Hybrid Securities

Hybrid securities, also known as "hybrids", have combined elements of debt and equity. Convertible bonds and preference shares are hybrid securities.

Hybrid Securities

Code Security Name Sector Name Payment
Frequency
Price
TTSHA BOND 3-BBSW+ 3.10% 5-07-2019 Consumer Discretionary Quarterly $102.50
IMFHA BOND 3-BBSW+4.20% 30-06-19 SEC Financials Quarterly $101.64
URFHA BOND 7.75% 24-12-2019 QLY RED T-12-17 Real Estate Quarterly $99.40
SBKHB CAP NOTE 3-BBSW+0.75% PERP CUM Financials Quarterly $76.00
NABPE CAP NOTE 3-BBSW+2.20% 20-09-28 CUM RED T-09-23 Financials Quarterly $103.35
CBAPD CAP NOTE 3-BBSW+2.80% PERP NON-CUM RED T-12-24 Financials Quarterly $98.60
SUNPD CAP NOTE 3-BBSW+2.85% 22-11-23 CUM RED Financials Quarterly $100.13
WBCPE CAP NOTE 3-BBSW+3.05% PERP NON-CUM RED T-09-22 Financials Quarterly $100.22
WBCPD CAP NOTE 3-BBSW+3.20% PERP NON-CUM RED T-03-19 Financials Quarterly $101.60
WBCPH CAP NOTE 3-BBSW+3.20% PERP NON-CUM RED T-09-25 Financials Quarterly $99.15
CBAPG CAP NOTE 3-BBSW+3.40% PERP NON-CUM RED T-04-25 Financials Quarterly $100.00
NABPC CAP NOTE 3-BBSW+3.50% PERP NON-CUM RED T-07-23 Financials Quarterly $102.20
SUNPG CAP NOTE 3-BBSW+3.65% PERP NON-CUM RED T-06-24 Financials Quarterly $102.50
BOQPE CAP NOTE 3-BBSW+3.75% PERP NON-CUM RED T-08-24 Financials Quarterly $101.20
ANZPH CAP NOTE 3-BBSW+3.80% PERP NON-CUM RED T-03-25 Financials Quarterly $103.20
CBAPC CAP NOTE 3-BBSW+3.80% PERP NON-CUM RED T-12-20 Financials Quarterly $101.37
CBAPF CAP NOTE 3-BBSW+3.90% PERP NON-CUM RED T-03-22 Financials Quarterly $103.60
WBCPF CAP NOTE 3-BBSW+4.00% PERP NON-CUM RED T-03-21 Financials Quarterly $103.80
MQGPC CAP NOTE 3-BBSW+4.00% PERP NON-CUM RED T-12-24 Financials Quarterly $103.30
SUNPF CAP NOTE 3-BBSW+4.10% PERP NON-CUM RED T-06-22 Financials Quarterly $104.44
CGFPB CAP NOTE 3-BBSW+4.40% PERP NON-CUM RED T-05-23 Financials Quarterly $103.59
ANZPG CAP NOTE 3-BBSW+4.70% PERP NON-CUM RED T-03-24 Financials Quarterly $107.09
IAGPD CAP NOTE 3-BBSW+4.70% PERP NON-CUM RED T-06-23 Financials Quarterly $107.12
WBCPG CAP NOTE 3-BBSW+4.90% PERP NON-CUM RED T-12-21 Financials Quarterly $106.49
NABPD CAP NOTE 3-BBSW+4.95% PERP NON-CUM RED T-07-22 Financials Quarterly $107.09

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Fund data sourced from Morningstar. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). Data and content is provided for personal use only. Whilst every care has been taken in producing these numbers, neither Morningstar nor InvestSMART cannot make any guarantees around the complete accuracy of these figures. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. A tax event may be realised as a result of switching investments. Past performance is not a reliable indicator of future performance.

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The capital structure explains who gets paid first in the case of a company wind up. Generally, debt is paid off first before equity. Hybrids usually get paid after subordinated debt as they are securities with both debt and equity. They tend to fall under debt and above equity in the capital structure. This means that in the event of a wind-up hybrid investors will receive their money if there are leftover funds after all senior and subordinate debt is paid off to creditors.

 

Paid off first                                                                                                    Paid off last

Senior secured debt -> senior debt -> subordinated debt -> hybrids -> ordinary shares

The most common type of hybrid security is a convertible bond. A convertible bond has debt and equity characteristics. It is essentially a bond – a debt security – but carries the option to convert the bond into a predetermined amount of equity in the issuing company. Usually the decision to convert the bond to equity is at the discretion of the bond owner.
A hybrid security is the name given to a security that has combined elements of debt and equity. Convertible bonds and preference shares are examples of hybrid securities.