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Hybrid Basics

15/05/2013 | 10:55 AM  On 14 May 2013, Macquarie Group Limited announced its intention to raise approximately AUD 400 million in new regulatory capital to be named Macquarie Group Capital Notes (proposed ASX Code: MQCPA).

2/05/2013 | 1:53 PM  Morningstar credit analyst Nicholas Yaxley explores what he argues is a low-volatility, short-term investment with a low investment risk.

18/04/2013 | 1:35 PM  Suncorp Group (SUN) is looking to raise at least A$500m (more or less depending on demand) via Suncorp Subordinated Notes (Proposed ASX Code: SUNPD).

19/02/2013 | 8:57 AM  National Australia Bank (NAB) is looking to raise at least $750 million in new capital via the issuance of convertible preference shares (NAB CPS).

30/01/2013 | 3:20 PM  Westpac is looking to raise at least $500 million in new capital via an issue of hybrids (ASX code: WBCPD).

12/11/2012 | 3:02 PM  New equity credit methodology proposed by S&P potentially changes our recommendations. Capital Event could trigger early redemption.

12/10/2012 | 10:02 AM  Morningstar provides investors with its insights into the latest hybrids issue from Suncorp Group.

3/10/2012 | 3:52 PM  Suncorp Group (SUN) is looking to raise at least $500 million via the issuance of Convertible Preference Shares (CPS2) (ASX Code: SUNPC).

7/09/2012 | 9:15 AM  Commonwealth Bank of Australia is looking to raise around $750 million through an issue of hybrids and Morningstar helps investors decide whether or not the security is suitable for them.

3/09/2012 | 4:32 PM  Commonwealth Bank (CBA) will raise $750m via an ASX-listed hybrid issue, Perpetual Exchangeable Resaleable Securities VI (PERLS VI) (ASX Code: CBAPC).

30/08/2012 | 3:28 PM  Crown (CWN) will raise at least $525m via an ASX-listed security issue, Crown Subordinated Notes (CWNHA).

14/08/2012 | 2:12 PM  APA Group (APA) using its borrowing entity APT Pipelines Ltd will raise $350m via an ASX-listed security issue, APA Group Subordinated Notes (AQHHA).

3/08/2012 | 11:36 AM  Caltex (CTX) will raise at least $525m via an ASX-listed security issue, Caltex Subordinated Notes (CTXHA).

24/07/2012 | 12:56 PM  Morningstar's Ravi Reddy helps investors weigh up the pros and cons of the recent debt offering announced by Westpac.

18/07/2012 | 1:01 PM  Westpac (WBC) will raise $500m via an ASX-listed security issue, Westpac Subordinated Notes (WBCHA).

8/06/2012 | 1:14 PM  Gaming and wagering company Tatts is looking to raise $200 million by selling some bonds and Morningstar's Ravi Reddy helps investors decide whether or not they're worth their while.

1/06/2012 | 2:11 PM  Click the "Hybrids Research Archive" link above to access all the latest Hybrid research from Morningstar analysts.

31/05/2012 | 2:29 PM  In a rare offering for retail investors, Morningstar's Ravi Reddy breaks down the recently announced debt issue by gaming group Tatts.

19/03/2012 | 2:11 PM  After a recent spate of hybrid issues by some big-name companies over the past few months, Morningstar goes back to basics and gives investors the essentials about these securities.

13/03/2012 | 2:11 PM  Investors may have noticed a recent surge in hybrid issues from big names such as Woolworths and Westpac. But what are these instruments and how do they work?

27/02/2012 | 2:11 PM  A Morningstar analyst sheds some light on why certain major bank hybrids have a significantly higher yield to maturity than others with similar characteristics.

9/08/2011 | 2:54 PM  Hybrids have followed equity markets lower in the recent sell-off, but it is important to note that most of the institutions with hybrids have sound fundamentals.

27/10/2010 | 2:58 PM  While bank hybrids have performed well over the past several months, they now carry greater risk, Morningstar's Partick Caldon says.

17/09/2010 | 3:03 PM  In this report, Morningstar's Partick Caldon explains a useful tool for getting an apples-with-apples comparison of the yield on two floating rate securities.

27/08/2010 | 3:06 PM  While term deposits are still compelling, investors may also want to take a look at government bonds, semi-government bonds, corporate bonds and hybrids. But where do they start?

27/08/2010 | 3:08 PM  Think you're ready to take on more risk? Here are five tips that may be indispensable in your decision-making.

21/07/2010 | 3:12 PM  Morningstar's Patrick Caldon helps investors decide whether or not hybrids are the right fit with their portfolios.

9/04/2010 | 3:14 PM  There's some excellent news for investors in major bank hybrids - Reserve Bank governor Glenn Stevens said home owners can look forward to interest rate rises.

11/02/2010 | 3:20 PM  While it may not have been the merriest of Christmases for the hybrids market, there may be some value to be found.

14/01/2010 | 3:26 PM  With the implementation of new global regulations on the horizon, what will the banking world look like in the future?

20/11/2009 | 3:29 PM  A downgrade of Australian and New Zealand banking hybrids by Moody's should not come as a shock, Morningstar's Patrick Caldon says.

8/10/2009 | 4:06 PM  Morningstar helps investors get a foothold in the hybrids market, which can be a good source of income and potentially offer good capital gains.

8/10/2009 | 3:34 PM  Patrick Caldon provides investors with a simple and easy-to-understand explanation of Morningstar's qualitative recommendations.

8/10/2009 | 3:41 PM  To what degree is an underlying business capable of supporting the commitments required by hybrid securities? What yield does this then justify?

8/10/2009 | 3:42 PM  We help investors get a better understanding of the terms they will encounter when investing in hybrid securities.

9/10/2009 | 3:44 PM  Morningstar welcomes investors to its coverage of ASX-listed hybrids.

11/06/2009 | 4:05 PM  As a quasi-debt, quasi-equity security, there are many hybrid securities trading on the ASX that offer interesting value.

11/06/2009 | 4:05 PM  As a quasi-debt, quasi-equity security, there are many hybrid securities trading on the ASX that offer interesting value.

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