Margins mostly varied within a range of -14bps to +14bps on the day, with 26 falls and 16 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +44bps) and Challenger Capital Notes 3 (CGFPC, +25bps) 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% | 3.36% | -0.15% | 100.70 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.42% | -0.11% | 101.50 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.39% | -0.32% | 101.66 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.27% | -0.38% | 102.29 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.01% | -0.08% | 103.55 | 8.67% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.86% | -0.08% | 103.84 | 8.82% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.30% | 0.25% | 104.80 | 8.71% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.58% | 0.10% | 104.53 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.88% | 0.14% | 102.45 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.88% | -0.03% | 104.80 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.72% | 0.26% | 102.62 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.32% | 0.44% | 94.93 | 9.86% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.50% | -0.06% | 104.75 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.70% | 0.05% | 103.66 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.24% | -0.01% | 105.10 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.98% | -0.11% | 105.10 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.91% | 0.03% | 103.21 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.55% | -0.14% | 106.10 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.65% | -0.01% | 104.55 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.69% | -0.04% | 104.38 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.11% | 0.02% | 103.25 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.80% | 0.14% | 105.90 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.98% | -0.01% | 104.05 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.25% | -0.19% | 104.79 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.44% | -0.28% | 112.21 | 9.88% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.95% | 0.00% | 103.36 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.23% | 0.01% | 106.37 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.85% | 0.04% | 104.20 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.17% | 0.19% | 105.69 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | 0.04% | 107.13 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.83% | -0.07% | 105.97 | 7.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.06% | 0.08% | 104.00 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.97% | -0.03% | 103.96 | 6.92% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.91% | -0.09% | 105.59 | 7.06% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.32% | 0.07% | 103.01 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.03% | -0.02% | 104.34 | 6.95% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.05% | -0.16% | 106.22 | 7.22% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.21% | 0.00% | 105.35 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.97% | -0.09% | 105.13 | 6.99% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.93% | -0.12% | 106.60 | 7.08% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.28% | -0.01% | 103.00 | 6.91% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.82% | -0.19% | 105.00 | 6.72% |
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% | 4.96% | -0.08% | 90.79 | 9.38% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | -0.01% | 105.20 | 8.99% |
** “Clean” running yield. Includes franking credits if present.