Margins mostly varied within a range of -17bps to +17bps on the day, with 23 falls and 19 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, +49bps), AMP Capital Notes 2 (AMPPB, +47bps) and ANZ Bank Capital Notes 6 (AN3PI, -37bps) 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% | 3.24% | 0.08% | 101.23 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.62% | -0.03% | 102.10 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.62% | -0.98% | 102.44 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.43% | 0.02% | 102.61 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.54% | 0.47% | 104.51 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.33% | -0.22% | 104.80 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.02% | 0.49% | 105.76 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.67% | 0.08% | 104.90 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.89% | -0.02% | 102.94 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.65% | -0.03% | 105.65 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | 0.31% | 103.25 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.08% | -0.29% | 96.98 | 9.49% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.67% | -0.02% | 104.90 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.65% | -0.14% | 104.29 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.88% | -0.17% | 104.39 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.25% | 0.02% | 105.02 | 7.92% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.99% | 0.06% | 103.46 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.88% | -0.08% | 105.75 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.64% | -0.37% | 104.96 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.90% | -0.08% | 104.25 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.13% | 0.01% | 103.72 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.91% | -0.02% | 106.07 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.37% | -0.30% | 106.50 | 6.94% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.18% | 0.05% | 105.56 | 7.49% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.24% | 0.20% | 110.85 | 9.83% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.88% | -0.05% | 104.00 | 6.89% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.43% | -0.03% | 106.21 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.97% | -0.01% | 104.30 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.07% | -0.13% | 106.51 | 7.50% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.11% | 0.07% | 107.48 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.86% | -0.11% | 106.38 | 7.19% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.94% | 0.16% | 105.00 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.12% | 0.00% | 103.80 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.95% | -0.08% | 105.97 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | 0.10% | 103.82 | 7.02% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.10% | -0.03% | 104.55 | 6.97% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.21% | 0.07% | 106.10 | 7.26% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.29% | 0.01% | 105.46 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.96% | 0.00% | 105.60 | 6.98% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.09% | -0.03% | 106.40 | 7.13% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.32% | 0.13% | 103.15 | 6.92% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.09% | -0.03% | 104.19 | 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% | 5.13% | 0.09% | 90.40 | 9.54% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | 0.00% | 105.13 | 9.10% |
** “Clean” running yield. Includes franking credits if present.