oct 14 Call Date: 3 Nov 2 Term to Call: 3.8 years Bendigo and Adelaide Bank Limited (BEN) a broad range of banking and other financial services including consumer, residential, business and commercial lending, deposit taking, payments services, w ealth management, funds management and superannuation, treasury and foreign exchange services. The Group conducts its activities solely in Australia. BEN is progressing w ell as it seeks to achieve Advanced Accreditation. BEN's CET1 ratio now sits at 8.17%. Margins look to have peaked, w ith the tailw ind from deposit pricing beginning to w ane. There remains stiff competition for loans and deposits and there is regulatory uncertainty for financial institutions. BEN's full year 215 cash earnings w ere $432.4m w ith the company's CET1 ratio sitting at 8.17%. The total capital ratio increased to 12.57% w hile the net interest margin declined 4bp on the prior year to 2.2%. Dist. Rate: 3.2% + 18d Payable: Semi-annual Franking: 1% Current coupon: 5.43% Next distribution: 3 May 17 Company Financials Ex distribution: 17 May 17 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Accrued: $.92 Net Interest Income (A$m) ,28. 1,118. 1,184.1 Cash payment: $1.81 Reported NPAT (A$m) Gross payment: $2.58 Cash Earnings (A$m) % 59.7% 57.7% 55.9% 55.2% 65.% 71.2% 71.4% 7.% 69.4% Common Equity Tier 1 Capital Ratio 6.8% 7.4% 7.8% 8.7% 8.2% Security Features Total Tier 1 Capital Ratio 7.8% 8.4% 9.3% 1.% 1.6% CET: Yes Total Capital Ratio 1.6% 1.4% 1.7% 12.3% 12.6% Viability Trigger: Yes, FACTSET BENPE is a Mandatory Convertible Security and w ill convert into BEN Ordinary Shares assuming the BEN share price is above $6.4 on the Mandatory Conversion Date (3 November 222). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem BENPE for $1. per security on the Call Date of 3 November 22. BENPE contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. $14 $12 $1 $98 $96 $94 $92 $ $88 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Weekly Volume (') (RHS)
15 24 February 217 Bendigo Bank CPS III Cnv Pref 6-Bbsw+4.% Perp Non-Cum Red T-6-21 Last price A$1.51 Avg. Daily Turnover Fair value A$1.48 A$282m $.1m Fair margin 427 bp BENPF.ASX REDUCE Clean price: $99.7 Cash yield: 4.4% Gross yield: 5.77% Yield to call: 6.48% Implied sw ap: 2.43% Trading margin: 4.5% Bendigo and Adelaide Bank Limited (BEN) a broad range of banking and other financial services including consumer, residential, business and commercial lending, deposit taking, payments services, w ealth management, funds management and superannuation, treasury and foreign exchange services. The Group conducts its activities solely in Australia. BEN BEN is progressing w ell as it seeks to achieve Advanced Accreditation. Margins look to have peaked, w ith the tailw ind from deposit pricing beginning to w ane. Face Value: $1. BEN's CET1 ratio now sits at 8.17%. There remains stiff competition for loans and Issue Date: 15 Jun 15 deposits and there is regulatory uncertainty for Call Date: 15 Jun 21 financial institutions. Term to Call: 4.3 years BEN's full year 215 cash earnings w ere $432.4m w ith the company's CET1 ratio sitting at 8.17%. The total capital ratio increased to 12.57% w hile the net interest margin declined 4bp on the prior year to 2.2%. Dist. Rate: 4.% + 18d Payable: Semi-annual Franking: 1% Current coupon: 6.26% Next distribution: 15 Jun 17 Company Financials Ex distribution: 1 Jun 17 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Accrued: $.82 Net Interest Income (A$m) ,28. 1,118. 1,184.1 Cash payment: $2.9 Reported NPAT (A$m) Gross payment: $2.99 Cash Earnings (A$m) % 59.7% 57.7% 55.9% 55.2% 65.% 71.2% 71.4% 7.