12 November 2013
Analysts
Damien Williamson 613 9235 1958
Barry Ziegler 613 9235 1848
NAB Convertible Preference
Shares II (NABPB)
Authorisation
TS Lim 612 8224 2810
Priced for success
The new $750m NAB Convertible Preference Shares II (NABPB) offer is priced to
succeed, offering an attractive bookbuild margin range of 3.25-3.40% above 90BBSW.
With the recovery in credit markets continuing over 2013, NABPB may prove to be one
of the last major bank preference shares offering an issue margin above 3.00%.
Fixed
Income
As with all new securities which APRA qualifies as Additional Tier 1 Capital under the
Basel III framework, there is provision for automatic conversion under the two loss
absorption events, namely the Trigger Events for Common Equity and Non-Viability.
Issue overview
Issuer
NAB
Issue ASX code
NABPB
Face value
$100
Estimated offer size
Bookbuild margin
$750m
3.25-3.40%
Franking
100%
Dividend payments
First dividend payment
Quarterly
Target valuation margin 3.00%. Bookbuild range 3.25-3.40%
Given there is typically a digestion period on new issues, we have set a target
valuation margin on NABPB of 3.00% once markets stabilise. This equates to a
premium of ~2.15% above NAB Nov 2018 senior debt trading in the wholesale market.
This compares with our fair margin assessment on NABPA of 2.90%, with a slight
premium required for the extra duration to the first call date (Dec 2020 vs Mar 2019).
After a pause in new issuance since ANZPD & WBCHB raised $2bn in July, the current
investor appetite is evident by the bookbuild on AMP Subordinated Notes 2 (AMPHA)
closing early. The upscale from $200m to $300m still required a material scale back.
17 Mar 2014
Minimum application
$5,000
Optional redemption
17 Dec 2020
Mandatory conversion
19 Dec 2022
Timeline
In addition, strength in the wholesale market is highlighted by strong new issue
demand and the trading margin on Westpac January 2018 senior debt (issue margin
95bp) firming from 100bp in late June to 76bp. The historically high bookbuild range
combined with a continued improvement in credit margins and a 7 year duration to the
December 2020 optional redemption date provides the potential for NABPB to trade at
a modest premium.
Figure 1: Trading margins on debt and equity securities
Lodgement of prospectus 12 Nov 2013
Ranking
Bookbuild margin
20 Nov 2013
Securityholder & General 9 Dec 2013
Lower Ranking
Call
40bp
Feb 2017
Unsubordinated
unsecured debt
NAB senior debt (OTC)
88bp
Nov 2018
Subordinated
unsecured debt
NABHB (Tier 2)
200bp
Jun 2022 Jun 2017
WBCHB (Tier 2)
215bp
Aug 2023 Aug 2018
Preference securities
NABPA (Tier 1)
310bp
Mar 2021 Mar 2019
NABPB (Tier 1)
325bp
Dec 2022 Dec 2020
Broker firm / Institutional 13 Dec 2013
17 Dec 2013
First
WBC covered bond
Higher Ranking Secured debt
Offer closes
Issue date
Trading Margin Maturity
over BBSW
Announcement of margin 20 Nov 2013
Offer opens
Security
19 Nov 2013
Equity
Ordinary NAB shares
>500bp
Perpetual
SOURCE: YIELDB ROKER, BELL POTTER
ASX listing (deferred settlement) 18 Dec 2013
Key features
Additional Disclosure: Bell Potter
Securities Limited is acting as Comanager to the NABPB issue and will
receive fees for this service.
Initial gross running yield of 5.85-6.00% (4.10-4.20% fully franked): Floating
rate based on 90BBSW of 2.60% + 3.25-3.40% bookbuild margin.
Option to redeem at year 7 with scheduled conversion at year 9: NAB has the
option to redeem / convert in December 2020, subject to APRA approval.
This report is to be read in
conjunction with the NAB CPS II
prospectus.
Ordinary dividend restrictions: Applies on the non payment of NABPB dividends
Automatic conversion under Common Equity & Non-Viability Trigger Events
BELL POTTER SECURITIES LIMITED
ACN 25 006 390 772
AFSL 243480
DISCLAIMER AND DISCLOSURES THIS REPORT MUST
BE READ WITH THE DISCLAIMER AND DISCLOSURES
ON PAGE 8 THAT FORM PART OF IT.
