Margins mostly varied within a range of -12bps to +15bps on the day, with 13 falls and 28 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, -44bps), Latitude Capital Notes (LFSPA, +35bps), Macquarie Bank Capital Notes 2 (MBLPC, +35bps) and Judo Capital Notes (JDOPA, -29bps) 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% | 0.92% | 1.17% | 102.09 | 8.39% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.07% | 0.12% | 103.24 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.01% | 0.04% | 102.70 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.20% | 0.01% | 103.10 | 7.52% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.70% | 0.01% | 104.79 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.52% | 0.35% | 105.20 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.31% | 0.04% | 105.61 | 8.74% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.47% | -0.15% | 105.55 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.93% | -0.03% | 102.93 | 7.34% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.17% | -0.44% | 106.88 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.56% | 0.09% | 103.45 | 7.06% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.51% | 0.35% | 97.30 | 9.50% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.74% | 0.00% | 104.88 | 7.58% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.69% | 0.19% | 104.25 | 7.25% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.64% | -0.09% | 105.13 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.96% | 0.10% | 105.80 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.86% | 0.01% | 103.79 | 7.17% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.93% | 0.03% | 105.69 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.87% | 0.03% | 104.36 | 7.22% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.02% | 0.05% | 103.85 | 7.13% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.32% | 0.13% | 103.06 | 7.23% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.87% | -0.21% | 106.24 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.01% | 0.02% | 104.35 | 7.15% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.44% | 0.00% | 104.64 | 7.61% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.76% | -0.29% | 112.00 | 10.02% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.13% | 0.05% | 103.10 | 7.02% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | 0.00% | 105.47 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.04% | 0.06% | 103.96 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.51% | 0.06% | 104.99 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.31% | -0.03% | 106.74 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.18% | 0.08% | 105.10 | 7.33% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.19% | 0.06% | 103.99 | 7.16% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.24% | 0.04% | 103.22 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.19% | -0.02% | 104.85 | 7.21% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.54% | 0.08% | 103.16 | 7.17% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.25% | -0.02% | 103.81 | 7.08% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.63% | 0.02% | 104.10 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | 0.03% | 102.71 | 7.53% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.38% | 0.01% | 103.59 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.41% | 0.00% | 104.69 | 7.30% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.46% | 0.00% | 102.22 | 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% | 5.22% | -0.14% | 91.90 | 9.71% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.85% | 0.01% | 105.80 | 9.34% |
** “Clean” running yield. Includes franking credits if present.