Margins mostly varied within a range of -9bps to +29bps on the day, with 9 falls and 34 rises (margins). Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, +68bps) and Judo Capital Notes (JDOPA, +47bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 6.70% | 0.45% | 100.06 | 8.16% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.82% | -2.70% | 101.43 | 8.16% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.62% | -0.30% | 101.89 | 8.31% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.28% | 0.04% | 102.05 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.45% | -0.22% | 101.89 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.80% | 0.35% | 101.90 | 7.51% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.85% | 0.68% | 104.10 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.75% | 0.35% | 104.45 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.54% | -0.15% | 104.61 | 8.72% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.73% | 0.01% | 104.56 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.58% | 0.03% | 103.00 | 7.25% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.91% | 0.02% | 105.00 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.09% | 0.27% | 101.85 | 7.08% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.91% | -0.31% | 97.99 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.19% | 0.20% | 103.25 | 7.61% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.76% | 0.33% | 103.53 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.73% | 0.17% | 103.96 | 8.01% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.33% | 0.03% | 104.30 | 7.93% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.07% | -0.07% | 102.75 | 7.16% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.19% | 0.10% | 104.37 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.79% | -0.05% | 104.19 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.19% | -0.16% | 102.74 | 7.12% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.37% | 0.01% | 102.34 | 7.20% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.27% | 0.24% | 104.30 | 7.53% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.41% | 0.07% | 102.51 | 7.19% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.07% | 0.08% | 101.90 | 7.72% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.71% | 0.47% | 108.00 | 10.26% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.46% | 0.05% | 101.48 | 7.05% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.12% | 0.05% | 103.04 | 7.87% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.36% | 0.01% | 102.20 | 7.06% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.82% | 0.06% | 103.30 | 7.71% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.65% | 0.05% | 104.90 | 7.79% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.37% | 0.19% | 103.80 | 7.34% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.40% | 0.19% | 102.60 | 7.17% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.67% | 0.06% | 101.00 | 7.14% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.36% | 0.32% | 103.55 | 7.21% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.74% | 0.01% | 101.75 | 7.19% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.72% | 0.27% | 101.17 | 7.18% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.55% | -0.04% | 103.85 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.14% | 0.05% | 101.10 | 7.58% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.74% | 0.12% | 101.50 | 7.25% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.66% | 0.01% | 102.89 | 7.34% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.71% | 0.03% | 100.50 | 7.04% |
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% | 5.12% | -0.05% | 92.10 | 9.56% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.79% | 0.03% | 105.58 | 9.24% |
** “Clean” running yield. Includes franking credits if present.