% 69.4% Common Equity Tier 1 Capital Ratio 6.8% 7.4% 7.8% 8.7% 8.2% Security Features Total Tier 1 Capital Ratio 7.8% 8.4% 9.3% 1.% 1.6% CET: Yes Total Capital Ratio 1.6% 1.4% 1.7% 12.3% 12.6% Viability Trigger: Yes, FACTSET BENPF is a Mandatory Convertible Security and w ill convert into BEN Ordinary Shares assuming the BEN share price is above $6.5 on the Mandatory Conversion Date (15 June 223). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem BENPF for $1. per security on the Call Date of 15 June 221. BENPF contains both Common Equity and Non-Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. $ $15 $1 $ $9 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Weekly Volume (') (RHS)
16 24 February 217 BOQ Convertible Preference Shares Cnv Pref 6-Bbsw+5.1% Perp Non-Cum Red T-4-2 Last price A$15.1 Avg. Daily Turnover Fair value A$14.4 A$3m $.1m Fair margin 388 bp BOQPD.ASX Clean price: $13.6 Cash yield: 4.59% Gross yield: 6.56% Yield to call: 4.72% Implied sw ap: 1.81% Trading margin: 2.91% BOQ Face Value: $1. Issue Date: 21 Dec 12 Call Date: 15 Apr 18 Term to Call: 1.1 years Bank of Queensland Limited (BOQ) is a financial institution offering core banking (commercial/retail) services, equipment finance, w ealth management and insurance. BOQ uses its unique concept of the Ow ner-managed Branch (OMB), w hich is a partnership betw een the Bank of Queensland (franchisor) and experienced bank managers (franchisees) to provide banking services. Margins continue to improve due to credit rating upgades and low er cost funding. Low er loan impairment expenses. Dist. Rate: 5.1% + 18d Payable: Semi-annual Franking: 1% Current coupon: 7.36% Next distribution: 15 Apr 17 Company Financials Ex distribution: 3 Mar 17 Aug 11 Aug 12 Aug 13 Aug 14 Aug 15 Accrued: $2.4 Net Interest Income (A$m) 2,677. 2,596. 2,33. 2,117. 2,231. Cash payment: $2.57 Reported NPAT (A$m) Gross payment: $3.67 Cash Earnings (A$m) % 45.7% 44.3% 43.9% 46.% 71.1% 735.7% 73.3% 73.7% 73.% Common Equity Tier 1 Capital Ratio 7.4% 8.5% 8.6% 8.7% 8.9% Security Features Total Tier 1 Capital Ratio 8.4% 9.5% 1.% 9.9% 12.7% CET: Yes Total Capital Ratio 11.4% 12.6% 12.2% 12.1%.% Viability Trigger: Yes, FACTSET BOQPD is a Mandatory Convertible Security and w ill convert into BOQ Ordinary Shares assuming the BOQ share price is above $4.47 on the Mandatory Conversion Date (15 April 22). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem BOQPD for $1. per security on the Call Date of 15 April 218. BOQPD contains both Common Equity and Non-Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Overall loan grow th continues to be sluggish, w ith commercial lending outgrow ing retail. Heightened regulatory risk follow ing the inquiry into the financial system. BOQ's FY15 NPAT w as up 22% and came in at $318m. A strong net interest margin w as again show cased, w hich w as up 15bp to 1.97%. Capital continued to increase w ith CET1 sitting at 8.91%, up from 8.6% in the prior year w hile the total capital adequacy ratio also increased to % a 7bps gain from 12.2% In Aug- 14. $19 $17 $15 $13 $11 $99 $97 $95 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec Weekly Volume (') (RHS)
17 24 February 217 Commonwealth Bank Perls VI Cap Note 3-Bbsw+3.8% Perp Non-Cum Red T-12-2 Last price A$12.94 Avg. Daily Turnover Fair value A$11.35 A$2,m $.8m Fair margin 37 bp CBAPC.ASX Clean price: $12.1 Cash yield: 3.81% Gross yield: 5.44% Yield to call: 4.71% Implied sw ap: 1.95% Trading margin: 2.75% CBA Face Value: $1. Issue Date: 17 Oct 12 Call Date: 15 Dec 18 Term to Call: 1.8 years The Commonw ealth Bank of Australia (CBA) is one of the country s largest retail banks. Its core business is the provision of a broad range of banking and financial products and