Margins mostly varied within a range of -28bps to +14bps on the day, with 22 falls and 19 rises. Ignoring short-dated securities, the margins of Bank of Queensland Capital Notes 3 (BOQPG, -108bps) and Challenger Capital Notes 4 (CGFPD, -41bps) 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% | 0.76% | -0.60% | 100.82 | 8.35% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.69% | 0.18% | 101.02 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.07% | -0.40% | 101.35 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.01% | 1.36% | 102.05 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.93% | 0.05% | 103.14 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.62% | 0.02% | 103.65 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.35% | -0.14% | 104.14 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.43% | -0.11% | 104.25 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.22% | 0.05% | 102.96 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | 0.05% | 104.53 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.78% | 0.01% | 101.96 | 7.03% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.01% | -0.16% | 96.00 | 9.67% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.33% | 0.09% | 104.60 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.62% | 0.02% | 103.30 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.42% | 0.04% | 104.10 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.12% | 0.02% | 104.18 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.85% | 0.03% | 102.88 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.86% | -0.10% | 104.70 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.75% | 0.09% | 103.85 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.51% | -0.19% | 104.40 | 6.96% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.99% | -0.01% | 103.05 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.59% | -0.19% | 105.99 | 7.36% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.07% | -0.09% | 103.22 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 1.14% | -1.08% | 108.00 | 7.24% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.44% | -0.05% | 111.45 | 9.87% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.13% | 0.01% | 102.29 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.17% | -0.41% | 105.97 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.77% | 0.02% | 103.96 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.09% | -0.25% | 105.53 | 7.50% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.96% | -0.01% | 107.06 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.00% | 0.08% | 104.72 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.92% | 0.00% | 103.96 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.11% | -0.04% | 102.98 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.49% | -0.42% | 106.84 | 6.94% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.37% | 0.10% | 102.21 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.82% | -0.13% | 104.70 | 6.89% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.39% | -0.01% | 104.13 | 7.32% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.29% | -0.09% | 104.50 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.23% | 0.11% | 103.50 | 7.07% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.66% | -0.07% | 107.37 | 6.99% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.01% | -0.03% | 103.45 | 6.78% |
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% | 5.11% | -0.14% | 92.49 | 9.53% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | 0.01% | 106.40 | 9.18% |
** “Clean” running yield. Includes franking credits if present.