Page 1
NAB Convertible Preference Shares II
12 November 2013
NAB Convertible Preference Shares II
Lock in >3% issue margin while still available
The strength in the ASX listed hybrid market is highlighted by the trading margins on
most of the major bank hybrids compressing to below 3.00%. Excluding WCTPA, the
only other securities offering a trading margin >3.00% are the new issues in 2013
(ANZPD, NABPA and WBCPD).
When NABPA launched in Feb 2013, every issue with a call date 2016 or later was on
a trading margin of >3.00%. The improvement in the market over this period is
evident in the trading margin on CBAPC firming from 3.20% to 2.82%, with the rally in
the security price from $103.80 to $105.30.
Figure 2: Trading margin on major bank preference shares
Issue
ASX
Price
Fair
Code
8-Nov-13
Value
Rating Issue Trading
Trading vs
Call
Div
Margin Margin Margin Fair Margin
Fair
Date
Freq
HY
ANZ CAP NTS
ANZPD $102.20 $103.39
Buy
3.40%
3.29%
3.10%
0.19%
1-Sep-21
WBC TPS
WCTPA $95.00
Hold
1.00%
3.29%
3.20%
0.09%
30-Jun-16
Q
NAB CPS II
NABPB $100.00
3.25%
3.25%
3.00%
0.25%
17-Dec-20
Q
Q
$95.20
NAB CPS
NABPA $101.25 $102.22
Buy
3.20%
3.11%
2.90%
0.21%
20-Mar-19
WBC CAP NTS
WBCPD $101.60 $102.42 Hold
3.20%
3.08%
2.90%
0.18%
8-Mar-19
Q
CBA PERLS III
PCAPA $192.58 $191.53 Hold
1.05%
2.95%
3.20%
-0.25%
6-Apr-16
Q
ANZ CPS3
ANZPC $101.68 $102.25 Hold
3.10%
2.92%
2.75%
0.17%
1-Sep-17
HY
CBA PERLS VI
CBAPC $105.30 $105.16 Hold
3.80%
2.82%
2.85%
-0.03%
15-Dec-18
Q
WBC CPS
WBCPC $103.00 $102.27 Hold
3.25%
2.66%
2.85%
-0.19%
31-Mar-18 HY
ANZ CPS2
ANZPA $102.50 $102.30 Hold
3.10%
2.53%
2.60%
-0.07%
15-Dec-16
Q
CBA PERLS V
CBAPA $202.47 $202.54 Hold
3.40%
2.24%
2.20%
0.04%
15-Oct-14
Q
ANZ CPS1
ANZPB $100.99 $100.98 Hold
2.50%
2.19%
2.20%
-0.01%
16-Jun-14
Q
WBC SPS II
WBCPB $102.28 $102.09 Hold
3.80%
1.98%
2.20%
-0.22%
30-Sep-14
Q
SOURCE: BELL POTTER, COM PANY DATA, IRESS
NABPB may prove to be one of the last major bank preference shares offering an
issue margin above 3%. Every major bank preference share issued between 2009 and
2013 has had an issue margin between 3.10-3.80%, which remain historically high.
This compares to the 1.05% issue margin on CBA PERLS IV (CBAPB), which was the
last major bank preference share issued pre-GFC. We expect a new Basel III
compliant security will replace ANZPB ahead of its June 2014 mandatory conversion
date. If credit markets continue to improve, the issue margin could easily be <3.00%.
