Suncorp CPS2: Hybrids change gear

Key Points CPS 2 offers a much higher margin than earlier convertible bank hybrids Conversion mechanism has the potential to provide greater protection in a time of distress An alternative to buying bank shares for yield Let’s cut to the chase. We won’t be recommending dividend stopper’ on ASX-listed Suncorp ordinary shares (SUN);   Mandatorily convertible (at 1% discount) into SUN ordinary shares on 17 December 2019 (about seven years from issue date) with optional early exchange after 17 December 2017   Immediate conversion on a ‘Non-viability Trigger Event’ (APRA determining Suncorp is not viable)   Maximum Conversion Number...

The last three points are worthy of special mention.

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