Margins mostly varied within a range of -20bps to +7bps on the day, with 30 falls and 11 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -46bps), Judo Capital Notes (JDOPA, -43bps), Macquarie Bank Capital Notes 2 (MBLPC, -37bps) and Bank of Queensland Capital Notes 2 (BOQPF, +24bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.25% | -0.36% | 102.53 | 8.35% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.19% | -0.39% | 103.31 | 8.08% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.97% | 0.02% | 102.71 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.18% | 0.01% | 103.10 | 7.52% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.68% | -0.07% | 104.79 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.17% | -0.37% | 105.65 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.27% | -0.05% | 105.65 | 8.74% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.62% | -0.03% | 105.28 | 8.14% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.95% | -0.14% | 102.87 | 7.35% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.62% | -0.13% | 106.01 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.47% | -0.08% | 103.61 | 7.05% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.15% | -0.46% | 97.90 | 9.44% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.74% | -0.07% | 104.86 | 7.58% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.51% | -0.19% | 104.67 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.73% | 0.24% | 104.90 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.86% | -0.10% | 106.04 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.85% | -0.03% | 103.79 | 7.17% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | 0.11% | 105.75 | 7.62% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | 0.03% | 104.45 | 7.22% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.97% | -0.06% | 104.00 | 7.12% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | 0.03% | 103.43 | 7.21% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.08% | 0.15% | 105.52 | 7.54% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | -0.18% | 104.40 | 7.14% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.44% | 0.05% | 104.62 | 7.61% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.05% | -0.43% | 111.00 | 10.11% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.07% | -0.07% | 103.28 | 7.00% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | -0.06% | 105.45 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.97% | -0.07% | 104.18 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.45% | -0.08% | 105.19 | 7.66% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.33% | 0.00% | 106.62 | 7.75% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.10% | -0.10% | 105.40 | 7.31% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.13% | -0.03% | 104.22 | 7.15% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.20% | -0.03% | 103.38 | 7.05% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.21% | -0.05% | 104.75 | 7.21% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.46% | 0.03% | 103.48 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.27% | -0.08% | 103.72 | 7.09% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.62% | 0.11% | 104.15 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.84% | -0.17% | 102.82 | 7.53% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.37% | -0.03% | 103.64 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.41% | 0.01% | 104.69 | 7.30% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.46% | -0.06% | 102.20 | 7.00% |
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% | 5.37% | -0.03% | 90.70 | 9.86% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.83% | -0.03% | 106.04 | 9.33% |
** “Clean” running yield. Includes franking credits if present.