Funds Focus

NAB has just announced the launch of a new income offer, NAB Subordinated Notes 2, with the primary purpose of repaying NAB Subordinated Notes (NABHB), which are due to mature this year.

The Notes will pay a quarterly coupon of 2.2%-2.3% (margin determined by the book build) over the 90 day bank bill swap rate (BBSW), which was 1.77% at 10 February 2017. The initial indicative rate will be 3.97%-4.07%pa with the rate set on the date of issue. The Notes are expected to redeem on 20 September

The 2016 Telstra Buy Back – Is it worthwhile?
We have recently built an interactive spreadsheet to help with understanding the Telstra Buy Back and whether this is likely to be profitable versus selling on market.

Our view is lower income tax payers and super funds are generally likely to benefit from the buy back offer.

Investors looking to retain their allocation to Telstra, may even find it more attractive to sell into offer and buy back stock on market.

Further details

ANZ has just announced the launch of a new income offer: ANZ Capital Notes 4. The first round of access is through a broker firm allocation, prior to shareholder and general offer and listing in September.

The Notes will pay a quarterly coupon of 4.7%-4.9% (margin determined by the book build) over the 90 day bank bill swap rate (BBSW), which was 1.76% as of 19th August. The initial indicative rate will be 6.46%-6.66%pa with the rate to be set on the date of issue. The Notes are expected to