services to retail, small business, corporate and institutional clients. CBA conducts its operations primarily in Australia, New Zealand and Asia Pacific region. It also operates in several countries including United Kingdom and USA. Strong deposit funding as a percentage of total funding. Solid capital position relative to domestic and international peers. Dist. Rate: 3.8% + 9d Franking: 1% Current coupon: 5.96% Next distribution: 15 Mar 17 Company Financials Ex distribution: 6 Mar 17 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Accrued: $.84 Net Interest Income (A$m) 13, , ,91. 15, ,935. Cash payment: $.96 Reported NPAT (A$m) 7,9. 7,677. 8,631. 9,63. 9,227. Gross payment: $1.37 Cash Earnings (A$m) 7,71. 7,779. 8,635. 9,85. 9, % 43.3% 42.4% 42.4% 42.1% 74.3% 75.5% 74.8% 74.9% 76.% Common Equity Tier 1 Capital Ratio 7.8% 8.2% 9.3% 9.1% 1.6% Security Features Total Tier 1 Capital Ratio 1.% 1.2% 11.1% 11.2% 12.3% CET: Yes Total Capital Ratio 11.% 11.2% 12.% 12.7% 14.3% Viability Trigger: Yes, FACTSET CBAPC is a Mandatory Convertible Security and w ill convert into CBA Ordinary Shares assuming the CBA share price is above $31.41 on the Mandatory Conversion Date (15 December 22). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem CBAPC for $1. per security on the Call Date of 15 December 218. CBAPC contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Heightened regulatory risk follow ing the inquiry into the financial system. Expected requirement for increased capital levels. CBA has reported FY16 cash earnings of $9.45bn, 1.6% low er than our forecast. The earnings miss is due to a soft insurance result and softness in banking noninterest income. The company has a strong CET1 ratio of 1.6% and a Total Capital ratio of 14.3%. $11 $18 $16 $14 $12 $1 $98 $96 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 Apr 15 Oct 15 Apr 16 Oct Weekly Volume (') (RHS)
18 24 February 217 CommBank Perls VII Cap Note 3-Bbsw+2.8% Perp Non-Cum Red T Last price A$95.3 Avg. Daily Turnover Fair value A$95.41 A$3,m $.11m Fair margin 44 bp CBAPD.ASX Clean price: $94.61 Cash yield: 3.38% Gross yield: 4.82% Yield to call: 6.72% Implied sw ap: 2.66% Trading margin: 4.6% CBA Face Value: $1. Issue Date: 1 Oct 14 Call Date: 15 Dec 22 Term to Call: 5.8 years The Commonw ealth Bank of Australia (CBA) is one of the country s largest retail banks. Its core business is the provision of a broad range of banking and financial products and services to retail, small business, corporate and institutional clients. CBA conducts its operations primarily in Australia, New Zealand and Asia Pacific region. It also operates in several countries including United Kingdom and USA. Strong deposit funding as a percentage of total funding. Solid capital position relative to domestic and international peers. Heightened regulatory risk follow ing the inquiry into the financial system. Expected requirement for increased capital levels. CBA has reported FY16 cash earnings of $9.45bn, 1.6% low er than our forecast. The earnings miss is due to a soft insurance result and softness in banking noninterest income. The company has a strong CET1 ratio of Dist. Rate: 2.8% + 9d 1.6% and a Total Capital ratio of 14.3%. Franking: 1% Current coupon: 4.96% Next distribution: 15 Mar 17 Company Financials Ex distribution: 6 Mar 17 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Accrued: $.69 Net Interest Income (A$m) 13, , ,91. 15, ,935. Cash payment: $.79 Reported NPAT (A$m) 7,9. 7,677. 8,631. 9,63. 9,227. Gross payment: $1.13 Cash Earnings (A$m) 7,71. 7,779. 8,635. 9,85. 9, % 43.3% 42.4% 42.4% 42.1% 74.3% 75.5% 74.8% 74.9% 76.% Common Equity Tier 1 Capital Ratio 7.8% 8.2% 9.3% 9.1% 1.6% Security Features Total Tier 1 Capital Ratio 1.