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Hybrid Basics

5/09/2014 | 2:10 PM  Morningstar analysts provide their thoughts on the possible ramifications for the Australian market after the UK regulator temporarily bans the distribution of contingent convertible securities or "CoCos" to retail investors.

2/09/2014 | 10:06 AM  The continued tightening of spreads has pushed several hybrid securities into overvalued territory, Morningstar credit analyst John Likos says.

22/08/2014 | 10:40 AM  Commonwealth Bank of Australia will raise $2 billion via a new hybrid issue to be listed on the Australian Securities Exchange, CommBank PERLS VII Capital Notes.

14/07/2014 | 3:52 PM  Technical factors continue to drive the credit market and this increases the risk of mispricing between fundamentals and valuation, Morningstar analysts say.

23/05/2014 | 12:02 PM  The major impact on the list during the past quarter has been the tightening of credit spreads, which is consistent with wholesale markets and has been a driver of strong performance.

6/05/2014 | 8:21 AM  Although hybrids are complex instruments, Morningstar uses a consistent methodology to assess their quality and suitability for retail investors.

8/04/2014 | 10:34 AM  Suncorp Group has announced its intention to raise at least $360 million in new Tier 1 capital via the issuance of convertible preference shares.

26/02/2014 | 12:24 PM  After the normal seasonal slowdown, the new-issue retail market sprang back to life in February, Morningstar credit analyst Nicholas Yaxley says.

11/02/2014 | 1:42 PM  Australia and New Zealand Banking Group is looking to raise at least AUD 1,000 million in new capital via a bank capital note, ANZ Capital Notes 2.

14/11/2013 | 1:11 PM  National Australia Bank (NAB) is looking to raise at least AUD 750 million in new capital via the issuance of convertible preference shares (National Australia Bank CPS II).

13/11/2013 | 1:13 PM  This is a preliminary summary report of the National Australia Bank Convertible Preference Shares II. It acts as a guide to relative value of the new issue and is not designed to replace the full report and recommendation which will be made available in coming days.

5/11/2013 | 11:50 AM  In this our second edition of the Moat-Focused Credit Pick List, we focus on why economic moats bolster credit quality and how that is especially relevant for long-dated securities such as bank capital securities.

26/09/2013 | 8:08 AM  With a plethora of hybrids now available in the market, it can be tricky for investors to choose quality hybrid securities that will give them both security of income and investment return.

23/09/2013 | 7:19 AM  The highly structured nature of hybrids can make it difficult for investors to properly assess the risks.

17/09/2013 | 1:35 PM  Introducing the Australian Moat-Focused Credit Pick List for Listed Interest Rate Securities.

15/07/2013 | 6:25 PM  Westpac Banking Corporation (WBC) is looking to raise at least AUD 750 million in new capital via a subordinated note.

10/07/2013 | 9:03 AM  This is a preliminary summary report of the Westpac Subordinated Notes II. It acts as a guide to relative value of the new issue and is not designed to replace the full report and recommendation.

2/07/2013 | 6:56 PM  

19/06/2013 | 1:28 PM  Morningstar equips investors with everything they need to know about Exchange-traded Treasury Bonds and Exchange-traded Treasury-Indexed Bonds.

17/05/2013 | 11:41 AM  On 14 May 2013, Macquarie Group Limited (MQG) announced its intention to raise around AUD 400 million in new regulatory capital to be named Macquarie Capital Notes (proposed ASX Code: MQGPA).

15/05/2013 | 11:39 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.

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.

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.

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.

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