Margins mostly varied within a range of -11bps to +9bps on the day, with 22 falls and 20 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, +32bps) and Commonwealth PERLS 15 (CBAPL, -26bps) 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% | 3.63% | -0.01% | 100.58 | 8.43% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.55% | -0.02% | 101.40 | 8.15% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.72% | -0.32% | 101.43 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.72% | -0.21% | 101.81 | 7.53% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.13% | -0.09% | 103.35 | 8.69% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.88% | 0.14% | 103.75 | 8.84% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.39% | 0.32% | 104.60 | 8.73% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.49% | 0.06% | 104.61 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.86% | 0.02% | 102.40 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.96% | 0.01% | 104.60 | 8.25% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.61% | -0.03% | 102.75 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.16% | -0.08% | 96.60 | 9.69% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.58% | -0.04% | 104.52 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.74% | 0.12% | 103.50 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.05% | 0.03% | 105.45 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.09% | -0.02% | 104.76 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.81% | 0.05% | 103.40 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.58% | -0.13% | 105.95 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.72% | 0.01% | 104.28 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.57% | -0.26% | 104.66 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.15% | 0.05% | 103.07 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.62% | -0.09% | 106.40 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.04% | 0.01% | 103.78 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.37% | 0.02% | 104.30 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.50% | -0.03% | 111.90 | 9.91% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.92% | -0.07% | 103.40 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.13% | -0.08% | 106.64 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.78% | -0.10% | 104.39 | 6.91% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.02% | -0.15% | 106.17 | 7.50% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.99% | -0.05% | 107.39 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.80% | 0.05% | 106.00 | 7.19% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.94% | 0.01% | 104.40 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.07% | -0.08% | 103.50 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.75% | -0.05% | 106.20 | 7.03% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.24% | 0.01% | 103.26 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.07% | 0.15% | 104.08 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.22% | 0.06% | 105.38 | 7.28% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.14% | -0.08% | 105.59 | 7.26% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.04% | 0.03% | 104.75 | 7.02% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.95% | 0.01% | 106.45 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.33% | 0.04% | 102.71 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.02% | -0.05% | 103.90 | 6.80% |
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% | 5.03% | 0.10% | 90.05 | 9.47% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | -0.04% | 105.07 | 9.00% |
** “Clean” running yield. Includes franking credits if present.