Margins mostly varied within a range of -15bps to +11bps on the day, with 21 falls and 20 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 12 (CBAPI, -51bps), NAB Capital Notes 3 (NABPF, -26bps), Suncorp Capital Notes 3 (SUNPH, +26bps) and Challenger Capital Notes 4 (CGFPD, +23bps) 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% | -0.11% | 0.20% | 100.95 | 8.15% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.21% | -1.61% | 101.03 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.54% | 0.53% | 103.00 | 7.54% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.24% | 0.04% | 102.22 | 8.74% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.37% | -0.04% | 103.17 | 8.84% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.41% | -0.04% | 103.54 | 8.76% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.19% | -0.26% | 103.99 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.85% | 0.26% | 101.65 | 7.31% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.66% | 0.00% | 104.20 | 8.25% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.63% | -0.04% | 101.98 | 7.04% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.65% | -0.05% | 95.51 | 9.73% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.87% | -0.09% | 105.00 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.14% | -0.51% | 104.00 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.44% | -0.06% | 103.72 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.15% | -0.03% | 103.75 | 7.93% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.60% | -0.03% | 103.25 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.91% | -0.08% | 104.23 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.82% | -0.15% | 103.39 | 7.19% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.12% | 0.07% | 102.35 | 7.12% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.06% | 0.08% | 102.63 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | 0.02% | 106.20 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.10% | 0.02% | 102.95 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.44% | -0.10% | 103.35 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.81% | 0.01% | 112.97 | 9.74% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.10% | -0.15% | 102.28 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.70% | 0.23% | 103.90 | 7.76% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.05% | -0.02% | 102.75 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.31% | 0.15% | 104.50 | 7.59% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.30% | 0.07% | 105.50 | 7.71% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.14% | -0.05% | 104.00 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.03% | -0.14% | 105.19 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.25% | -0.04% | 102.30 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.17% | 0.02% | 103.75 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.15% | -0.17% | 103.00 | 7.02% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.34% | 0.11% | 102.31 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.52% | 0.01% | 103.40 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.60% | 0.01% | 103.00 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.28% | 0.07% | 103.12 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.36% | -0.02% | 105.65 | 7.25% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.44% | 0.02% | 101.50 | 6.98% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.29% | 0.11% | 102.00 | 6.89% |
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% | 5.02% | -0.02% | 91.65 | 9.46% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | -0.02% | 105.50 | 9.11% |
** “Clean” running yield. Includes franking credits if present.