Margins mostly varied within a range of -13bps to +9bps on the day, with 20 falls and 23 rises. Ignoring short-dated securities, the margins of NAB Capital Notes 3 (NABPF, +30bps), Latitude Capital Notes (LFSPA, +28bps) and Judo Capital Notes (JDOPA, -26bps) had the largest (absolute) changes on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 8.11% | 2.01% | 100.31 | 8.16% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 3.53% | 1.51% | 100.81 | 8.01% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.10% | 0.57% | 101.25 | 8.02% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.47% | -0.19% | 102.25 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.16% | 0.24% | 103.30 | 8.15% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.52% | 0.20% | 102.71 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.84% | -0.10% | 103.32 | 7.57% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.30% | 0.06% | 103.30 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.08% | 0.03% | 104.65 | 8.53% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.41% | -0.09% | 105.93 | 8.61% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.19% | -0.03% | 106.10 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.80% | 0.30% | 105.26 | 8.01% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.02% | -0.01% | 102.80 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.86% | -0.05% | 105.87 | 8.10% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.38% | -0.07% | 103.95 | 6.89% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.42% | 0.28% | 95.00 | 9.57% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.56% | 0.09% | 105.50 | 7.40% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.48% | -0.19% | 104.90 | 7.07% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.20% | -0.09% | 105.93 | 7.82% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.21% | -0.02% | 105.36 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.09% | 0.05% | 103.20 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | -0.21% | 105.88 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.70% | -0.14% | 105.00 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.29% | 0.00% | 102.97 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.19% | 0.02% | 103.40 | 7.07% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.24% | 0.02% | 105.05 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.14% | -0.16% | 103.90 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | 0.06% | 103.66 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.07% | -0.26% | 111.00 | 9.96% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.25% | -0.10% | 102.64 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.80% | -0.06% | 104.75 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.29% | -0.05% | 102.93 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.79% | 0.02% | 103.92 | 7.62% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.65% | 0.04% | 105.40 | 7.71% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.46% | 0.03% | 103.95 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.11% | -0.07% | 104.27 | 7.01% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.52% | -0.04% | 102.00 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.38% | -0.08% | 103.99 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.57% | 0.03% | 102.26 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.98% | 0.01% | 102.30 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.08% | 0.00% | 101.60 | 7.47% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.70% | 0.02% | 102.05 | 7.15% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.68% | -0.05% | 103.32 | 7.27% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.97% | -0.08% | 91.50 | 9.33% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.51% | 0.01% | 106.70 | 8.88% |
** “Clean” running yield. Includes franking credits if present.