Hang on a minute mate. My gut instinct tells me something is not quite right here. Can't be 4%, (I was assuming you were right hence my initial very strong surprise).
7.2% coupon rate and currently trading at about $1.026 per $1. Ticker code ANBHB on NZDX.
So one is paying a 2.6% premium for the remaining life of these instruments.
My understanding is that these have callable features built into them so the bank can call them at the first five year anniversary and any five year anniversary thereafter and that the yield calculation is usually based on the assumption that the bank call them at their first option, (although this is probably unlikely in the current environment IMO).
These were first listed on 1 April 2015 so there's just over 4 years to run to the first possible redemption date by the ANZ bank. In simple terms without getting into a full bond calculator analysis you're paying a 2.6% premium for the next four years coupon's of 7.2% so the yield to first possible maturity is approx. (7.2 x 4) - 2.6 = 26.2 / 4 = 6.55%.
This corrected approximate yield makes more sense and gives something of an idea where HBL will need to pitch their Tier 2 capital raise in terms of yield.
I still don't like them for all the reasons mentioned earlier in the thread but I can understand in an ultra low interest rate environment, lowest in more than 50 years, which is likely headed even lower how these would have some appeal, (as a modest part of a well diversified portfolio of other investments) to bond investors chasing yield.
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