Margins mostly varied within a range of -17bps to +14bps on the day, with 22 falls and 20 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, +39bps), Challenger Capital Notes 4 (CGFPD, -34bps) and Insurance Australia Capital Notes 2 (IAGPE, -29bps) 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% | 2.86% | 1.35% | 100.34 | 8.39% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.32% | -0.38% | 101.25 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.62% | -0.04% | 101.10 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.08% | -0.34% | 102.05 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.03% | 0.07% | 103.09 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.94% | 0.39% | 103.32 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.23% | -0.02% | 104.40 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.57% | 0.16% | 104.08 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.24% | -0.02% | 103.00 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.05% | 0.09% | 104.10 | 8.24% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | -0.02% | 102.30 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.09% | 0.02% | 96.00 | 9.68% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.75% | 0.08% | 103.74 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.68% | -0.10% | 103.25 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.33% | 0.02% | 104.38 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | 0.23% | 103.72 | 7.92% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.87% | -0.03% | 102.89 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.03% | 0.08% | 104.30 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.99% | -0.03% | 103.20 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.68% | 0.03% | 103.92 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.96% | -0.20% | 103.21 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.97% | 0.15% | 104.84 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.18% | 0.18% | 102.92 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.27% | -0.05% | 104.20 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.70% | 0.11% | 110.65 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.08% | 0.04% | 102.52 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.17% | -0.34% | 106.07 | 7.59% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.81% | -0.23% | 103.89 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 1.95% | -0.29% | 106.09 | 7.46% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.09% | 0.12% | 106.60 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.91% | 0.01% | 105.14 | 7.20% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.96% | -0.03% | 103.91 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.10% | -0.13% | 103.08 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.70% | -0.19% | 106.00 | 7.00% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.37% | 0.01% | 102.30 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.95% | 0.03% | 104.19 | 6.93% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.23% | 0.03% | 104.90 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.38% | -0.02% | 104.16 | 7.31% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.08% | -0.20% | 104.25 | 7.01% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.91% | -0.17% | 106.19 | 7.07% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.40% | -0.25% | 102.00 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.02% | -0.10% | 103.50 | 6.78% |
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% | 5.26% | 0.15% | 91.10 | 9.68% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.78% | 0.01% | 106.27 | 9.19% |
** “Clean” running yield. Includes franking credits if present.