InvestSMART's Hybrid Income Portfolio: March Quarter Review 2021
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The total portfolio return was 13.2% for the 12-months including franking credits. Since inception the total portfolio return is 4.5% including franking credits, which is 0.45% above its return objective of the RBA Cash rate plus 3%.
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Last month trading yields on most hybrids fell, reflecting strong demand for yield by investors.
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The new Commonwealth Bank PERLS XIII hybrid (SX Code: CBAPJ) listed early April at with margin of 2.75% above BBSW including franking and 5.5 years to call. It is currently trading around issue price of $100.
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Two new hybrid deals were announced in the quarter. Macquarie Group announced raised $500 million in funds via Macquarie Capital Note 5 (MQGPE). Commonwealth Bank issued CBA PERLS XIII (CBAPJ), raised $1 billion with the margin set at 2.75% per annum.
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The portfolio reinvested the proceeds of the redemption of the NABHA security into existing holdings in the portfolio.
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At 31 March 2021 the portfolio had a 2.9% allocation to cash.
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