Figure 3: Issue margins on comparative major bank preference shares
Date of Listing Issuer Hybrid Code Description
Margin over BBSW
11-Jul-07
CBA
CBAPB
PERLS IV
1.05%
29-Jul-08
WBC
WBCPA
Stapled Preferred Securities
2.40%
1-Oct-08
ANZ
ANZPB
Convertible Preference Shares
2.50%
30-Mar-09
WBC
WBCPB
Stapled Preferred Securities II
3.80%
13-Oct-09
CBA
CBAPA
PERLS V
3.40%
18-Dec-09
ANZ
ANZPA
Convertible Preference Shares 2
3.10%
29-Sep-11
ANZ
ANZPC
Convertible Preference Shares 3
3.10%
26-Mar-12
WBC
WBCPC
Convertible Preference Shares
3.25%
18-Oct-12
CBA
CBAPC
PERLS VI
3.80%
12-Mar-13
WBC
WBCPD
Capital Notes
3.20%
21-Mar-13
NAB
NABPA
Convertible Preference Shares
3.20%
8-Aug-13
ANZ
ANZPD
Capital Notes
3.40%
18-Dec-13
NAB
NABPB
Convertible Preference Shares II
3.25%
SOURCE: COMPANY DATA, BELL POTTER
Page 2
NAB Convertible Preference Shares II
12 November 2013
NAB Convertible Preference Shares II
Recovery in credit markets set to continue
With the US Fed continuing to pump funds into their economy, and Australian interest
rates near record lows, financial markets are awash with cash seeking a higher
interest rate home. Since early October, we have seen very strong demand for
wholesale debt issues from several banks (ANZ, BOQ, BEN, CBA, NAB), while Telstra
was able to price its $500m 4.50% 5 year fixed rate senior debt issue at the same
88bp margin as ANZ and NAB.
If we track the margins on WBC Jan 2018 senior debt, this was issued in January
2013 at a margin of 95bp. The margin on this subsequently firmed to 70bp in early
May. This margin then eased out to 100bp by late June, in line with the sell off
witness across most investment markets including equities, bond / fixed interest and
FX. Markets have recovered since July with the trading margin firming to 76bp.
Figure 4: Major wholesale issues since October
Issuer
Adani Abbot Point Terminal
ANZ Bank
ANZ Bank
Issue Terms Margin Duration
Size
90BBSW+ 225bp 5 years
$300m
2.00%
90BBSW+ 80bp 5 years $1,700m
Telstra Dec 2016 Senior Debt
$300m
Aurizon (formerly QR Nat ional) Fixed 5.75% 180bp 7 years
$200m
Bank of Queensland
90BBSW+ 115bp 3 years
$400m
Bendigo & Adelaide Bank
90BBSW+ 127bp 5 years
$400m
Brisbane Airport
Fixed 6.00% 185bp 7 years
$150m
0.75%
Commonw ealth Bank
Fixed 4.50% 80bp 5 years
$80m
0.50%
Telstra
1.50%
ANZ May 2016 Senior Debt
1.25%
1.00%
90BBSW+ 88bp 5 years $1,500m
Fixed 4.50% 88bp 5 years
Westfield Retail Trust Oct 2016 Senior Debt
1.75%
Fixed 4.50% 88bp 5 years
NAB
Figure 5: Trading margins on wholesale floating rate senior debt
CBA Jan 2017 Covered Bond
WBC Jan 2018
Senior Debt
SOURCE: YIELDBROKER, BELL POTTER
0.25%
$500m
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
SOURCE: YIELDBROKER, IRESS, BELL POTTER
Since July, we have seen the trading margin on NABPA firm from ~3.50% to an
average of 2.90% for October. This October trading margin highlights where major
bank preference shares should trade in a market not impacted by new issuance.
Figure 6: NABPA trading margin
Yield
Price
5.0%
$105.00
4.5%
$102.50
Security Price (RHS)
4.0%
$100.00
3.5%
$97.50
3.0%
$95.00
Trading Margin (LHS)
2.5%
$92.50
2.0%
Mar-13
$90.00
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
SOURCE: IRESS, BELL POTTER
Ultimately, bidding into a new issue provides a number of advantages, including:
There is no brokerage charge on subscribing for new issues versus the brokerage
charge for buying securities on the ASX.
Investors have the ability to acquire their desired holding at face value, rather that
chasing ASX listed stock where there may be limited liquidity.
Page 3
NAB Convertible Preference Shares II
12 November 2013
NAB Convertible Preference Shares II
Mandatory Conversion Conditions
In order for bank Convertible Preference Shares (CPS) to qualify as Additional Tier 1
capital, APRA has imposed a maximum conversion number in order to limit the dilution
of ordinary shares upon conversion.
This maximum conversion number represents the face value of the preference share
divided by 50% of the volume weighted average price (VWAP) of the issuer on the 20
business days preceding the issue date (Issue Date VWAP). For example, if NAB’s
20 day VWAP was $34.56 before the issue date, the maximum conversion number
would be 5.787 NAB shares per NABPB security (i.e. $100 / (50% x $34.56)).
