Hybrids Daily - Baillieu Holst Online · FIG.6: MOST PREFERRED LIST Code Security Exp. Maturity...

BAILLIEU HOLST RESEARCH4 June 2018

Hybrids Daily

Commentary on yesterday's market

Australian firms scaled up investment spending by 0.4% in the first quarter from the fourth

quarter of last year. Economists had expected a 1.0% rise. In the year through March, total new

business investment had risen by 3.7%, the Australian Bureau of Statistics said Thursday. The

prospects for business investment have improved in recent quarters as a long-term decline in

mining investment, which followed a record-breaking boom, is thought to be near completion.

In seasonally adjusted terms, total dwelling building approvals fell by 5.0 per cent in April,

driven by a 11.5 per cent decrease in private sector dwellings excluding houses. Private sector

houses rose 0.1 per cent in seasonally adjusted terms. Conditions in Australia's housing market

remain mixed.

FIG.1: UP

Westpac Subordinated Notes 2 $100.02 $0.02

AMP Subordinated Notes 2 $100.50 $0.01

IAG Perpetual Reset Exchangeable Notes $102.87 $0.00

Westpac Capital Notes 4 $103.99 $0.00

Australian Unity Bonds $103.40 $0.00

FIG.2: DOWN

Bank of Queensland FRN 1.00% 2018 (XTB) $100.59 -$0.00

Crown Subordinated Notes II $103.00 -$0.00

Bendigo Convertible Preference Shares 3 $100.70 -$0.00

NAB Convertible Preference Shares 2 $99.66 -$0.00

Westpac Capital Notes $100.21 -$0.00

FIG.3: UPCOMING DISTRIBUTIONS

Security Date Amount Franking

ANZ 3.25% 2020 (XTB) 3 Jun 18 $1.63 0.0%

Macquarie Bank FRN 1.10% 2020 (XTB) 4 Jun 18 $0.73 0.0%

NAB FRN 0.80% 2020 (XTB) 4 Jun 18 $0.65 0.0%

AMP FRN 0.87% 2018 (XTB) 6 Jun 18 $0.68 0.0%

Macquarie Group Capital Notes 7 Jun 18 $2.95 45.0%

Transurban 4.75% Dec 2021 (XTB) 8 Jun 18 $2.38 0.0%

AGL Subordinated Notes 8 Jun 18 $1.43 0.0%

FIG.4: The SWAP CURVE

FIG.6: MOST PREFERRED LIST

Code Security Exp. Maturity Ranking Commentary

NABPC NAB Capital Notes 23-Mar-20 Tier 1 Capital NAB Capital Note with short term to expected maturity.

BENPF Bendigo Convertible Preference Shares III

15-Jun-21 Tier 1 Capital Robust capital position and solid valuation relative to peers.

CWNHB Crown Subordinated Notes II 23-Jul-21 Subordinated Crowns second transaction with high yield and strong outlook given debt. paydown.

MQGPB Macquarie Capital Notes II 17-Mar-22 Tier 1 Capital Strong breakeven protection and attractive valuation.

CGFPB Challenger Capital Notes II 22-May-23 Tier 1 Capital Reasonably priced high-beta security with a strong yield.

FIG.7: MOST EXPENSIVE

Code Security Exp. Maturity Ranking Commentary

WBCPF Westpac Capital Notes III 22-Mar-21 Tier 1 Capital Valuation expensive relative to peers.

VLWHA Villa World Bonds 21-Apr-22 Senior Unsecured Aggressive business model at the peak of the property cycle.

IANG IAG Perpetual Reset Exchangeable 15-Dec-19 Tier 1 Capital Valuation expensive relative to fundamentals.

AYUHB Australian Unity Bonds 15-Dec-20 Senior Bond Valuation expensive relative to term and peers.

ANZPF ANZ Capital Notes III 24-Mar-23 Tier 1 Capital Valuation expensive relative to peers.

What are hybrids? Hybrids combine elements of both debt and equity securities. They typically pay a rate of return to a set maturity date, but because they have some equity (higher risk) characteristics pay a higher return than normal debt.

Hybrids are broadly split into three varieties: 1) convertible/converting debt securities (that convert into ordinary equity securities at some stage); 2) preference shares (equity securities with debt like features); and 3) capital notes (debt securities with equity features) which may be perpetual (no maturity), subordinated bonds and securities where the issuer can redeem the securities under certain conditions. It is therefore important to understand the terminology of hybrid securities to ascertain the terms and conditions and risk of investing in these securities.

Including hybrids in your portfolio

Diversifying your investment portfolio with a variety of listed products can help reduce risk and protect returns over the longer term. Provided you understand the risk and rewards, hybrids provide a higher return than term deposits and provide regular quarterly or half-yearly income.

Investors may choose to invest in hybrid securities for a number of reasons including:

▪ The potential to receive a periodic income stream for a pre-determined period;

▪ A higher return commensurate with the increased risk;

▪ Diversifying the risk of the overall portfolio; and

▪ Greater liquidity and more price transparency than wholesale corporate bonds.

Key risks to consider Hybrids are typically higher risk investments than other fixed income securities due to their subordination in the capital structure, but lower risk than shares. Risks include:

▪ Credit risk: The risk that the issuer may default on its obligation (default risk) or that the security value will decline and/or its price performance will compare unfavourably to other securities against which the investment is compared, due either to perceived increases in the risk that the issuer will default (credit spread risk), or that a company's credit rating will be lowered (downgrade risk).

▪ Interest rate risk: If the coupon rate is fixed, the yield on the security can only keep pace with changing interest rates if the price of the security changes. The market price of a fixed-rate hybrid security will go up if expected yields fall and will go down if expected yields rise. Many hybrid securities however are floating rate and adjust with interest rate movements.

▪ Market risk: Because hybrids have equity characteristics, at times they may decline in value with falling equity markets, or for instance if an issuer defers dividend or coupon payments.

▪ Liquidity risk: The risk of not being able to sell an investment quickly and easily, or for a fair price, in the market if the investor needs to. It is important for investors to consider whether the amount of liquidity in a fund’s holdings matches the amount of liquidity offered to its investors.

