Margins mostly varied within a range of -1bp to +35bps on the day, with 5 falls and 37 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 3 (MBLPD, +71bps), Macquarie Bank Capital Notes 2 (MBLPC, +70bps) and AMP Capital Notes 2 (AMPPB, +52bps) 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% | -0.64% | -4.38% | 101.64 | 8.39% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.62% | 0.28% | 102.15 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.79% | 0.00% | 102.05 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.81% | -0.02% | 102.40 | 7.53% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.69% | 0.52% | 104.45 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.17% | 0.70% | 104.00 | 8.87% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.76% | 0.32% | 104.00 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.78% | 0.23% | 104.85 | 8.14% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.02% | 0.03% | 102.86 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.88% | 0.24% | 105.36 | 8.24% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | 0.31% | 103.35 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.24% | 0.11% | 96.90 | 9.51% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.13% | 0.22% | 104.05 | 7.60% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.89% | 0.13% | 103.88 | 7.23% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.13% | 0.03% | 103.95 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.40% | 0.22% | 104.82 | 7.95% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.21% | 0.33% | 103.02 | 7.18% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.99% | 0.07% | 105.57 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | 0.19% | 104.47 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.06% | 0.26% | 103.90 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.23% | 0.08% | 103.55 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.94% | 0.06% | 106.08 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.94% | 0.71% | 104.70 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.27% | 0.04% | 105.40 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.23% | 0.09% | 111.01 | 9.84% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.98% | 0.13% | 103.75 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.16% | -0.01% | 105.29 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.17% | 0.42% | 103.71 | 7.00% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.17% | 0.17% | 106.26 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.10% | 0.09% | 107.60 | 7.64% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.14% | 0.19% | 105.45 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.98% | 0.15% | 104.95 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.25% | 0.12% | 103.35 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.08% | 0.07% | 105.55 | 7.12% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 1.97% | -0.01% | 105.10 | 6.95% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.14% | -0.01% | 104.49 | 6.99% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.28% | 0.00% | 105.90 | 7.29% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.37% | 0.06% | 105.20 | 7.32% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.06% | 0.05% | 105.20 | 7.02% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.06% | 0.02% | 106.65 | 7.13% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.42% | 0.10% | 102.80 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | 0.07% | 104.00 | 6.83% |
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% | 5.07% | 0.05% | 91.00 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.70% | 0.01% | 105.00 | 9.12% |
** “Clean” running yield. Includes franking credits if present.