Margins mostly varied within a range of -27bps to +20bps on the day, with 26 falls and 15 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 7 (WBCPJ, +72bps), Latitude Capital Notes (LFSPA, +62bps), Challenger Capital Notes 3 (CGFPC, -42bps), NAB Capital Notes 7 (NABPJ, -40bps) and Macquarie Capital Notes 4 (MQGPD, -38bps) 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% | 1.28% | 0.19% | 100.66 | 8.36% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.62% | 0.30% | 101.55 | 8.08% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.68% | 0.11% | 101.55 | 7.69% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.96% | -0.44% | 103.99 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.92% | -0.03% | 103.12 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.31% | 0.09% | 104.00 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.10% | -0.42% | 104.49 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.25% | -0.03% | 104.51 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.03% | 0.04% | 103.25 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.12% | -0.38% | 105.71 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.23% | 0.31% | 102.97 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.20% | 0.62% | 95.64 | 9.70% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.57% | 0.72% | 106.00 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.36% | 0.01% | 103.86 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.32% | 0.10% | 104.29 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.85% | -0.07% | 104.79 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.83% | 0.03% | 102.91 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.77% | 0.01% | 104.91 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.01% | 0.25% | 103.06 | 7.19% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.68% | -0.12% | 103.81 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.91% | -0.21% | 103.24 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.92% | -0.03% | 106.85 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.10% | -0.07% | 103.10 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.29% | -0.09% | 104.00 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.44% | -0.07% | 111.39 | 9.87% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.86% | -0.13% | 103.22 | 6.89% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.29% | -0.09% | 105.50 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.75% | -0.25% | 104.00 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.29% | -0.02% | 104.74 | 7.56% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.91% | -0.32% | 107.20 | 7.57% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.03% | -0.06% | 104.56 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | -0.07% | 105.00 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.08% | -0.04% | 103.06 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.08% | -0.02% | 104.26 | 7.11% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.25% | -0.03% | 102.67 | 7.03% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.79% | -0.40% | 104.76 | 6.89% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.40% | -0.15% | 104.05 | 7.32% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.40% | 0.00% | 104.00 | 7.32% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.19% | 0.04% | 103.64 | 7.05% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.13% | -0.12% | 106.90 | 7.15% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.05% | -0.17% | 103.22 | 6.79% |
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% | 4.93% | -0.34% | 94.00 | 9.35% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | 0.02% | 106.16 | 9.19% |
** “Clean” running yield. Includes franking credits if present.