ASX Listed Debt & Hybrid Securities Rate Sheet (as at close 1/06/2018)

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ISSUE CURRENT PRICING FRANKED RESET/MATURITY FLOATING MARGIN CURRENT COUPON TRADING

Security Name ISIN ASX CodeIssue Size

($m)Last Price

AccruedInterest

CapitalPrice

RunningYield

TradingMargin

Yield toMaturity

FrankingSwap Rateto Reset /Maturity

Reset /Maturity

Date

Years toReset /

Maturity

CouponMargin

Step-upMargin

CurrentRate (%)

PaymentFrequency

CashAmount

Ex-dateNext

CouponPayment

TradedVolume

Capital Note

Floating

AMP Subordinated Notes 2 AU0000AMPHA9 AMPHA 325.0 $100.50 $0.94 $99.56 4.64% +3.48% 5.58% - 2.10% 18 Dec 18 0.5 +2.65% - 4.62% Q $1.15 7 Jun 18 18 Jun 18 1,689

AMP Capital Notes AU0000AMPPA2 AMPPA 267.5 $103.90 $1.38 $102.52 6.91% +4.30% 6.70% 90.0% 2.40% 22 Dec 21 3.6 +5.10% - 7.09% Q $1.29 13 Jun 18 22 Jun 18 1,680

ANZ Capital Notes AU0000ANZPD3 ANZPD 1,120.0 $100.55 $1.35 $99.20 5.40% +3.67% 6.03% 100.0% 2.37% 1 Sep 21 3.3 +3.40% - 5.36% S $1.91 23 Aug 18 3 Sep 18 6,965

ANZ Capital Notes 2 AU0000ANZPE1 ANZPE 1,610.0 $98.74 $0.99 $97.75 5.50% +3.93% 6.37% 100.0% 2.44% 24 Mar 22 3.8 +3.25% - 5.38% S $1.88 13 Sep 18 24 Sep 18 8,954

ANZ Capital Notes 3 AU0000ANZPF8 ANZPF 970.0 $100.50 $1.05 $99.45 5.76% +3.74% 6.29% 100.0% 2.55% 24 Mar 23 4.8 +3.60% - 5.73% S $2.00 13 Sep 18 24 Sep 18 7,252

ANZ Capital Notes 4 AU0000ANZPG6 ANZPG 1,622.0 $105.00 $1.33 $103.67 6.43% +3.94% 6.56% 100.0% 2.63% 20 Mar 24 5.8 +4.70% - 6.67% Q $1.18 8 Jun 18 20 Jun 18 4,382

ANZ Capital Notes 5 AU0000ANZPH4 ANZPH 931.1 $100.06 $1.15 $98.91 5.83% +4.00% 6.71% 100.0% 2.71% 20 Mar 25 6.8 +3.80% - 5.77% Q $1.02 8 Jun 18 20 Jun 18 4,736

Bank of Queensland Limited Capital Notes AU0000BOQPE6 BOQPE 350.0 $99.40 $0.26 $99.14 5.70% +3.92% 6.58% 100.0% 2.66% 15 Aug 24 6.2 +3.75% - 5.65% Q $1.00 25 Jul 18 15 Aug 18 1,604

Bendigo Floating Rate Capital Notes AU0000BENHB7 BENHB 75.0 $76.00 $0.13 $75.87 3.82% +2.28% 5.32% - 3.04% - - +1.00% - 2.90% Q $0.73 25 Jul 18 15 Aug 18 300

Challenger Capital Notes AU0000CGFPA1 CGFPA 345.0 $99.70 $0.10 $99.60 5.36% +3.61% 5.84% 100.0% 2.23% 25 May 20 2.0 +3.40% - 5.34% Q $0.96 2 Aug 18 27 Aug 18 2,626

Challenger Capital Notes 2 AU0000CGFPB9 CGFPB 460.0 $100.80 $0.17 $100.63 6.31% +4.25% 6.81% 100.0% 2.56% 22 May 23 5.0 +4.40% - 6.35% Q $1.12 13 Aug 18 22 Aug 18 13,511

IAG Capital Notes AU0000IAGPD3 IAGPD 350.0 $104.10 $1.42 $102.68 6.48% +4.07% 6.64% 100.0% 2.56% 15 Jun 23 5.0 +4.70% - 6.66% Q $1.17 6 Jun 18 15 Jun 18 3,442

Macquarie Group Capital Notes AU0000MQGPA7 MQGPA 600.0 $102.05 $2.79 $99.26 5.96% +30.66% 32.27% 45.0% 1.61% 7 Jun 18 0.0 +4.00% - 5.92% S $2.47 29 May 18 7 Jun 18 4,173

Macquarie Bank Capital Notes AU0000MBLPA9 MBLPA 429.4 $100.49 $1.00 $99.49 5.46% +3.61% 5.83% 45.0% 2.22% 24 Mar 20 1.8 +3.30% - 5.43% S $2.27 13 Sep 18 24 Sep 18 7,572

Macquarie Group Capital Notes 2 AU0000MQGPB5 MQGPB 531.0 $105.30 $1.47 $103.83 6.97% +3.64% 5.96% 45.0% 2.32% 17 Mar 21 2.8 +5.15% - 7.24% S $3.03 6 Sep 18 17 Sep 18 5,109

Macquarie Group Capital Notes 3 TBA MQGPC 600.0 $100.00 $0.00 $100.00 6.69% +4.00% 6.69% 45.0% 2.69% 16 Dec 24 6.5 +4.00% - 6.69% Q $1.40 29 Aug 18 17 Sep 18 -

NAB Capital Notes AU0000NABPC6 NABPC 1,340.0 $101.50 $1.05 $100.45 5.47% +3.25% 5.46% 100.0% 2.21% 23 Mar 20 1.8 +3.50% - 5.50% Q $0.99 14 Jun 18 25 Jun 18 22,688

NAB Capital Notes 2 AU0000NABPD4 NABPD 1,498.9 $104.38 $1.02 $103.37 6.77% +4.01% 6.48% 100.0% 2.47% 7 Jul 22 4.1 +4.95% - 7.00% Q $1.22 28 Jun 18 9 Jul 18 3,835

PERLS VIII AU0000CBAPE5 CBAPE 1,450.0 $105.20 $1.53 $103.67 6.90% +3.96% 6.34% 100.0% 2.38% 15 Oct 21 3.4 +5.20% - 7.16% Q $1.26 6 Jun 18 15 Jun 18 6,123

PERLS IX AU0000CBAPF2 CBAPF 1,640.0 $101.21 $1.25 $99.96 5.86% +3.91% 6.35% 100.0% 2.44% 31 Mar 22 3.8 +3.90% - 5.86% Q $1.03 6 Jun 18 15 Jun 18 7,795

PERLS VII AU0000CBAPD7 CBAPD 3,000.0 $96.30 $1.02 $95.29 4.99% +4.01% 6.53% 100.0% 2.51% 15 Dec 22 4.5 +2.80% - 4.76% Q $0.84 6 Jun 18 15 Jun 18 23,236

