Margins mostly varied within a range of -12bps to +35bps on the day, with 11 falls and 30 rises. Ignoring short-dated securities, the margins of Bank of Queensland Capital Notes 3 (BOQPG, +118bps), Westpac Capital Notes 10 (WBCPM, +42bps), Commonwealth PERSL 16 (CBAPM, +40bps), Westpac Capital Notes 7 (WBCPJ, +34bps) and Challenger Capital Notes 4 (CGFPD, +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% | 1.52% | 0.76% | 100.66 | 8.37% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.70% | 0.01% | 101.05 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.66% | 0.59% | 101.06 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.42% | 0.40% | 101.70 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.95% | 0.02% | 103.16 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.55% | -0.07% | 103.78 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.25% | -0.10% | 104.35 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.41% | -0.01% | 104.32 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.26% | 0.04% | 102.95 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.96% | 0.18% | 104.25 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.66% | -0.13% | 102.25 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.07% | 0.06% | 96.00 | 9.68% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.67% | 0.34% | 103.90 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | 0.16% | 103.00 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.31% | -0.11% | 104.40 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.12% | -0.01% | 104.25 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.90% | 0.05% | 102.80 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.95% | 0.09% | 104.50 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.02% | 0.27% | 103.10 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.65% | 0.15% | 103.99 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.16% | 0.17% | 102.59 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.82% | 0.23% | 105.30 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | -0.07% | 103.51 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.32% | 1.18% | 104.00 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.59% | 0.15% | 111.00 | 9.92% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | -0.09% | 102.65 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.51% | 0.34% | 104.81 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.03% | 0.26% | 103.04 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.24% | 0.16% | 105.00 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.97% | 0.01% | 107.06 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.91% | -0.10% | 105.15 | 7.20% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.98% | 0.06% | 103.79 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.22% | 0.12% | 102.55 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.89% | 0.40% | 105.15 | 7.06% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.36% | -0.01% | 102.32 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.92% | 0.10% | 104.30 | 6.93% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.20% | -0.18% | 105.00 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.40% | 0.11% | 104.05 | 7.33% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.28% | 0.05% | 103.30 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | 0.42% | 105.35 | 7.13% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.12% | 0.10% | 102.99 | 6.82% |
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% | 5.11% | 0.01% | 92.49 | 9.54% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.77% | 0.00% | 106.40 | 9.19% |
** “Clean” running yield. Includes franking credits if present.