Hybrids

Christopher Joye

Today I write that it's not often you come across a major bank hybrid that is genuinely cheap, which CBA’s new Perls XI preferred equity security (ASX: CBAPH) undeniably is given an expected maturity (or “call” date) of 5.36 years (click on that link to read the full column or... Show More

Christopher Joye

I've written a column summarising our valuation views on NABHA, which are excerpted below (click on that link to read the full column or AFR subs can click here). We look at scenarios where NABHA remains perpetual and others where it is called with both converging around the $85 mark.... Show More