PERLS X AU0000003832 CBAPG 1,365.0 $98.25 $0.84 $97.42 5.58% +3.87% 6.59% 100.0% 2.71% 15 Apr 25 6.9 +3.40% - 5.44% Q $0.73 6 Jun 18 15 Jun 18 6,529

Suncorp Subordinated Notes AU0000SUNPD6 SUNPD 770.0 $100.50 $0.13 $100.37 4.78% +2.05% 4.14% - 2.09% 22 Nov 18 0.5 +2.85% - 4.80% Q $1.21 13 Aug 18 22 Aug 18 12,461

Suncorp Capital Notes AU0000SUNPF1 SUNPF 375.0 $100.45 -$0.28 $100.73 6.02% +3.89% 6.35% 100.0% 2.46% 17 Jun 22 4.0 +4.10% - 6.07% Q $1.06 31 May 18 18 Jun 18 2,445

Suncorp Capital Notes 2 AU0000SUNPG9 SUNPG 375.0 $99.20 -$0.26 $99.46 5.65% +3.76% 6.41% 100.0% 2.65% 17 Jun 24 6.0 +3.65% - 5.62% Q $0.98 31 May 18 18 Jun 18 100

Suncorp Floating Rate Capital Notes (FRCN) AU0000SBKHB3 SBKHB 200.0 $76.50 -$0.03 $76.53 3.28% +1.91% 4.95% - 3.04% - - +0.75% - 3.79% Q $0.95 19 Aug 18 3 Sep 18 17

Westpac Capital Notes AU0000WBCPD1 WBCPD 1,383.6 $100.21 -$0.10 $100.31 5.09% +2.80% 4.91% 100.0% 2.11% 8 Mar 19 0.8 +3.20% - 5.11% Q $0.90 30 May 18 8 Jun 18 21,558

Westpac Capital Notes 3 AU0000WBCPF6 WBCPF 1,320.0 $102.15 $1.17 $100.98 5.94% +3.62% 5.93% 100.0% 2.31% 22 Mar 21 2.8 +4.00% - 6.00% Q $1.06 13 Jun 18 22 Jun 18 11,396

Westpac Capital Notes 4 AU0000WBCPG4 WBCPG 1,700.0 $103.99 $1.18 $102.81 6.75% +3.95% 6.36% 100.0% 2.40% 20 Dec 21 3.6 +4.90% - 6.94% Q $1.22 21 Jun 18 2 Jul 18 14,598

Westpac Capital Notes 2 AU0000WBCPE9 WBCPE 1,310.6 $98.35 $0.95 $97.40 5.18% +3.74% 6.23% 100.0% 2.49% 23 Sep 22 4.3 +3.05% - 5.05% Q $0.89 14 Jun 18 25 Jun 18 5,430

Westpac Capital Notes 5 AU0000000564 WBCPH 1,690.0 $96.88 $1.12 $95.76 5.35% +3.94% 6.68% 100.0% 2.74% 22 Sep 25 7.3 +3.20% - 5.13% Q $0.99 13 Jun 18 22 Jun 18 11,739

Convertible Preference Share

Fixed

URF Convertible Step-Up Preference Units AU0000URFPA0 URFPA 199.1 $98.38 $2.76 $95.62 6.54% +4.86% 7.39% - 2.53% 1 Jan 23 4.6 - 2.50% 6.25% S $3.25 7 Jun 18 30 Jun 18 234

Floating

Bendigo Convertible Preference Shares 2 AU0000BENPE4 BENPE 292.1 $98.70 $0.03 $98.67 5.33% +3.77% 6.06% 100.0% 2.29% 30 Nov 20 2.5 +3.20% - 5.26% S $1.86 8 Nov 18 30 Nov 18 2,691

Bendigo Convertible Preference Shares 3 AU0000BENPF1 BENPF 288.2 $100.70 -$0.23 $100.93 5.90% +3.67% 6.01% 100.0% 2.34% 15 Jun 21 3.0 +4.00% - 5.95% S $2.08 1 Jun 18 15 Jun 18 3,301

Bendigo Converting Preference Shares 4 AU0000BENPG9 BENPG 321.6 $98.30 -$0.19 $98.49 5.76% +4.06% 6.70% 100.0% 2.65% 13 Jun 24 6.0 +3.75% - 5.68% Q $1.00 30 May 18 13 Jun 18 2,138

http://app.bondadviser.com.au/forward_daily_ratesheet/6026



($m)Last Price

AccruedInterest

CapitalPrice

RunningYield

TradingMargin

Yield toMaturity


Reset /Maturity

Date

Years toReset /

Maturity

CouponMargin

Step-upMargin

CurrentRate (%)

PaymentFrequency

CashAmount

Ex-dateNext

CouponPayment

TradedVolume

NAB Convertible Preference Shares AU0000NABPA0 NABPA 1,514.3 $99.80 -$0.27 $100.07 5.16% +3.12% 5.24% 100.0% 2.12% 20 Mar 19 0.8 +3.20% - 5.17% Q $0.91 1 Jun 18 20 Jun 18 19,096

NAB Convertible Preference Shares 2 AU0000NABPB8 NABPB 1,717.2 $99.66 -$0.24 $99.90 5.22% +3.30% 5.58% 100.0% 2.29% 17 Dec 20 2.5 +3.25% - 5.22% Q $0.91 30 May 18 18 Jun 18 19,662

Suncorp Convertible Preference Shares III AU0000SUNPE4 SUNPE 400.0 $100.00 -$0.25 $100.25 5.35% +3.28% 5.51% 100.0% 2.24% 17 Jun 20 2.0 +3.40% - 5.37% Q $0.94 31 May 18 18 Jun 18 7,439

Corporate Bonds

Fixed

AGL 5.00% 2021 (XTB) AU000YTMAGL5 YTMAGL 600.0 $106.60 $0.37 $106.23 4.71% +0.68% 3.07% - 2.39% 5 Nov 21 3.4 - - 5.00% S $2.50 17 Oct 18 5 Nov 18 827

Alumina 5.50% 2019 (XTB) AU000YTMAWC1 YTMAWC 125.0 $102.82 $0.19 $102.62 5.36% +1.46% 3.65% - 2.18% 19 Nov 19 1.5 - -1.75% 5.50% S $2.75 31 Oct 18 19 Nov 18 -

