Margins mostly varied within a range of -16bps to +7bps on the day, with 26 falls and 15 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -45bps), Westpac Capital Notes 5 (WBCPH, -36bps) and Macquarie Bank Capital Notes 2 (MBLPC, -25bps) had the largest (absolute) 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% | -0.65% | 0.02% | 102.79 | 8.21% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.25% | -0.49% | 103.45 | 7.94% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.27% | 0.40% | 102.75 | 7.63% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.95% | -0.36% | 103.60 | 7.36% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.13% | -0.03% | 104.48 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.44% | -0.25% | 105.50 | 8.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.84% | 0.11% | 104.42 | 8.54% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.57% | -0.07% | 105.64 | 8.00% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.24% | 0.06% | 102.67 | 7.23% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | -0.03% | 105.94 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.80% | 0.06% | 103.23 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.03% | -0.45% | 96.80 | 9.43% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.81% | 0.05% | 105.00 | 7.45% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.83% | 0.03% | 104.20 | 7.13% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.10% | 0.01% | 104.30 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.08% | -0.09% | 105.78 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.02% | -0.03% | 103.60 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.88% | 0.01% | 106.10 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | 0.06% | 104.30 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.06% | -0.01% | 104.00 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.46% | 0.18% | 102.91 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | -0.14% | 105.97 | 7.38% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.22% | -0.03% | 103.87 | 7.05% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.51% | -0.14% | 104.70 | 7.48% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.26% | -0.10% | 111.39 | 9.73% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.23% | 0.03% | 102.93 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.58% | -0.04% | 103.95 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.29% | -0.05% | 103.30 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.43% | -0.16% | 105.54 | 7.51% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.31% | 0.01% | 107.00 | 7.60% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.22% | -0.03% | 105.24 | 7.20% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.34% | -0.02% | 103.70 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.31% | -0.05% | 103.17 | 6.93% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.03% | -0.08% | 105.85 | 7.01% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.67% | -0.02% | 102.91 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.41% | 0.01% | 103.40 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.71% | 0.00% | 104.07 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.79% | -0.07% | 103.23 | 7.36% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.45% | -0.05% | 103.48 | 7.06% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.49% | -0.02% | 104.62 | 7.19% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.47% | 0.00% | 102.44 | 6.85% |
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% | 5.17% | -0.11% | 90.74 | 9.51% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | 0.00% | 106.24 | 9.01% |
** “Clean” running yield. Includes franking credits if present.