To protect NABPB holders from receiving less than face value at scheduled
conversion, there are a number of Conversion Conditions which investors need to be
aware of:
First: VWAP of ordinary shares on the 25th business day before a possible
Mandatory Conversion Date (14 November 2022) must be above 56% of the Issue
Date VWAP. Using the NAB price on 11 Nov 2013 of $34.56 x 56%= $19.35.
Second: VWAP of ordinary shares during the 20 business days immediately
preceding a possible Scheduled Conversion Date (21 November 2021) must be
greater than 50.51% of the NABPB Issue Date VWAP (i.e. $17.46).
Third: Continuous trading (i.e. No Delisting Event) prior to a possible Mandatory
Conversion Date - to provide protection should investors wish to sell the ordinary
shares they receive upon conversion. A Delisting Event occurs when NAB is
delisted or suspended, or there is an Inability Event.
If the Mandatory Conversion Conditions are not satisfied, Conversion on the
Mandatory Conversion Date will not occur. Under this scenario, the security will
remain on issue and continue to pay dividends at the same margin. The Mandatory
Conversion Conditions will be tested on each subsequent future quarterly dividend
date.
Figure 4: Mandatory Conversion Conditions
NABPB
ANZPA
ANZPB
ANZPC
ANZPD
BENPD
BOQPD
CBAPA
CBAPC
IAGPC
MQGPA
NABPA
SUNPC
WBCPB
WBCPC
WBCPD
Date of Hybrid Issue
17-Dec-13 18-Dec-09 1-Oct-08 29-Sep-11 7-Aug-13 1-Nov-12 24-Dec-12 13-Oct-09 17-Oct-12 1-May-12 8-Jul-08
Mandatory Conversion Date
19-Dec-22 15-Dec-16 16-Jun-14 1-Sep-17 1-Sep-23 13-Dec-19 15-Apr-20 15-Oct-14 15-Dec-20 1-May-19 7-Jun-18 22-Mar-21 22-Mar-21 30-Sep-14 30-Mar-20 8-Mar-21
Conversion Discount
20-Mar-13 20-Mar-13 30-Mar-09 23-Mar-12 8-Mar-13
1.0%
1.0%
2.5%
1.0%
1.0%
2.5%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
Issue Date VWAP
$34.56
$21.80
$17.35
$19.53
$29.16
$7.98
$7.11
$50.49
$56.08
$3.46
$42.42
$30.64
$9.49
$17.51
$20.83
$29.89
50% Dilution Cap
Max Conv No (Face Value/ Dilut ion Cap)
$17.28
$10.90
$8.68
$9.77
$14.58
$3.99
$3.55
$25.25
$28.04
$1.73
$21.21
$15.32
$4.75
$8.76
$10.42
$14.95
5.79
9.17
11.53
10.24
6.86
25.06
28.15
7.92
3.57
57.80
4.71
6.53
21.07
11.42
9.60
6.69
Conv Test 1 - % Issue Date VWAP
56.00%
56.00%
56.00%
56.00%
56.00%
57.50%
56.12%
56.00%
56.00%
57.50%
55.56%
56.00%
56.00%
55.56%
55.56%
56.12%
Conv Test 1 Security Price
$19.35
$12.21
$9.72
$10.94
$16.33
$4.59
$3.99
$28.28
$31.41
$1.99
$23.57
$17.16
$5.31
$9.73
$11.57
$16.77
Conv Test 2 - % Issue Date VWAP
50.51%
50.51%
51.28%
51.28%
50.51%
51.28%
50.51%
50.51%
50.51%
50.51%
50.51%
50.51%
50.51%
50.51%
50.51%
50.51%
Conv Test 2 Security Price
$15.10
$17.46
$11.01
$8.90
$10.01
$14.73
$4.09
$3.59
$25.50
$28.33
$1.75
$21.43
$15.48
$4.79
$8.84
$10.52
Conv Test 3 - Continuous Trading
Yes
Yes
Yes
Yes
Yes
Yes
Yes
n/a
n/a
Yes
Yes
Yes
Yes
n/a
n/a
n/a
Parent Share Price - 11 Nov 2013
$34.56
$32.14
$32.14
$32.14
$32.14
$10.93
$11.99
$78.35
$78.35
$6.12
$54.18
$34.56
$13.30
$33.12
$33.12
$33.12
Prem/Disc to Dilution Cap
100.0%
194.9%
270.5%
229.1%
120.4%
173.9%
237.5%
210.3%
179.4%
253.8%
155.4%
125.6%
180.3%
278.3%
218.0%
121.6%
Prem/Disc to Conversion Test 1
78.6%
163.3%
230.8%
193.9%
96.8%
138.2%
200.7%
177.1%
149.5%
207.6%
129.9%
101.4%
150.3%
240.4%
186.2%
97.4%
SOURCE: COM PANY DATA, BELL POTTER
Page 4
NAB Convertible Preference Shares II
12 November 2013
NAB Convertible Preference Shares II
Early Conversion under Loss Absorption Events
The fallout from the Global Financial Crisis has seen the Basel Committee on Banking
Supervision establish new capital reforms to be phased in between 1 January 2013
and 1 January 2019. The key objective of these new reforms is to ensure banks are
adequately capitalised in the event of future crises. On 28 September 2012, APRA
published its final Basel III prudential standards which include a number of changes to
the eligibility criteria for capital instruments, including stricter criteria for instruments to
qualify as Additional Tier 1 Capital.