ANZ 3.25% 2020 (XTB) AU000YTMANZ1 YTMANZ 600.0 $102.00 -$0.02 $102.01 3.19% -0.02% 2.22% - 2.24% 3 Jun 20 2.0 - - 3.25% S $1.63 15 May 18 3 Jun 18 -

APA Group 7.75% 2020 (XTB) AU000YTMAPA9 YTMAPA 300.0 $113.30 $2.78 $110.51 7.01% +0.41% 2.66% - 2.25% 22 Jul 20 2.1 - - 7.75% S $3.88 3 Jul 18 22 Jul 18 -

Aurizon 5.75% Oct 2020 (XTB) AU000YTMAZJ9 YTMAZJ 525.0 $108.37 $0.53 $107.83 5.33% +0.10% 2.38% - 2.28% 28 Oct 20 2.4 - - 5.75% S $2.88 14 Oct 18 28 Oct 18 -

Ausnet 5.75% 2022 (XTB) AU000YTMAST3 YTMAST 305.0 $113.61 $2.45 $111.16 5.17% +0.36% 2.83% - 2.47% 28 Jun 22 4.1 - - 5.75% S $2.88 9 Jun 18 28 Jun 18 -

Bank of Queensland 4.00% 2018 (XTB) AU000YTMBOQ6 YTMBOQ 200.0 $101.78 $1.87 $99.91 4.00% +5.08% 6.72% - 1.64% 12 Jun 18 0.0 - - 4.00% S $2.00 24 May 18 12 Jun 18 -

BHP 3.00% 2020 (XTB) AU000YTMBH13 YTMBH1 1,000.0 $102.11 $0.51 $101.59 2.95% -0.11% 2.11% - 2.22% 30 Mar 20 1.8 - - 3.00% S $1.50 11 Sep 18 30 Sep 18 -

Caltex 7.25% 2018 (XTB) AU000YTMCTX9 YTMCTX 150.0 $102.02 $0.18 $101.84 7.12% +1.20% 3.29% - 2.09% 23 Nov 18 0.5 - - 7.25% S $3.63 4 Nov 18 23 Nov 18 -

Centuria 7.00% 2021 AU3CB0243749 - 85.0 $103.11 $0.36 $102.75 6.81% +3.59% 5.97% - 2.38% 21 Apr 21 3.0 - - 7.00% S $3.50 14 Oct 18 21 Oct 18 -

Coca Cola 4.25% 2019 (XTB) AU000YTMCCA3 YTMCCA 150.0 $102.91 $0.22 $102.69 4.14% +0.17% 2.35% - 2.18% 13 Nov 19 1.5 - - 4.25% S $2.13 25 Oct 18 13 Nov 18 -

DEXUS 5.75% Sep 2018 (XTB) AU000YTMDXS9 YTMDXS 205.0 $102.74 $1.30 $101.44 5.67% -1.51% 0.49% - 2.00% 10 Sep 18 0.3 - - 5.75% S $2.88 27 Aug 18 10 Sep 18 -

Dexus 4.75% Nov 2025 (XTB) AU000YTMDX11 YTMDX1 185.0 $108.32 $0.35 $107.97 4.40% +0.76% 3.52% - 2.76% 5 Nov 25 7.4 - - 4.75% S $2.38 22 Oct 18 5 Nov 18 -

Downer 5.75% 2018 (XTB) AU000YTMDOW0 YTMDOW 150.0 $101.24 $0.05 $101.19 5.68% +1.17% 3.27% - 2.10% 29 Nov 18 0.5 - - 5.75% S $2.88 10 Nov 18 29 Nov 18 -

Downer 4.50% 2022 (XTB) AU000YTMDO12 YTMDO1 250.0 $105.24 $1.00 $104.24 4.32% +0.86% 3.30% - 2.44% 11 Mar 22 3.8 - - 4.50% S $2.25 23 Aug 18 11 Sep 18 -

GPT 6.75% 2019 (XTB) AU000YTMGPT6 YTMGPT 250.0 $105.99 $2.39 $103.60 6.52% -0.97% 1.14% - 2.11% 24 Jan 19 0.6 - - 6.75% S $3.38 10 Jul 18 24 Jul 18 -

Incitec Pivot 5.75% Feb 2019 (XTB) AU000YTMIPL9 YTMIPL 200.0 $104.57 $1.59 $102.98 5.58% -0.52% 1.59% - 2.12% 21 Feb 19 0.7 - - 5.75% S $2.88 7 Aug 18 21 Aug 18 -

Lend Lease 5.50% Nov 2018 (XTB) AU000YTMLLC1 YTMLLC 250.0 $101.94 $0.28 $101.65 5.41% -0.32% 1.77% - 2.08% 13 Nov 18 0.5 - - 5.50% S $2.75 30 Oct 18 13 Nov 18 -

Lend Lease 6.00% May 2020 (XTB) AU000YTMLL15 YTMLL1 225.0 $106.84 $0.31 $106.53 5.63% +0.31% 2.54% - 2.23% 13 May 20 2.0 - - 6.00% S $3.00 30 Oct 18 13 Nov 18 7

Macquarie Bank 3.25% 2020 (XTB) AU000YTMMQG9 YTMMQG 478.6 $102.53 $0.80 $101.73 3.19% +0.02% 2.24% - 2.21% 3 Mar 20 1.8 - - 3.25% S $1.63 15 Aug 18 3 Sep 18 -

Mercantile Notes AU0000MVTHA7 MVTHA 22.3 $103.00 $3.32 $99.69 8.03% +5.75% 8.11% - 2.36% 10 Jul 21 3.1 - - 8.00% S $4.00 7 Jun 18 30 Jun 18 485

Mirvac 5.75% Sep 2020 (XTB) AU000YTMMGR7 YTMMGR 200.0 $108.46 $1.17 $107.29 5.36% +0.20% 2.46% - 2.27% 18 Sep 20 2.3 - - 5.75% S $2.88 4 Sep 18 18 Sep 18 -

NAB 4.25% 2019 (XTB) AU000YTMNAB2 YTMNAB 500.0 $102.27 $0.14 $102.13 4.16% -0.11% 2.02% - 2.13% 20 May 19 1.0 - - 4.25% S $2.13 1 Nov 18 20 Nov 18 -

NAB 4.00% 2021 (XTB) AU000YTMNA16 YTMNA1 300.0 $106.52 -$0.17 $106.69 3.75% -0.37% 2.03% - 2.41% 16 Dec 21 3.5 - - 4.00% S $2.00 28 May 18 16 Jun 18 -

