“With the 90 day BBSW currently around 2% that's a yield of 6% fully franked. In the ballpark of Big Four ordinaries with much lower capital volatility.”
The overall yield will be around 6%, but that includes the franking credit, so it will comprise of 4.2% cash and 1.8% franking credit. This is just over half what the ordinary shares are yielding, at the moment of course.
Trouble I have with these in general is that if the proverbial really hits the fan, they convert and that is just the time when I would not want my exposure to ordinary shares increased. Nevertheless, given the chance of a loss event is very small, a yield of 4% + 3BBSW paid quarterly is not too bad.
News: NAB National Australia Bank Announces Capital Notes 3 Offer, page-19
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