Margins mostly varied within a range of -15bps to +22bps on the day, with 18 falls and 23 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, +64bps), Judo Capital Notes (JDOPA, +60bps), Westpac Capital Notes 7 (WBCPJ, -32bps) and Suncorp Capital Notes 3 (SUNPH, +31bps) 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% | 1.31% | 1.41% | 100.57 | 8.18% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.77% | 0.56% | 100.85 | 7.77% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.64% | -0.90% | 101.80 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.33% | 0.09% | 102.15 | 8.74% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.01% | 0.64% | 102.55 | 8.89% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.21% | -0.19% | 103.82 | 8.74% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.28% | 0.09% | 103.88 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.17% | 0.31% | 101.23 | 7.34% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.79% | 0.13% | 104.00 | 8.26% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.92% | 0.29% | 101.51 | 7.08% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.67% | 0.03% | 95.50 | 9.74% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.56% | -0.32% | 103.71 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.34% | 0.20% | 103.60 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.37% | -0.08% | 103.90 | 7.98% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.99% | -0.16% | 104.12 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.71% | 0.11% | 102.99 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | -0.01% | 104.28 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.93% | 0.11% | 103.10 | 7.21% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.14% | 0.02% | 102.31 | 7.12% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.06% | 0.00% | 102.66 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.89% | -0.16% | 104.76 | 7.47% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.14% | 0.04% | 102.85 | 7.14% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.52% | 0.08% | 103.12 | 7.60% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.42% | 0.60% | 111.00 | 9.92% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.11% | 0.02% | 102.24 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.70% | 0.01% | 103.90 | 7.76% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | 0.01% | 102.75 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.30% | -0.01% | 104.55 | 7.59% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.24% | -0.06% | 105.72 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.12% | -0.02% | 104.10 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.02% | -0.01% | 103.42 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.27% | 0.03% | 102.21 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.11% | -0.06% | 104.02 | 7.15% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.22% | 0.07% | 102.75 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.22% | -0.12% | 102.81 | 7.03% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.51% | -0.01% | 103.48 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.55% | -0.06% | 103.26 | 7.39% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.22% | -0.06% | 103.40 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.25% | -0.11% | 104.32 | 7.21% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.46% | 0.02% | 101.42 | 6.99% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.30% | 0.01% | 101.95 | 6.90% |
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% | 4.98% | -0.04% | 91.60 | 9.42% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | -0.06% | 105.71 | 9.05% |
** “Clean” running yield. Includes franking credits if present.