Perpetual Hybrids All But Disappear…

0
90
perpetual hybrid

Back in February, National Australia Bank repurchased its perpetual NABHA $2 billion hybrid and since then others have followed.

The latest is Challenger, offering $102 for its CGFPA securities, cleaning up the $47.5 million still outstanding. The offer is open to investors on the register at 22 April 2021 and is scheduled to close on Monday 17 May. Investors will also be paid a quarterly $0.58 cent fully franked distribution.

Suncorp will redeem its SBKHBs at $100 on 28 July 2021.

Also read: Investors Given Fixed Income Option Through Big 4 Bank Hybrid ETF

The only perpetual hybrid left on the ASX is the BENHB with just $21 million outstanding. The bank previously engaged in two off market buybacks way back in November 2010 and May 2012, both at $80.

Bell Potter analyst, Damien Williamson thinks the imminent Bendigo and Adelaide Bank redemption of its $282 million BENPF on its 15 June call date (the bank must give 30 days notice), is an ideal time for Bendigo to announce redemption of the BENHBs.

Previous articleASIC Warns Investors Over Suspicious Website
Next articleAres Global Credit Income Fund Targets ‘Sweet Spot’ For Higher Income
Staff Writer
Have you got a fixed income story? To contact our editorial team please email news@fixedincomenews.com.au.

LEAVE A COMMENT

Please enter your comment!
Please enter your name here