Summary:
Average margins increased this week, with more increases than decreases. The median margin of ASX-listed hybrids to BBSW finished the week at 2.39%, down 9bps from the previous week’s closing value of 2.13%. Margins for ASX-listed hybrids remained largely stable last week, with no instruments recording a negative change. CBA PERLS 10 (CBAPG) saw the largest weekly margin increase of 782bps, while Westpac Capital Notes 5 (WBCPH) closed with a trading margin of 49bps. Most other hybrids posted only modest weekly gains. Notably, non-standard hybrids (Nufarm and Ramsay) were the only ones to experience margin declines.
The 3-month BBSW rose by 1.68bps over the week, closing at 4.1277%. To estimate the gross return per annum (excluding further changes to BBSW), add the trading margin from the above chart or tables to this figure. The gross return may include imputation credits. Historically, BBSW has averaged around 15bps higher than the RBA rate (since 1990).
Click here for the latest daily trading margins, running yields and charts.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 15.13% | 7.82% | 100.05 | 7.55% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 7.29% | 0.49% | 100.44 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.49% | 0.17% | 101.88 | 8.50% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.34% | 0.14% | 102.05 | 8.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.75% | 0.13% | 103.1 | 8.54% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.16% | 0.11% | 102.64 | 7.95% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.54% | 0.12% | 101.01 | 7.08% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.47% | 0.08% | 102.91 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.07% | 0.09% | 101.47 | 6.80% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.11% | 0.17% | 97.5 | 9.26% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.24% | 0.09% | 102.76 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.02% | 0.07% | 102.35 | 6.98% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.26% | 0.08% | 104.24 | 7.68% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.38% | 0.07% | 103.4 | 7.69% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.22% | 0.05% | 102 | 6.90% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.04% | 0.05% | 104.06 | 7.35% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.95% | 0.04% | 103.15 | 6.92% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.70% | 0.05% | 101.05 | 6.92% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.42% | 0.05% | 101.95 | 6.91% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.87% | 0.05% | 104.1 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | 0.04% | 103 | 6.85% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.38% | 0.04% | 103.81 | 7.27% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.25% | 0.06% | 111.7 | 9.63% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.05% | 0.03% | 102.62 | 6.66% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.44% | 0.04% | 105.02 | 7.41% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | 0.04% | 103 | 6.70% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.80% | 0.04% | 104.71 | 7.42% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.12% | 0.03% | 106.32 | 7.39% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.16% | 0.04% | 104.2 | 7.00% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.60% | 0.04% | 103.55 | 6.92% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.25% | 0.03% | 102.537 | 6.72% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.12% | 0.03% | 104.24 | 6.86% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.54% | 0.03% | 101.79 | 6.82% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.21% | 0.03% | 103.196 | 6.73% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.53% | 0.03% | 103.71 | 7.09% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.74% | 0.03% | 104.22 | 7.15% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.05% | 0.02% | 104.4 | 6.74% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.53% | 0.03% | 105.29 | 7.00% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.16% | 0.02% | 103.1 | 6.59% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.40% | 0.03% | 101.82 | 6.62% |
ASX-LISTED HYBRIDS (NON-STANDARD).csv
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.76% | -0.39% | 92 | 8.89% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.49% | -0.37% | 105.8 | 8.61% |