Margins mostly varied within a range of -6bps to +15bps on the day, with 12 falls and 29 rises. Ignoring short-dated securities, the margin of Judo Capital Notes (JDOPA, +26bps) had the largest change on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.97% | 1.99% | 100.44 | 8.22% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.64% | 0.83% | 100.62 | 7.81% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.06% | 0.53% | 101.54 | 7.53% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.39% | 0.03% | 102.16 | 8.77% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.92% | -0.06% | 102.70 | 8.91% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.28% | 0.04% | 103.81 | 8.77% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.53% | 0.04% | 103.60 | 8.16% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.31% | 0.11% | 101.10 | 7.38% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.83% | 0.15% | 104.00 | 8.29% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.82% | 0.15% | 101.75 | 7.09% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.34% | -0.01% | 96.12 | 9.71% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.72% | -0.07% | 103.45 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.72% | 0.20% | 102.88 | 7.25% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.48% | 0.10% | 103.75 | 8.02% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.22% | -0.02% | 103.70 | 7.97% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.08% | 0.02% | 102.17 | 7.20% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.03% | 0.12% | 104.02 | 7.65% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.11% | 0.21% | 102.68 | 7.26% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.10% | 0.19% | 102.50 | 7.13% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.30% | 0.02% | 102.05 | 7.21% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | -0.04% | 104.37 | 7.52% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.12% | -0.12% | 102.98 | 7.16% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.48% | 0.08% | 103.32 | 7.61% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.42% | 0.26% | 111.10 | 9.94% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.26% | 0.20% | 101.80 | 7.03% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.51% | -0.16% | 104.65 | 7.74% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | 0.03% | 102.70 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.47% | 0.01% | 104.01 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.08% | -0.17% | 106.39 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.19% | 0.07% | 103.90 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.20% | 0.11% | 102.85 | 7.15% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.32% | -0.03% | 102.08 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.25% | 0.11% | 103.51 | 7.21% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.32% | 0.01% | 102.39 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.26% | 0.11% | 102.75 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.41% | -0.02% | 103.95 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.66% | 0.14% | 102.85 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.33% | -0.04% | 103.00 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.25% | 0.04% | 104.40 | 7.23% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.53% | 0.00% | 101.15 | 7.03% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.36% | -0.05% | 101.74 | 6.94% |
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% | 4.85% | -0.18% | 93.30 | 9.31% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | 0.07% | 105.51 | 9.13% |
** “Clean” running yield. Includes franking credits if present.