Novion 5.00% Dec 2019 (XTB) AU000YTMNVN3 YTMNVN 250.0 $105.78 $1.19 $104.59 4.78% +0.68% 2.89% - 2.20% 19 Dec 19 2.3 - - 5.00% S $2.50 5 Jun 18 19 Jun 18 -

Peet Bonds AU0000PPCHA8 PPCHA 100.0 $106.33 $3.43 $102.90 7.19% +3.91% 6.25% - 2.34% 7 Jun 21 3.0 - - 7.40% S $3.74 7 Jun 18 18 Jun 18 24

Qantas 6.50% 2020 (XTB) AU000YTMQF18 YTMQF1 250.0 $107.57 $0.62 $106.94 6.08% +0.50% 2.73% - 2.23% 27 Apr 20 1.9 - - 6.50% S $3.25 8 Oct 18 27 Oct 18 -

Qantas 7.50% 2021 (XTB) AU000YTMQF26 YTMQF2 400.0 $113.00 -$0.21 $113.20 6.63% +0.57% 2.91% - 2.34% 11 Jun 21 3.0 - - 7.50% S $3.75 23 May 18 11 Jun 18 -

Qantas 7.75% 2022 (XTB) AU000YTMQF34 YTMQF3 300.0 $117.39 $0.27 $117.11 6.62% +0.67% 3.13% - 2.46% 19 May 22 4.0 - - 7.75% S $3.88 31 Oct 18 19 Nov 18 -

Scentre Group 5.00% Oct 2019 (XTB) AU000YTMSCG6 YTMSCG 150.0 $103.99 $0.53 $103.46 4.83% +0.28% 2.46% - 2.18% 23 Oct 19 1.4 - - 5.00% S $2.50 9 Oct 18 23 Oct 18 -

Stockland 5.50% Sep 2019 (XTB) AU000YTMSGP8 YTMSGP 150.0 $105.75 $1.30 $104.45 5.27% -0.25% 1.92% - 2.16% 6 Sep 19 1.3 - - 5.50% S $2.75 23 Aug 18 6 Sep 18 -

Stockland 8.25% Nov 2020 (XTB) AU000YTMSG15 YTMSG1 160.0 $114.06 $0.16 $113.90 7.24% +0.15% 2.44% - 2.29% 25 Nov 20 2.5 - - 8.25% S $4.13 11 Nov 18 25 Nov 18 -

Sydney Airport 7.75% 2018 (XTB) AU000YTMSYD7 YTMSYD 100.0 $103.44 $3.13 $100.31 7.73% +2.55% 4.44% - 1.89% 6 Jul 18 0.1 - - 7.75% S $3.88 17 Jun 18 6 Jul 18 -

Telstra 7.75% Jul 2020 (XTB) AU000YTMTLS0 YTMTLS 500.0 $114.76 $2.93 $111.82 6.93% -0.22% 2.03% - 2.25% 15 Jul 20 2.1 - - 7.75% S $3.88 1 Jul 18 15 Jul 18 -

Telstra 4% Sep 2022 (XTB) AU000YTMTL17 YTMTL1 500.0 $106.20 $0.84 $105.36 3.80% +0.17% 2.67% - 2.50% 16 Sep 22 4.3 - - 4.00% S $2.00 2 Sep 18 16 Sep 18 -

Transurban 4.75% Dec 2021 (XTB) AU000YTMTCL4 YTMTCL 250.0 $105.76 -$0.09 $105.85 4.49% +0.58% 2.99% - 2.40% 8 Dec 21 3.5 - - 4.75% S $2.38 25 May 18 8 Jun 18 -

Wesfarmers 6.25% Mar 2019 (XTB) AU000YTMWES9 YTMWES 500.0 $104.78 $1.10 $103.67 6.03% -0.39% 1.74% - 2.12% 28 Mar 19 0.8 - - 6.25% S $3.13 14 Sep 18 28 Sep 18 -

Wesfarmers 4.75% Mar 2020 (XTB) AU000YTMWE11 YTMWE1 350.0 $105.77 $1.05 $104.72 4.54% -0.18% 2.03% - 2.22% 12 Mar 20 1.8 - - 4.75% S $2.38 29 Aug 18 12 Sep 18 -

Westpac 3.25% January 2020 (XTB) AU000YTMWBC9 YTMWBC 325.0 $102.96 $1.17 $101.79 3.19% -0.07% 2.13% - 2.20% 22 Jan 20 1.6 - - 3.25% S $1.63 3 Jul 18 22 Jul 18 -

Westpac 3.50% 2020 (XTB) AU000YTMWB14 YTMWB1 200.0 $103.82 $1.20 $102.62 3.41% 0.00% 2.25% - 2.25% 28 Jul 20 2.2 - - 3.50% S $1.75 9 Jul 18 28 Jul 18 -

Woolworths 6.00% Mar 2019 (XTB) AU000YTMWOW0 YTMWOW 500.0 $104.32 $1.17 $103.14 5.82% -0.08% 2.04% - 2.12% 21 Mar 19 0.8 - - 6.00% S $3.00 7 Sep 18 21 Sep 18 -

Floating

AMP FRN 0.87% 2018 (XTB) AU000YTMF010 YTMF01 500.0 $0.00 - $0.00 - - - - - - - +0.87% - 2.72% Q $0.68 18 May 18 6 Jun 18 -

ANZ FRN 0.82% 2020 (XTB) AU000YTMF077 YTMF07 3,000.0 $101.38 $0.36 $101.02 2.87% +0.27% 2.49% - 2.22% 17 Apr 20 1.9 +0.82% - 2.90% Q $0.72 28 Jun 18 17 Jul 18 -



($m)Last Price

AccruedInterest

CapitalPrice

RunningYield

TradingMargin

Yield toMaturity


Reset /Maturity

Date

Years toReset /

Maturity

CouponMargin

Step-upMargin

CurrentRate (%)

PaymentFrequency

CashAmount

Ex-dateNext

CouponPayment

TradedVolume

Australian Unity Bonds AU0000AYUHB2 AYUHB 250.0 $103.40 $0.62 $102.79 4.75% +1.58% 3.86% - 2.29% 15 Dec 20 2.5 +2.80% - 4.88% Q $1.22 5 Jul 18 16 Jul 18 708

Bank of Queensland FRN 1.00% 2018 (XTB) AU000YTMF036 YTMF03 400.0 $100.59 $0.64 $99.95 2.92% +2.74% 4.38% - 1.64% 12 Jun 18 0.0 +1.00% - 2.92% Q $0.73 24 May 18 12 Jun 18 -

