Margins mostly varied within a range of -13bps to +6bps on the day, with 26 falls and 16 rises. Ignoring short-dated securities, the margins of NAB Capital Notes 3 (NABPF, -24bps), Latitude Capital Notes (LFSPA, -23bps) and Macquarie Bank Capital Notes 3 (MBLPC, -22bps) and had the largest 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% | 3.45% | 0.61% | 100.45 | 8.42% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.22% | 0.60% | 101.92 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.68% | -0.08% | 101.30 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.15% | -0.20% | 102.20 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.04% | 0.07% | 103.31 | 8.68% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.38% | -0.22% | 104.19 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.88% | 0.01% | 105.20 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.52% | -0.24% | 104.40 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.79% | -0.05% | 102.36 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.53% | -0.07% | 105.23 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.43% | -0.01% | 102.92 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.37% | -0.23% | 95.99 | 9.73% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.68% | -0.06% | 104.14 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.61% | 0.12% | 103.65 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.43% | 0.02% | 104.42 | 7.97% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.93% | 0.01% | 104.97 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.80% | -0.11% | 103.29 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.59% | -0.07% | 105.75 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.47% | -0.21% | 104.90 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.98% | 0.10% | 103.25 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | 0.07% | 102.80 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.67% | -0.04% | 106.08 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.94% | -0.19% | 103.96 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.18% | -0.10% | 104.75 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.62% | 0.00% | 111.29 | 9.94% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.98% | -0.04% | 103.08 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.22% | -0.18% | 106.15 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | 0.00% | 103.20 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.17% | -0.08% | 105.50 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.06% | -0.01% | 106.95 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.86% | -0.02% | 105.60 | 7.20% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.97% | -0.03% | 104.13 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.14% | -0.02% | 103.10 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.99% | -0.05% | 105.00 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.29% | 0.01% | 102.88 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.01% | 0.00% | 104.18 | 6.96% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.22% | -0.06% | 105.20 | 7.28% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.32% | 0.14% | 104.66 | 7.31% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.13% | 0.04% | 104.20 | 7.05% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.04% | -0.02% | 105.83 | 7.13% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.37% | 0.02% | 102.35 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | 0.06% | 103.08 | 6.84% |
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% | 5.13% | -0.01% | 93.00 | 9.57% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.62% | 0.01% | 104.05 | 9.06% |
** “Clean” running yield. Includes franking credits if present.