Margins mostly varied within a range of -7bps to +11bps on the day, with 14 falls and 27 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, -24bps) and AMP Capital Notes 2 (AMPPB, -20bps) had the largest (absolute) 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% | -4.19% | 2.23% | 104.06 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.45% | -0.05% | 103.55 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.18% | 0.14% | 102.75 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.23% | 0.06% | 103.24 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.30% | -0.20% | 104.20 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.44% | 0.15% | 105.45 | 8.70% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.47% | 0.01% | 105.55 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.82% | 0.03% | 105.15 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.35% | 0.19% | 102.42 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.93% | 0.17% | 105.60 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.83% | 0.12% | 103.11 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.55% | -0.12% | 95.80 | 9.56% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.88% | 0.01% | 104.75 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.87% | 0.15% | 104.03 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.03% | 0.02% | 104.40 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.09% | 0.01% | 105.68 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.08% | 0.10% | 103.38 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.05% | 0.07% | 105.56 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.91% | 0.06% | 104.40 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.13% | 0.05% | 103.70 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.38% | 0.09% | 103.10 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | 0.04% | 105.89 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | -0.05% | 104.00 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.75% | 0.03% | 103.81 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.52% | -0.24% | 110.40 | 9.84% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.18% | 0.02% | 103.07 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.99% | 0.02% | 104.35 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.22% | 0.02% | 103.50 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.75% | -0.02% | 104.31 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.33% | 0.04% | 106.85 | 7.64% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.27% | 0.01% | 105.00 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.32% | 0.09% | 103.70 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.30% | -0.06% | 103.15 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.13% | -0.04% | 105.35 | 7.08% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.67% | -0.07% | 102.83 | 7.10% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.48% | 0.01% | 103.00 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.80% | -0.05% | 103.57 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.90% | -0.02% | 102.68 | 7.44% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.53% | 0.00% | 103.06 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.00% | 104.41 | 7.23% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.62% | -0.01% | 101.62 | 6.94% |
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% | -0.16% | 92.55 | 9.40% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.77% | -0.01% | 105.55 | 9.15% |
** “Clean” running yield. Includes franking credits if present.