These requirements include a Capital Trigger Event and a Non-Viability Trigger Event,
where securities such as NABPB must be converted into ordinary equity if the financial
position of NAB requires an immediate injection of capital. These prudential standards
also require Australian banks to hold a minimum Common Equity Tier 1 Capital Ratio
of 4.5% on 1 January 2013, increasing by the 2.5% capital conservation buffer to 7.0%
on 1 January 2016.
Common Equity Trigger Event
A Common Equity Trigger Event occurs when either NAB determines, or when APRA
notifies NAB that it believes NAB’s Common Equity Tier 1 Capital Ratio is equal to or
less than 5.125%. Under this Trigger, NAB must immediately Convert enough
NABPA securities to boost the Common Equity Tier 1 Capital Ratio above 5.125%.
NAB’s Basel III Common Equity Tier 1 Capital Ratio at 30 Sep 2013 stood at 8.43%,
providing a buffer of $12.0bn. If we include NAB’s FY13 cash net profit of $5.9bn, a
breach of the Common Equity Trigger requirement appears very low, particularly as
NAB has options such as cutting ordinary dividends and undertaking equity raisings.
Non-Viability Trigger Event
In addition, NABPB will be Converted if APRA determines that NAB would be nonviable in the absence of an exchange or a public sector injection of capital. We note
there are currently no precedents for a Non-Viability Trigger Event. The types of
situations in which APRA may become concerned about non-viability include
significant capital losses, prolonged difficulties in raising funding or maintaining
sufficient liquidity.
Potential for Loss under Trigger Event if NAB is under $6.91
Conversion resulting from a Capital Trigger Event or a Non-Viability Trigger Event will
be done at the VWAP of NAB shares traded on the 5 Business Days immediately
preceding the Conversion Date. While this is not subject to the Scheduled Conversion
Conditions, it is still subject to the Maximum Conversion Number, which represents the
face value of the preference share dividend by 20% of the issue date VWAP. If NAB’s
20 issue date VWAP was $34.56, the maximum conversion number would be 14.4718
NAB shares per NABPB security (i.e. $100 / (20% x $34.56)). As such, NABPB
investors may exposed to receiving less than face value if NABPA is converted at less
than $6.91. In practice this will only occur in the unlikely scenario that the issuer
suffers severe impairment losses and does not raise equity to absorb those losses.
As it is likely that conversion under one of these Trigger Events would occur prior to a
company Wind Up, NABPB holders will hold ordinary shares and rank equally with
other holders of ordinary shares (i.e. lose priority ranking).
Page 5
NAB Convertible Preference Shares II
12 November 2013
NAB Convertible Preference Shares II
Inability Event
One additional risk is an Inability Event if NAB is not able to issue ordinary shares from
Conversion under a Loss Absorption Event (i.e. Common Equity Trigger Event or NonViability Trigger Event). Scenarios under which this may occur include NAB being
prevented from issuing ordinary shares by circumstances outside of its control,
including an applicable law or order of any court, or action of any Government
authority from issuing shares.
