Margins mostly varied within a range of -6bps to +7bps on the day, with 19 falls and 22 rises. Ignoring short-dated securities, the margin of Challenger Capital Notes 3 (CGFPC, +32bps) had the largest change on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 3.82% | 0.90% | 100.63 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 3.28% | 0.50% | 100.89 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.96% | 0.04% | 101.54 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.04% | 0.12% | 102.27 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.81% | 0.05% | 103.36 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.29% | 0.32% | 104.53 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.81% | 0.01% | 103.90 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.59% | -0.03% | 102.76 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.56% | 0.01% | 105.00 | 8.15% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.78% | -0.10% | 102.47 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.81% | -0.07% | 95.75 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.89% | 0.04% | 103.80 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.91% | 0.02% | 103.17 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.26% | -0.02% | 104.95 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.26% | -0.02% | 104.36 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.07% | -0.05% | 102.80 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.95% | 0.00% | 104.93 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.92% | -0.02% | 103.72 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.01% | -0.01% | 103.44 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | -0.03% | 103.14 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | 0.00% | 105.13 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.07% | 0.01% | 103.75 | 7.02% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.44% | 0.01% | 104.22 | 7.48% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.67% | 0.00% | 114.53 | 9.63% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.01% | 0.00% | 103.16 | 6.85% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.34% | -0.10% | 106.00 | 7.57% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.10% | -0.03% | 103.40 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.28% | 0.03% | 105.30 | 7.49% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.02% | -0.06% | 107.28 | 7.54% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.09% | 0.02% | 105.00 | 7.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.07% | 0.01% | 104.05 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.20% | 0.08% | 103.10 | 6.90% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.09% | 0.00% | 104.90 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.33% | 0.04% | 103.11 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.14% | -0.02% | 103.95 | 6.91% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.40% | 0.00% | 104.80 | 7.24% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.44% | 0.00% | 104.40 | 7.26% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.05% | -0.05% | 104.81 | 6.93% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.04% | 0.02% | 106.12 | 7.04% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.30% | -0.03% | 102.86 | 6.83% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.09% | 0.01% | 103.78 | 6.72% |
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% | 4.79% | -0.09% | 93.44 | 9.12% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.52% | 0.03% | 107.05 | 8.85% |
** “Clean” running yield. Includes franking credits if present.