Hybrid shares and CommSec - Aussie Stock Forums

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  1. #1

    Arrow Hybrid shares and CommSec

    Hi Guys,

    Well I'm VERY new to the whole stockmarket scene as I have mentioned in other recent posts. I was looking at the government bond and I am now looking at Hybrid securities...

    A friend of mine mentioned they are fairly secure and not a bad idea for someone who wants a low risk, but better than 'sitting it in the bank' return.

    Anyway, I have been looking at this page... and I'm pretty confused.


    Lets say I'm looking at CBA Perls IV. I really don't understand most of the fields, and was hoping someone would be lind enough to explain in N00b terms.

    Issuer/ Paper Credit Rating

    AA/A+ - I believe this is a good rating.

    Interest Margin

    1.05% - Is this the interest rate P.A they pay?

    Current Coupon
    4.112% - I'm not sure how this differs from the Yield.

    Last Rate/Set Date

    02-Feb-09 - Is this the last date I could buy the bonds at the above coupon rate?

    Next Coupon Date
    30-Apr-09 - When the next Coupon is issued? - Does this mean they give me 4.112%( Current Coupon) of what I've bought? Sounds like too much

    Next Coupon
    $1.9601 - ok so the current coupon is listed as a % but the Next coupon is a $$ value. ??

    Early Rdm Date / Final Rdm Date*
    31-Oct-12* - Is this the Maturity date?

    Last Price
    $178.00 - ok so this is the price I can buy at.

    Trade Margin (Grossed FF)
    4.20% - No idea?!?

    Nominal Yield
    6.83% - There is an explanation but I don't understand it.

    Gross Yield
    8.32% - what I'd get if I kept them to maturity??

    Running Yield
    4.63% - what i'd get if I sold now???

    So as you can see... I don't understand a lot of the terminology.

    I've read thebull.com.au's article on Hybrids shares which made sense,but this terminology is throwing me off.

    Plus when I look at buying shares through commsec, it doesn't have ANY of the yield information, including the maturity dates. Should it?

    Many Many thanks in advance.


  2. #2

    Default Re: Hybrid shares and CommSec

    Bobg, there is discussion of hybrid securities on this thread:


    Not sure whether it answers all your questions though.

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