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I recently purchased 300 BENPF hybrids in the recent offer of $100 per share (no brokerage).
I would like to follow Paul Rickard’s advice and diversify into other “Big 4 Bank” hybrids. I am eligible to participate in the recent Westpac Capital Notes 3 ($100 per share & no brokerage).
I also note the other options of ANZPC ($101.499), ANZPD ($98), ANZPF ($99.70), NABPC ($98.30) & WBCPC ($100.67) closing prices as at 6/8/15.
Which of the above hybrids would you recommend? Is there any concern buying those trading under $100, given they would be cheaper to buy (even with brokerage) than the new offer and those over $100?
A: Sound like you are ready to invest in the Westpac new issue.
In regard to the other issues, there isn’t really any problem buying them under $100. It depends on the effective yield.
Some brokers may be able to help you calculate this.
It is a bit old – and the accrued interest will be different – however, I suggested some issues back in this edition of the Switzer Super Report.