Bank of Queensland FRN 1.07% 2019 (XTB) AU000YTMF085 YTMF08 475.0 $100.97 $0.21 $100.76 3.04% +0.53% 2.71% - 2.17% 6 Nov 19 1.4 +1.07% - 3.07% Q $0.77 18 Jul 18 7 Aug 18 -

Centuria FRN 4.50% 2021 AU3FN0035457 - 40.0 $102.06 $0.31 $101.75 6.45% +3.86% 6.23% - 2.37% 21 Apr 21 3.0 +4.50% - 6.57% Q $1.64 14 Jul 18 23 Jul 18 -

IMF Bentham Bonds AU0000IMFHA3 IMFHA 50.0 $102.15 $1.05 $101.10 6.17% +3.14% 5.27% - 2.14% 30 Jun 19 1.1 +4.20% - 6.24% Q $1.55 28 Jun 18 9 Jul 18 37

Macquarie Bank FRN 1.10% 2020 (XTB) AU000YTMF093 YTMF09 969.2 $101.26 -$0.02 $101.28 2.88% +0.35% 2.56% - 2.21% 3 Mar 20 1.8 +1.10% - 2.92% Q $0.73 15 May 18 4 Jun 18 8

NAB FRN 0.88% 2018 (XTB) AU000YTMF044 YTMF04 1,225.0 $100.53 $0.19 $100.34 2.85% +0.10% 2.18% - 2.07% 8 Nov 18 0.4 +0.88% - 2.86% Q $0.72 20 Jul 18 8 Aug 18 -

NAB FRN 0.85% 2019 (XTB) AU000YTMF051 YTMF05 2,100.0 $100.75 $0.08 $100.67 2.77% +0.15% 2.27% - 2.13% 20 May 19 1.0 +0.85% - 2.78% Q $0.69 1 Aug 18 20 Aug 18 -

NAB FRN 0.80% 2020 (XTB) AU000YTMF101 YTMF10 1,900.0 $100.96 -$0.02 $100.98 2.59% +0.30% 2.53% - 2.23% 3 Jun 20 2.0 +0.80% - 2.62% Q $0.65 15 May 18 4 Jun 18 300

Peet Bonds 2 AU0000PPCHB6 PPCHB 50.0 $103.00 $1.01 $101.99 6.56% +4.12% 6.60% - 2.48% 5 Oct 22 4.4 +4.65% - 6.69% Q $1.67 26 Jun 18 5 Jul 18 400

Suncorp FRN 1.10% 2019 (XTB) AU000YTMF069 YTMF06 750.0 $101.05 $0.34 $100.71 3.14% +0.31% 2.44% - 2.12% 23 Apr 19 0.9 +1.10% - 3.17% Q $0.79 4 Jul 18 23 Jul 18 -

Tatts Bonds AU0000TTSHA8 TTSHA 194.7 $102.50 $0.80 $101.70 5.05% +1.52% 3.66% - 2.14% 5 Jul 19 1.1 +3.10% - 5.14% Q $1.28 26 Jun 18 5 Jul 18 102

Villa World Bonds AU0000VLWHA3 VLWHA 50.0 $104.00 $0.73 $103.27 6.60% +3.80% 6.25% - 2.44% 21 Apr 22 3.9 +4.75% - 6.82% Q $1.70 12 Jul 18 23 Jul 18 135

Westpac FRN 0.90% July 2020 (XTB) AU000YTMF119 YTMF11 2,700.0 $101.47 $0.26 $101.21 2.90% +0.33% 2.58% - 2.25% 28 Jul 20 2.2 +0.90% - 2.94% Q $0.73 9 Jul 18 30 Jul 18 -

Exchange Traded Fund

Floating

iShares Enhanced Cash ETF AU00000ISEC1 ISEC 0.0 $100.22 -$0.11 $100.33 3.32% +1.49% 4.55% - 3.06% - - +1.50% - 3.33% M $0.27 23 May 18 13 Jun 18 270

Listed Investment Trust

Floating

MCP Master Income Trust AU000000MXT0 MXT 516.2 $2.05 -$0.00 $2.05 4.94% +3.08% 6.15% - 3.06% - - +3.25% - 5.07% M $0.01 24 May 18 15 Jun 18 243,683

Preference Shares

Floating

IAG Perpetual Reset Exchangeable Notes AU00000IANG1 IANG 550.0 $102.87 $1.27 $101.60 5.86% +2.92% 5.11% 100.0% 2.19% 15 Dec 19 1.5 +1.20% 2.80% 5.96% Q $1.05 6 Jun 18 15 Jun 18 2,935

Multiplex SITES AU0000MXUPA4 MXUPA 450.0 $78.70 $1.04 $77.66 7.64% +5.90% 8.98% - 3.07% - - +3.90% - 5.93% Q $1.54 7 Jun 18 2 Jul 18 4,567

Nufarm Subordinated Step-Up Securities (NSS) NZFCND0004S9 NFNG 251.0 $85.80 $0.77 $85.03 7.15% +5.13% 8.21% - 3.08% - - +3.90% - 6.08% S $3.05 4 Oct 18 15 Oct 18 944

PERLS VI AU0000CBAPC9 CBAPC 2,000.0 $101.55 $1.23 $100.32 5.74% +3.20% 5.30% 100.0% 2.10% 15 Dec 18 0.5 +3.80% - 5.76% Q $1.02 6 Jun 18 15 Jun 18 15,765

Ramsay CARES AU0000RHCPA4 RHCPA 260.0 $105.60 $0.81 $104.79 6.69% +4.49% 7.57% 100.0% 3.08% - - +4.85% - 7.01% S $2.49 3 Oct 18 22 Oct 18 352

Seven Group TELYS4 AU0000SVWPA1 SVWPA 496.4 $80.00 $0.02 $79.98 8.55% +6.70% 9.78% 100.0% 3.08% - - +4.75% - 6.84% S $2.40 8 Nov 18 30 Nov 18 5,565

Stapled Security

Floating

Macquarie Income Securities AU0000MBLHB4 MBLHB 400.0 $81.25 $0.48 $80.77 4.68% +2.84% 5.91% - 3.07% - - +1.70% - 3.78% Q $0.94 28 Jun 18 16 Jul 18 13,306

National Income Securities AU0000NABHA7 NABHA 2,000.0 $79.70 $0.15 $79.55 3.96% +2.36% 5.43% - 3.07% - - +1.25% - 3.15% Q $0.79 30 Jul 18 15 Aug 18 31,660

