Margins mostly varied within a range of -20bps to +12bps on the day, with 28 falls and 14 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -70bps) and Challenger Capital Notes 3 (CGFPC, +39bps) 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% | 2.07% | -0.76% | 100.98 | 8.34% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.52% | -0.31% | 101.50 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.84% | -0.09% | 101.50 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.63% | -0.19% | 102.03 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.84% | -0.21% | 103.80 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.79% | -0.03% | 103.98 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.53% | 0.39% | 104.55 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.54% | -0.13% | 104.67 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.85% | -0.05% | 102.56 | 7.23% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.29% | -0.21% | 105.89 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.54% | -0.03% | 103.00 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.88% | -0.70% | 94.97 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.70% | 0.13% | 104.40 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.73% | 0.14% | 103.67 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.13% | 0.01% | 105.41 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.16% | 0.05% | 104.75 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.70% | -0.11% | 103.80 | 7.04% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.74% | -0.02% | 105.65 | 7.50% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.53% | 0.01% | 104.95 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.73% | 0.10% | 104.32 | 6.97% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.07% | -0.08% | 103.45 | 7.07% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.73% | 0.04% | 106.20 | 7.36% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.94% | 0.04% | 104.23 | 7.02% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.12% | -0.03% | 105.28 | 7.43% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.38% | -0.14% | 112.50 | 9.82% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.92% | -0.03% | 103.50 | 6.86% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.16% | -0.05% | 106.68 | 7.55% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.78% | -0.10% | 104.54 | 6.85% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 1.97% | -0.17% | 106.50 | 7.43% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.91% | 0.00% | 107.83 | 7.53% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.64% | -0.10% | 106.78 | 7.09% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.82% | 0.00% | 105.01 | 6.96% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.95% | 0.00% | 104.13 | 6.87% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.83% | 0.07% | 106.00 | 7.00% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | -0.08% | 103.35 | 6.98% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.96% | 0.02% | 104.70 | 6.89% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.14% | -0.06% | 105.91 | 7.20% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.17% | -0.15% | 105.58 | 7.21% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.91% | -0.08% | 105.45 | 6.92% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.97% | 0.04% | 106.50 | 7.05% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.19% | -0.02% | 103.50 | 6.83% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.01% | 0.07% | 104.10 | 6.74% |
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% | 4.79% | -0.16% | 92.49 | 9.16% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | -0.05% | 104.73 | 8.99% |
** “Clean” running yield. Includes franking credits if present.