% 1.2% 11.1% 11.2% 12.3% CET: Yes Total Capital Ratio 11.% 11.2% 12.% 12.7% 14.3% Viability Trigger: Yes, FACTSET CBAPD is a Mandatory Convertible Security and w ill convert into CBA Ordinary Shares assuming the CBA share price is above $44.2 on the Mandatory Conversion Date (15 December 224). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem CBAPD for $1. per security on the Call Date of 15 December 222. CBAPD contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. $15 $13 $11 $99 $97 $95 $93 $91 $89 $87 $85 Oct 14 Apr 15 Oct 15 Apr 16 Oct Weekly Volume (') (RHS)
19 Apr 16 Apr 16 Apr 16 Apr 16 Apr 16 May 16 May 16 May 16 May 16 May 16 May 16 Jun 16 Jun 16 Jun 16 Jun 16 Jun 16 Jul 16 Jul 16 Jul 16 Jul 16 Jul 16 Aug 16 Aug 16 Aug 16 Aug 16 Aug 16 Sep 16 Sep 16 Sep 16 Sep 16 Sep 16 Oct 16 Oct 16 Oct 16 Oct 16 Oct 16 Nov 16 Nov 16 Nov 16 Nov 16 Nov 16 Dec 16 Dec 16 Dec 16 Dec 16 Dec 16 Jan 17 Jan 17 Jan 17 Jan 17 Jan 17 Feb 17 Feb 17 Feb 17 Feb 17 Listed Credit AUSTRALIA 24 February 217 CommBank Perls VIII Cap Note 3-Bbsw+5.2% Perp Non-Cum Red T-1-21 Last price A$17. Avg. Daily Turnover Fair value A$16.77 A$1,45m $.6m Fair margin 391 bp CBAPE.ASX Clean price: $15.94 Cash yield: 4.58% Gross yield: 6.54% Yield to call: 6.19% Implied sw ap: 2.48% Trading margin: 3.71% CBA Face Value: $1. Issue Date: 3 Mar 16 Call Date: 15 Oct 21 Term to Call: 4.6 years The Commonw ealth Bank of Australia (CBA) is one of the country s largest retail banks. Its core business is the provision of a broad range of banking and financial products and services to retail, small business, corporate and institutional clients. CBA conducts its operations primarily in Australia, New Zealand and Asia Pacific region. It also operates in several countries including United Kingdom and USA. Strong deposit funding as a percentage of total funding. Solid capital position relative to domestic and international peers. Dist. Rate: 5.2% + 9d Franking: 1% Current coupon: 7.5% Next distribution: 15 Mar 17 Company Financials Ex distribution: 6 Mar 17 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Accrued: $1.6 Net Interest Income (A$m) 13, , ,91. 15, ,935. Cash payment: $1.2 Reported NPAT (A$m) 7,9. 7,677. 8,631. 9,63. 9,227. Gross payment: $1.72 Cash Earnings (A$m) 7,71. 7,779. 8,635. 9,85. 9, % 43.3% 42.4% 42.4% 42.1% 74.3% 75.5% 74.8% 74.9% 76.% Common Equity Tier 1 Capital Ratio 7.8% 8.2% 9.3% 9.1% 1.6% Security Features Total Tier 1 Capital Ratio 1.% 1.2% 11.1% 11.2% 12.3% CET: Yes Total Capital Ratio 11.% 11.2% 12.% 12.7% 14.3% Viability Trigger: Yes, FACTSET CBAPE is a Mandatory Convertible Security and w ill convert into CBA Ordinary Shares assuming the CBA share price is above $37.83 on the Mandatory Conversion Date (15 October 223). If not Converted, the Security w ill remain outstanding until Tests can be met. The Tests are undertaken at each Dividend Date after the Mandatory Conversion Date. Additionally, the Issuer may, w ith the prior approval of APRA redeem CBAPE for $1. per security on the Call Date of 15 October 221. CBAPE contains both Common Equity and Non- Viability Trigger Events w hich could result in holders receiving less than $1. per Security if triggered. Heightened regulatory risk follow ing the inquiry into the financial system. Expected requirement for increased capital levels. CBA has reported FY16 cash earnings of $9.45bn, 1.6% low er than our forecast. The earnings miss is due to a soft insurance result and softness in banking noninterest income. The company has a strong CET1 ratio of 1.6% and a Total Capital ratio of 14.3%. $15 $13 $11 $99 $ Weekly Volume (') (RHS)
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