Margins mostly varied within a range of -15bps to +10bps on the day, with 23 falls and 19 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -48bps) and Macquarie Capital Notes 4 (MQGPD, -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% | 2.83% | -0.68% | 100.84 | 8.33% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.83% | 0.00% | 101.36 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.93% | 0.24% | 101.44 | 7.69% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.82% | 0.11% | 101.84 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.05% | -0.03% | 103.55 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.82% | -0.01% | 103.93 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.14% | -0.14% | 105.10 | 8.62% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.67% | 0.17% | 104.45 | 8.04% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.90% | 0.02% | 102.46 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.51% | -0.34% | 105.50 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.58% | -0.19% | 102.92 | 6.94% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.58% | -0.48% | 93.85 | 9.66% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.57% | 0.03% | 104.66 | 7.44% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.59% | 0.13% | 103.97 | 7.11% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.12% | 0.11% | 105.41 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.11% | -0.02% | 104.85 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.81% | 0.04% | 103.50 | 7.04% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.76% | 0.03% | 105.58 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.52% | 0.00% | 104.96 | 7.03% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.63% | -0.01% | 104.60 | 6.92% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.14% | -0.03% | 103.20 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.69% | 0.03% | 106.31 | 7.32% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.90% | -0.10% | 104.36 | 6.99% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.15% | 0.17% | 105.16 | 7.41% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.53% | -0.14% | 112.00 | 9.84% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.95% | 0.10% | 103.39 | 6.84% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.21% | -0.05% | 106.50 | 7.54% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.88% | -0.02% | 104.15 | 6.85% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.14% | -0.07% | 105.87 | 7.45% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.91% | 0.05% | 107.80 | 7.51% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.74% | -0.04% | 106.38 | 7.09% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.81% | -0.06% | 105.00 | 6.93% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.95% | -0.04% | 104.10 | 6.84% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.76% | -0.17% | 106.28 | 6.95% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | 0.08% | 102.99 | 6.98% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.94% | -0.09% | 104.79 | 6.86% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.20% | 0.07% | 105.62 | 7.19% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.32% | 0.02% | 104.90 | 7.23% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.00% | -0.05% | 105.05 | 6.93% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.93% | -0.02% | 106.67 | 7.01% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.21% | -0.02% | 103.40 | 6.81% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.94% | 0.02% | 104.45 | 6.69% |
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% | 4.95% | 0.10% | 91.51 | 9.29% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.66% | 0.05% | 104.82 | 9.01% |
** “Clean” running yield. Includes franking credits if present.