Structured Note

Fixed

URF Notes II AU0000URFHB5 URFHB 90.5 $101.81 $1.70 $100.11 7.74% +5.27% 7.71% - 2.43% 24 Dec 20 3.3 - - 7.75% Q $1.94 10 Jun 18 29 Jun 18 330

URF Notes III AU0000URFHC3 URFHC 175.0 $102.00 $1.65 $100.35 7.72% +5.12% 7.66% - 2.54% 24 Dec 21 4.3 - - 7.75% Q $1.94 10 Jun 18 29 Jun 18 294

Floating

AGL Subordinated Notes AU0000AGLHA0 AGLHA 650.0 $101.98 -$0.11 $102.09 5.56% +1.71% 3.84% - 2.13% 8 Jun 19 1.0 +3.80% - 5.68% Q $1.43 30 May 18 8 Jun 18 3,961

Crown Subordinated Notes AU0000CWNHA9 CWNHA 532.0 $101.81 $1.50 $100.31 6.91% +3.93% 5.94% 0.0% 2.00% 14 Sep 18 0.3 +5.00% - 6.94% Q $1.75 5 Jun 18 14 Jun 18 2,728

Crown Subordinated Notes II AU0000CWNHB7 CWNHB 630.0 $103.00 $1.29 $101.71 5.84% +3.38% 5.73% - 2.35% 23 Jul 21 3.1 +4.00% - 5.94% Q $1.50 5 Jun 18 14 Jun 18 2,444

NAB Subordinated Notes 2 AU0000NABPE2 NABPE 943.2 $102.60 $0.83 $101.77 4.09% +1.83% 4.41% - 2.59% 20 Sep 23 5.3 +2.20% - 4.17% Q $1.05 8 Jun 18 20 Jun 18 5,180

Qube Subordinated Notes AU0000QUBHA8 QUBHA 305.0 $106.10 $0.93 $105.17 5.65% +2.78% 5.37% - 2.59% 5 Oct 23 5.3 +3.90% - 5.94% Q $1.48 26 Jun 18 5 Jul 18 1,651

Westpac Subordinated Notes 2 AU0000WBCHB2 WBCHB 925.3 $100.02 $0.12 $99.90 4.25% +2.70% 4.67% - 1.97% 22 Aug 18 0.2 +2.30% - 4.25% Q $1.07 13 Aug 18 22 Aug 18 3,491

Treasury Bonds

Fixed

Treasury Bond 3.25% Oct 2018 AU3TB0000176 GSBS18 11,400.0 $100.91 $0.36 $100.54 3.23% -0.23% 1.83% - 2.06% 21 Oct 18 0.4 - - 3.25% S $1.63 14 Oct 18 21 Oct 18 -



($m)Last Price

AccruedInterest

CapitalPrice

RunningYield

TradingMargin

Yield toMaturity


Reset /Maturity

Date

Years toReset /

Maturity

CouponMargin

Step-upMargin

CurrentRate (%)

PaymentFrequency

CashAmount

Ex-dateNext

CouponPayment

TradedVolume

Treasury Bond 5.25% Mar 2019 AU300TB01224 GSBE19 20,847.0 $103.75 $1.11 $102.64 5.12% -0.26% 1.86% - 2.12% 15 Mar 19 0.8 - - 5.25% S $2.63 8 Sep 18 15 Sep 18 -

Treasury Bond 2.75% Oct 2019 AU3TB0000184 GSBS19 7,600.0 $101.35 $0.31 $101.05 2.72% -0.19% 1.98% - 2.18% 21 Oct 19 1.4 - - 2.75% S $1.38 14 Oct 18 21 Oct 18 -

Treasury Bond 4.50% Apr 2020 AU3TB0000036 GSBG20 20,397.0 $105.10 $0.58 $104.52 4.31% -0.20% 2.02% - 2.23% 15 Apr 20 1.9 - - 4.50% S $2.25 8 Oct 18 15 Oct 18 -

Treasury Bond 1.75% Nov 2020 AU000XCLWAN8 GSBU20 14,300.0 $99.30 $0.05 $99.24 1.76% -0.22% 2.07% - 2.29% 21 Nov 20 2.5 - - 1.75% S $0.88 14 Nov 18 21 Nov 18 -

Treasury Bond 5.75% May 2021 AU0000XCLWM5 GSBI21 21,599.0 $110.58 $0.27 $110.31 5.21% -0.20% 2.13% - 2.33% 15 May 21 3.0 - - 5.75% S $2.88 8 Nov 18 15 Nov 18 -

Treasury Bond 2.00% Dec 2021 AU000XCLWAT5 GSBW21 9,300.0 $100.22 $0.89 $99.33 2.01% -0.21% 2.20% - 2.41% 21 Dec 21 3.6 - - 2.00% S $1.00 14 Jun 18 21 Jun 18 -

Treasury Bond 5.75% Jul 2022 AU3TB0000051 GSBM22 17,500.0 $115.88 $2.18 $113.70 5.06% -0.23% 2.25% - 2.48% 15 Jul 22 4.1 - - 5.75% S $2.88 8 Jul 18 15 Jul 18 -

Treasury Bond 2.25% November 2022 AU000XCLWAW9 GSBU22 7,000.0 $99.83 $0.07 $99.77 2.26% -0.21% 2.31% - 2.52% 21 Nov 22 4.5 - - 2.25% S $1.13 14 Nov 18 21 Nov 18 -




Treasury Bond 4.25% Apr 2026 AU000XCLWAI8 GSBG26 13,500.0 $112.10 $0.48 $111.63 3.81% -0.17% 2.61% - 2.78% 21 Apr 26 7.9 - - 4.25% S $2.13 14 Oct 18 21 Oct 18 -


Treasury Bond 2.75% Nov 2027 AU000XCLWAQ1 GSBU27 8,500.0 $100.56 $0.08 $100.48 2.74% -0.18% 2.69% - 2.88% 21 Nov 27 9.5 - - 2.75% S $1.38 14 Nov 18 21 Nov 18 -

Treasury Bond 2.25% May 2028 AU000XCLWAR9 GSBI28 7,000.0 $96.17 $0.08 $96.09 2.60% +0.05% 2.96% - 2.90% 21 May 28 10.0 - - 2.50% S $1.25 14 Nov 18 21 Nov 18 -

Treasury Bond 2.75% Nov 2028 AU000XCLWAU3 GSBU28 1,240.0 $100.46 $0.08 $100.37 2.74% -0.21% 2.71% - 2.92% 21 Nov 28 10.5 - - 2.75% S $1.38 14 Nov 18 21 Nov 18 -


