Margins mostly varied within a range of -16bps to +16bps on the day, with 23 falls and 19 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -56bps), Macquarie Bank Capital Notes 2 (MBLPC, +40bps), Latitude Capital Notes (LFSPA, -37bps) and Westpac Capital Notes 9 (WBCPL, +34bps) 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% | 3.07% | -0.47% | 101.28 | 8.40% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.01% | 0.22% | 102.33 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.57% | -1.02% | 102.49 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.79% | 0.18% | 102.35 | 7.52% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.13% | 0.00% | 104.98 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.57% | 0.40% | 104.58 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.37% | -0.56% | 104.50 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.78% | 0.30% | 104.77 | 8.13% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.94% | -0.04% | 102.90 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.57% | 0.04% | 105.81 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | 0.24% | 103.29 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.43% | -0.37% | 96.50 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.65% | 0.01% | 104.99 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.59% | -0.02% | 104.45 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.91% | -0.10% | 104.35 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.12% | -0.13% | 105.35 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.99% | 0.10% | 103.48 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.85% | 0.06% | 105.87 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.63% | -0.04% | 105.00 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.76% | -0.15% | 104.70 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.15% | -0.01% | 103.70 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.90% | 0.34% | 106.14 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.37% | 0.03% | 106.50 | 6.94% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.34% | 0.06% | 105.10 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.39% | 0.01% | 110.40 | 9.87% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.89% | -0.05% | 104.00 | 6.89% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.24% | 0.00% | 104.94 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.72% | -0.02% | 105.25 | 6.88% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.00% | 0.00% | 106.81 | 7.48% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.05% | 0.07% | 107.75 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.85% | -0.01% | 106.44 | 7.19% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.71% | 0.02% | 105.89 | 6.97% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.14% | -0.02% | 103.71 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.95% | -0.04% | 106.00 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.25% | 0.08% | 103.90 | 7.02% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.15% | -0.01% | 104.41 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.28% | 0.00% | 105.80 | 7.28% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.25% | -0.06% | 105.68 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.02% | 0.10% | 105.34 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.99% | -0.09% | 106.88 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.22% | -0.09% | 103.68 | 6.88% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.03% | -0.04% | 104.54 | 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% | 5.05% | -0.09% | 91.18 | 9.47% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.70% | 0.00% | 105.00 | 9.12% |
** “Clean” running yield. Includes franking credits if present.