Margins mostly varied within a range of -13bps to +17bps on the day, with 16 falls and 25 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 5 (MQGPE, +36bps) and Latitude Capital Notes (LFSPA, -33bps) 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% | -0.02% | -1.33% | 100.94 | 8.16% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.82% | 0.04% | 100.85 | 7.78% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.53% | -0.11% | 101.90 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.36% | 0.03% | 102.14 | 8.76% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.97% | -0.04% | 102.60 | 8.90% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.24% | 0.03% | 103.80 | 8.75% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.49% | 0.21% | 103.60 | 8.15% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.20% | 0.04% | 101.20 | 7.35% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.68% | -0.12% | 104.20 | 8.26% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.66% | -0.25% | 101.95 | 7.06% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.35% | -0.33% | 96.01 | 9.70% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.79% | 0.23% | 103.26 | 7.58% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.52% | 0.17% | 103.25 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.38% | 0.01% | 103.90 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.24% | 0.25% | 103.60 | 7.96% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.07% | 0.36% | 102.16 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.91% | 0.01% | 104.27 | 7.62% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.89% | -0.04% | 103.22 | 7.21% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.90% | -0.23% | 103.00 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.28% | 0.22% | 102.05 | 7.20% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.07% | 0.19% | 104.20 | 7.52% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.24% | 0.10% | 102.55 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.40% | -0.12% | 103.51 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.15% | -0.26% | 111.89 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.06% | -0.05% | 102.43 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | -0.03% | 104.03 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | 0.01% | 102.75 | 7.00% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.46% | 0.16% | 104.00 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.25% | 0.00% | 105.72 | 7.71% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.12% | 0.00% | 104.11 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.09% | 0.06% | 103.20 | 7.11% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.36% | 0.08% | 101.90 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.14% | 0.03% | 103.91 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.32% | 0.10% | 102.36 | 7.08% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.15% | -0.08% | 103.15 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.44% | -0.07% | 103.80 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.52% | -0.03% | 103.40 | 7.39% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.36% | 0.14% | 102.80 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.21% | -0.04% | 104.52 | 7.21% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.53% | 0.07% | 101.11 | 7.02% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.41% | 0.11% | 101.45 | 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% | 5.04% | 0.06% | 91.01 | 9.48% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.60% | -0.01% | 105.79 | 9.05% |
** “Clean” running yield. Includes franking credits if present.