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InvestSMART Hybrid Income Portfolio - Portfolio Adjustment

We're making some changes to the Hybrid Income Portfolio

By ·
7 Mar 2018 · 1 min read

CBA announced a new Tier 1 Hybrid this morning, to be known as “CommBank PERLS X Capital Notes”.

PERLS X will qualify as Tier 1 capital of the Group and the offer is expected to raise $750m, with the ability to raise more or less. They are expected to be quoted under the code CBAPG.

PERLS X are subordinated, unsecured notes, scheduled to pay floating rate distributions quarterly, which are expected to be fully franked. PERLS X have a Call Date of 15 April 2025 and will mandatorily Exchange into Ordinary Shares on 15 April 2027 (subject to certain conditions). PERLS X have an initial Face Value of A$100.

We’re selling our position in ANZPD as they screen as relatively expensive and we look to increase our cash holding to bid into the PERLS X deal. ANZPD is currently weighted at 1.93% of the portfolio.

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