BENDIGO & ADELAIDE BANK CPS3
| Minimum Investment | $10,000 |
| Expected Close | 16/05/2015 |
The latest hybrid investment from Bendigo Bank
Wealth Focus has secured access to the Bendigo and Adelaide Bank CPS 3 IPO. Investors looking to apply for an allocation will need to contact us by close of business Thursday 30th April on 1300 559 869.
Allocations may still be available after this date but will be allocated on a first come first served basis. SORRY THIS OFFER IS NOW CLOSED.
Bendigo & Adelaide Bank CPS 3
Bendigo & Adelaide Bank’s new $200m Convertible Preference Shares 3 (BENPF) has been launched as a replacement for the $90m BENPB.
As with many of the recent hybrid issues, we expect this to close early. Since this is a relatively small placement with a large proportion expected to be soaked up in the rollover offer, we would suggest investors ask for an allocation sooner rather than later.
Our view
The closest comparable is B&A’s BENPE, expected to be repaid in Nov 2020, only 6 months earlier than the new CPS3. This currently trades at 3.8% over the BBSW, indicating there is some upside on listing and we would expect BENPF to trade at around $101 (relative to today’s pricing).
Call us on 1300 559 869 to ask us to secure an allocation to either the new issue or rollover offer.
Key Features
- Broker firm offer – Our allocation through the broker firm offer means investors are more likely to achieve their desired allocation without waiting for the general or shareholder offer.
- Limited Offer – The offer is to raise $200 Million, with the ability to raise more or less. The Shares will be traded on the ASX.
- Income – BEN CPS 3 provide holders with semi annual fully franked distributions.
- High level of income – The distribution rate is 4%-4.2% over the 180 day Bank Bill Swap Rate (2.30% – 27/04/15) for an indicative rate of 6.30%-6.50% pa.
- Minimum investment – $10,000 (this is a Wealth Focus minimum)
- Issue Price – $100
Find out more
If you would like further information on BEN CPS 3 Offer, please click on the links below:
- Fact sheet
- Prospectus
- Presentation
- Research
- View our online webinar – An Introduction to Fixed Income
Please call us on 1300 559 869 to ask us to secure an allocation.
Best regards
Sulieman Ravell
Wealth Focus Pty Ltd
What do we get paid?
Wealth Focus will receive a payment of up to 1% plus GST of the amount invested. This commission is paid by the product issuer and is NOT an additional charge to the investor.
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