Margins mostly varied within a range of -15bps to +32bps on the day, with 14 falls and 27 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +71bps), Commonwealth PERLS 13 (CBAPJ, +55bps), Commonwealth PERLS 15 (CBAPL, +50bps) and Macquarie Bank Capital Notes 2 (MBLPC, +41bps) 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** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.31% | 3.65% | 101.00 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.82% | -0.12% | 100.46 | 7.78% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.01% | -0.76% | 103.39 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.20% | -0.02% | 102.24 | 8.72% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.41% | 0.41% | 103.12 | 8.83% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.45% | 0.04% | 103.46 | 8.76% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.46% | 0.21% | 103.60 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.59% | -0.19% | 102.00 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.66% | -0.34% | 104.19 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.67% | 0.55% | 101.89 | 7.03% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.70% | 0.71% | 95.40 | 9.73% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.96% | -0.06% | 104.80 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.66% | 0.26% | 102.90 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.50% | 0.02% | 103.57 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.18% | 0.07% | 103.66 | 7.93% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.63% | 0.23% | 103.16 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.99% | 0.15% | 104.00 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.97% | 0.38% | 102.96 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.04% | 0.50% | 102.54 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.98% | -0.06% | 102.84 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.02% | 0.21% | 106.25 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.08% | -0.04% | 103.00 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.54% | -0.01% | 103.01 | 7.59% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.81% | 0.01% | 112.97 | 9.73% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.25% | 0.19% | 101.75 | 6.99% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.47% | -0.27% | 104.66 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.08% | 0.02% | 102.65 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.16% | -0.25% | 105.00 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.23% | -0.04% | 105.75 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.19% | 0.15% | 103.78 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.17% | 0.34% | 104.66 | 7.11% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.29% | 0.00% | 102.13 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.15% | 0.25% | 103.81 | 7.15% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.32% | 0.06% | 102.30 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.23% | 0.04% | 102.73 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.51% | 0.06% | 103.41 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.60% | -0.02% | 103.01 | 7.40% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.22% | 0.00% | 103.40 | 7.07% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.38% | 0.12% | 105.52 | 7.24% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.42% | 0.05% | 101.58 | 6.96% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.17% | -0.11% | 102.54 | 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% | 5.04% | 0.04% | 91.65 | 9.46% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.69% | 0.02% | 105.50 | 9.12% |
** “Clean” running yield. Includes franking credits if present.