Summary: Margins increase on average; rises outweigh falls by 7:1; margins of LFSPA, MQGPD, AMPPB, CGFPD, AN3PL largest movers over week; 3-month BBSW down 3bps.
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The median margin of ASX-listed hybrids to BBSW finished the week higher as the number of securities with wider spreads to BBSW outweighed the number of securities with tighter spreads by a ratio of 7:1. At the end of the week, the median trading margin was 2.20%, 13bps higher than the previous week’s closing value and 16bps above the series low.
Margins of the majority of hybrids varied within a range of -2bps to +35bps. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +85bps), Macquarie Capital Notes 4 (MQGPD, +52bps), AMP Capital Notes 2 (AMPPB, +48bps), Challenger Capital Notes (CGFPD, +39bps) and ANZ Bank Capital Notes 9 (AN3PL, -36bps) had the largest (absolute) changes over the week.
3-month BBSW finished the week 3bps lower at 4.38%. Add the trading margin from the above chart or from the tables to this figure for an estimate of the gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is around 15bps (average since 1990) more than the RBA rate.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -6.42% | -5.51% | 104.94 | 8.07% |
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.40% | -0.54% | 103.50 | 7.98% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.04% | 0.15% | 102.80 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.16% | 0.00% | 103.26 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.49% | 0.48% | 103.90 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.29% | 0.07% | 105.60 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.47% | 0.27% | 105.50 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.79% | 0.31% | 105.15 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.16% | 0.09% | 102.68 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.75% | 0.52% | 105.88 | 8.15% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.71% | 0.12% | 103.29 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.67% | 0.85% | 95.50 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.87% | 0.25% | 104.72 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.72% | 0.23% | 104.32 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.01% | 0.18% | 104.40 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.08% | 0.16% | 105.65 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.98% | 0.08% | 103.59 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.98% | 0.15% | 105.70 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.85% | 0.10% | 104.54 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.08% | 0.10% | 103.81 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | 0.04% | 103.32 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.00% | 0.00% | 105.95 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.22% | 0.27% | 103.78 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | 0.23% | 103.85 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.76% | -0.02% | 109.50 | 9.92% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.16% | 0.08% | 103.10 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.97% | 0.39% | 104.37 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.20% | 0.14% | 103.50 | 6.97% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.76% | 0.22% | 104.20 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.28% | 0.06% | 106.97 | 7.64% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.26% | 0.11% | 104.98 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.23% | 0.10% | 104.00 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.36% | 0.17% | 102.86 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.17% | 0.08% | 105.10 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.74% | 0.22% | 102.50 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.47% | 0.21% | 102.98 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.85% | 0.22% | 103.30 | 7.43% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.92% | 0.07% | 102.55 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.54% | -0.36% | 103.00 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.08% | 104.35 | 7.24% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.80% | 2.62% | 0.15% | 101.54 | 6.95% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| 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% | 5.19% | 0.03% | 91.00 | 9.57% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.79% | -0.01% | 105.35 | 9.17% |
** “Clean” running yield. Includes franking credits if present.