Before I bring out the biff, let me say it again: I'm a buyer of ANZ's new additional tier one (AT1) capital hybrid (ASX: ANZPG), which will pay excess income of 0.20 per cent annually based on the pricing of listed peers and the performance of ANZ's US dollar hybrid.
On Thursday the latter security hit a high of $111, translating into a spread above the 1.76 per cent bank bill swap rate of 4.61 per cent for its June 2026 call date (or a 6.37 per cent total running yield in Aussie dollar terms).
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Christopher Joye is a portfolio manager with Coolabah Capital, which invests in securities, including those discussed in his column. Connect with Christopher on Twitter.
