Margins mostly varied within a range of -7bps to +10bps on the day, with 14 falls and 28 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, +22bps) and Challenger Capital Notes 3 (CGFPC, -20bps) 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% | 3.23% | -0.13% | 100.74 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.72% | 0.31% | 101.38 | 8.14% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.82% | 0.44% | 101.46 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.60% | 0.33% | 102.01 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.95% | -0.06% | 103.63 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.91% | 0.06% | 103.79 | 8.83% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.10% | -0.20% | 105.12 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.51% | -0.07% | 104.66 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.87% | -0.01% | 102.48 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.94% | 0.05% | 104.72 | 8.24% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.74% | 0.02% | 102.60 | 7.03% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.29% | -0.04% | 95.02 | 9.85% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.49% | -0.02% | 104.80 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.69% | -0.01% | 103.70 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.07% | -0.17% | 105.50 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.15% | 0.17% | 104.72 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.93% | 0.02% | 103.18 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.59% | 0.04% | 106.01 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.70% | 0.06% | 104.40 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.74% | 0.05% | 104.25 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.16% | 0.05% | 103.12 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.80% | 0.01% | 105.90 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.01% | 0.04% | 103.95 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.30% | 0.05% | 104.65 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.66% | 0.22% | 111.50 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.91% | -0.04% | 103.50 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.26% | 0.04% | 106.26 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.02% | 0.17% | 103.60 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.19% | 0.02% | 105.65 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.01% | -0.07% | 107.40 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.81% | -0.02% | 106.07 | 7.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.00% | -0.07% | 104.27 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.00% | 0.03% | 103.86 | 6.93% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.95% | 0.04% | 105.45 | 7.08% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | 0.02% | 102.95 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.04% | 0.01% | 104.30 | 6.96% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.11% | 0.05% | 106.00 | 7.23% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.24% | 0.03% | 105.25 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.05% | 0.08% | 104.78 | 7.01% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.96% | 0.03% | 106.49 | 7.09% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.23% | -0.06% | 103.29 | 6.89% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.92% | 0.10% | 104.50 | 6.75% |
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% | 4.79% | -0.17% | 92.50 | 9.21% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.58% | 0.02% | 105.05 | 9.00% |
** “Clean” running yield. Includes franking credits if present.