Treasury Bond 4.50% Apr 2033 AU000XCLWAG2 GSBG33 9,100.0 $119.99 $0.50 $119.48 3.77% -0.20% 2.88% - 3.08% 21 Apr 33 14.9 - - 4.50% S $2.25 14 Oct 18 21 Oct 18 -

Treasury Bond 2.75% June 2035 AU000XCLWAM0 GSBK35 4,250.0 $97.99 $1.22 $96.77 2.84% -0.09% 2.99% - 3.08% 21 Jun 35 17.1 - - 2.75% S $1.38 14 Jun 18 21 Jun 18 -


Treasury Bond 3.25% June 2039 AU000XCLWAP3 GSBK39 4,000.0 $103.60 $1.45 $102.15 3.18% +0.03% 3.11% - 3.08% 21 Jun 39 21.1 - - 3.25% S $1.63 14 Jun 18 21 Jun 18 -

Treasury Bond 3.00% Mar 2047 AU000XCLWAS7 GSBE47 7,600.0 $96.52 $0.59 $95.93 3.13% +0.13% 3.22% - 3.08% 21 Mar 47 28.8 - - 3.00% S $1.50 14 Sep 18 21 Sep 18 -

Treasury Index Bonds

Capital Indexed

Treasury Indexed Bond 1.00% Nov 2018 AU000XCLWAJ6 GSIU18 3,839.0 -$108.62 - -$108.62 - - - - - - - - - 1.00% Q $0.27 14 May 18 21 May 18 -

Treasury Indexed Bond 4.00% Aug 2020 AU0000XCLWE2 GSIO20 4,964.0 -$183.41 - -$183.41 - - - - - - - - - 4.00% Q $1.69 13 May 18 21 May 18 -

Treasury Indexed Bond 1.25% Feb 2022 AU000XCLWAB3 GSIC22 4,290.0 -$115.78 - -$115.78 - - - - - - - - - 1.25% Q $0.35 14 May 18 21 May 18 -

Treasury Indexed Bond 3.00% Sep 2025 AU0000XCLWP8 GSIQ25 5,543.0 $141.39 $0.72 $140.67 2.58% - 0.68% - - 20 Sep 25 7.3 - - 3.00% Q $0.91 13 Jun 18 20 Jun 18 -

Treasury Indexed Bond 0.75% Nov 2027 AU000XCLWAV1 GSIU27 100.0 -$101.32 - -$101.32 - - - - - - - - - - Q - - - -

Treasury Indexed Bond 2.50% Sep 2030 AU0000XCLWV6 GSIQ30 3,293.0 $141.47 $0.59 $140.88 2.09% - 0.82% - - 20 Sep 30 12.3 - - 2.50% Q $0.74 13 Jun 18 20 Jun 18 -

Treasury Indexed Bond 2.00% Aug 2035 AU000XCLWAF4 GSIO35 2,650.0 -$127.31 - -$127.31 - - - - - - - - - 2.00% Q $0.55 14 May 18 21 May 18 -

Treasury Indexed Bond 1.25% Aug 2040 AU000XCLWAO6 GSIO40 1,550.0 -$109.16 - -$109.16 - - - - - - - - - 0.13% Q $0.03 14 May 18 21 May 18 -

Definitions

1 Last Price This is the physical price at which a security is last traded. It is a function of Capital Price plus Accrued Interest. Also known as dirty price.

2 Accrued Interest The amount of interest that has been accumulated from the last coupon payment date to the settlement date when the bond is traded.

3 Capital Price This is the price of a security excluding any interest that has accrued since issue or the most recent interest payment. Also known as clean price.

4 Running Yield The running yield is annual income from a security divided by capital price. Unless the capital price is equal to the last price, it will be different to the yield to maturity.

5 Trading Margin The trading margin is the margin over the appropriate benchmark (usually the swap curve). It represents the credit risk premium of a security and is also known as the credit spread.

6 Yield to Maturity This is the absolute yield an investor will receive if they buy the security today at the last price, assuming that the bond will be held until maturity.

7 Calculation Method Calculations are based upon Australian market standard formulae (RBA method for fixed rate securities & AFMA method for floating rate securities).

8 Par Value All calculations are based upon a security par value of $100.

Important Information

Baillieu Holst Ltd as the issuer of this research report has a different rating/research opinion on Australian listed equity securities.

This document has been prepared by: Bond Adviser Pty LimitedABN 31 164 148 467Australian Financial Services Licence No. 456783

This document is issued by:Baillieu Holst Ltd ABN 74 006 519 393 Australian Financial Service Licence No. 245421 Participant of ASX Group Participant of NSX Ltd

Disclosure of potential interest and disclaimer: Bond Adviser Pty Limited (BondAdviser) is authorised to provide general financial product advice under its Australian Financial Services Licence.

This report was created by BondAdviser and was not commissioned or funded by a third party service provider or product issuer. The research within it was conducted approximately 5 days before its date of creation. Bond Adviser does not guarantee the currency of theresearch. If you would like to assess the currency, you should compare the contents of this report with more recent characteristics and performance of the assets mentioned within it. Some of the research in this report is based on past performance. Past performanceshould not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment at its original date ofpublication and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuationthat may have a positive or adverse effect on the price or income of such securities or financial instruments.

Baillieu Holst Ltd (Baillieu Holst) and/or its associates may receive commissions, calculated at normal client rates, from transactions involving securities of the companies mentioned herein and may hold interests in securities of the companies mentioned herein from timeto time. Your adviser will earn a commission of up to 55% of any brokerage resulting from any transactions you may undertake as a result of this advice.

Investment can give rise to substantial risk and a product mentioned in this report may not be suitable to you. BondAdviser has taken all reasonable steps to ensure that any opinion or recommendation in this report is based on reasonable grounds, and is not influencedby any interests of Bond Adviser staff or other persons. The content of this report is of a general nature only, and does not amount to personal advice to a retail client. It does not take into account the objectives, financial situation or individual needs of any individual.When Baillieu Holst provides advice to you, it is based on the information you have provided about your personal circumstances, financial objectives and needs. If you wish to rely on this report or any advice given to you, it is important that you inform Baillieu Holst of anychanges to your personal investment needs, objectives and financial circumstances. If you do not provide updated information on your circumstances, any advice may be based on inaccurate information, and you will need to consider whether the advice is suitable to you.Please do not hesitate to contact Baillieu Holst’s offices if you need to update your information held with us. Please be assured that Baillieu Holst keeps your information strictly confidential.

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