Under an Inability Event, the rights attached to NABPB on and from the sixth day after
the Loss Absorption Event Conversion Date will be an economic interest will be
effectively limited to the dividends payable on the number of ordinary shares NABPB
holders would have receive on conversion. The capital value under of NABPB under
an Inability Event will most likely be significantly reduced as NABPB will become an
investment which may not be able to be sold on the ASX. In the event of a winding
up, NABPB holders claim relates to the surplus available to ordinary shareholders on
the basis that NABPB was converted into ordinary shares (i.e. proportionate claim to
the enlarged ordinary equity base).
Investment risks
Key Business Risks of NAB include:
•
A material deterioration in global capital markets and the Australian economy.
•
Adverse regulatory changes.
•
Operational risks and trading errors.
•
Increasing competition.
•
Credit rating downgrades.
•
Losses associated with counterparty exposures.
•
Poor performance of acquired businesses.
Page 6
NAB Convertible Preference Shares II
12 November 2013
NAB Convertible Preference Shares II
Investment risks (continued)
Key Security Risks include:
•
NABPB is not a bank deposit protected by the Government guarantee scheme
•
As preferred equity, NABPB ranks behind deposits, senior debt and
subordinated debt in NAB.
•
NABPB dividends are at NAB’s discretion and are non-cumulative.
•
Unless APRA provides approval, NABPB dividend payments are subject to
satisfaction of the Dividend Payment Conditions. Any payment must not result
in a breach of NAB’s capital requirements under APRA’s prudential standards,
or result in NAB becoming insolvent.
•
Adverse movement in credit spreads as a result of a tightening in the
availability and cost of credit.
•
New issues may offer more attractive issue terms and margins, placing
downward pressure on the security price.
•
Adverse change in NAB’s and financial performance which combined with a
major bad debt event could lead to the Common Equity Tier 1 Capital Ratio
falling below 5.125%, resulting in automatic conversion under the Capital
Trigger Event. Automatic conversion may also be required under a NonViability Trigger Event.
•
Under an Inability Event, NABPB will lose most of its value if NAB is not able to
convert NABPB into ordinary shares under a Loss Absorption Event.
•
Conversion of NABPB at the Dec 2022 Mandatory Conversion Date requires
NAB’s share price at the time of Mandatory Conversion to be above certain
thresholds. If these thresholds are not met in Dec 2022 or at future quarterly
dividend payment dates, NABPB may remain on issue indefinitely.
Refer page 60 of the prospectus for further information on risks.
Additional investment risk:
ASIC “Be wary of the risks” warning: Money Smart website
The ASIC publication should be used as guidance which may be relevant to your
consideration of NABPB – namely, information for retail investors who are considering
investing in hybrid securities.
Copies of the ASIC Guidance can be obtained from ASIC’s website at:
www.moneysmart.gov.au/investing/complex-investments/hybrid-securities-and-notes
Basically, hybrid securities (including subordinated notes and convertible preference
shares) may be from well-known companies but they are very different from 'normal'
corporate bonds.
Some hybrid securities make investors take on 'equity-like' risks. Some also have
terms and conditions that allow the issuer to exit the deal or suspend interest
payments when they choose. Some are very long-term investments (for example,
more than 20 years).
Hybrid securities may be unsuitable for you if you need steady returns or capital
security typically from a bank term deposit style of investment.
Page 7
NAB Convertible Preference Shares II
12 November 2013
Research Team
Fixed
Income
Bell Potter Securities Limited
ACN 25 006 390 772
Level 38, Aurora Place
88 Phillip Street, Sydney 2000
Telephone +61 2 9255 7200
www.bellpotter.com.au
Staff Member
Title/Sector
Phone
@bellpotter.com.au
TS Lim
Head of Research
612 8224 2810
tslim
Sam Haddad
Industrials
612 8224 2819
shaddad
John O’Shea
Industrials
613 9235 1633
joshea
Chris Savage
Industrials
612 8224 2835
csavage
Jonathan Snape
Industrials
613 9235 1601
jsnape
Sam Byrnes
Industrials
612 8224 2886
sbyrnes
Bryson Calwell
Industrials Associate
612 8224 2879
bcalwell
John Hester
Healthcare
612 8224 2871
jhester
Tanushree Jain
Healthcare/Biotech
612 8224 2849
tnjain
TS Lim
Banks/Regionals
612 8224 2810
tslim
Lafitani Sotiriou
Diversified
613 9235 1668
lsotiriou
Di Brookman
Oil & Gas
612 8224 2859
dbrookman
Stuart Howe
Resources
613 9235 1782
showe
Fred Truong
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