Margins mostly varied within a range of -17bps to +9bps on the day, with 21 falls and 21 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, -33bps), Westpac Capital Notes 9 (WBCPL, -31bps) and Macquarie Bank Capital Notes 2 (MBLPC, -30bps) 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% | 2.77% | -0.10% | 100.38 | 8.39% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.55% | 0.22% | 101.15 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.65% | 0.03% | 101.10 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.38% | 0.30% | 101.77 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.10% | 0.07% | 103.02 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.65% | -0.30% | 103.69 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.24% | 0.01% | 104.40 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.32% | -0.25% | 104.50 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.37% | 0.13% | 102.80 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.81% | -0.24% | 104.54 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.51% | -0.13% | 102.56 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.08% | -0.01% | 96.05 | 9.67% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.73% | -0.02% | 103.80 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.54% | -0.14% | 103.58 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.30% | -0.03% | 104.47 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.41% | 0.06% | 103.60 | 7.94% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.93% | 0.06% | 102.75 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.04% | 0.01% | 104.30 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.88% | -0.11% | 103.53 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.79% | 0.10% | 103.62 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.92% | -0.04% | 103.35 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.66% | -0.31% | 105.86 | 7.38% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.19% | 0.01% | 102.92 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.34% | 0.07% | 103.99 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.37% | -0.33% | 111.80 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | -0.04% | 102.67 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.33% | 0.17% | 105.48 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.81% | 0.00% | 103.90 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 1.99% | 0.03% | 105.98 | 7.47% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.00% | -0.09% | 106.98 | 7.60% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.64% | -0.27% | 106.20 | 7.13% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.85% | -0.11% | 104.35 | 7.01% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | 0.06% | 102.85 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.89% | 0.19% | 105.18 | 7.06% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | -0.03% | 102.45 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.95% | 0.00% | 104.19 | 6.93% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.35% | 0.12% | 104.38 | 7.31% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.24% | -0.14% | 104.80 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.00% | -0.08% | 104.64 | 6.99% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.88% | -0.03% | 106.37 | 7.06% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.41% | 0.01% | 101.95 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.03% | 0.01% | 103.47 | 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% | 0.00% | 91.15 | 9.68% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | -0.02% | 106.50 | 9.18% |
** “Clean” running yield. Includes franking credits if present.