Margins mostly varied within a range of -15bps to +12ps on the day, with 26 falls and 15 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, -38bps), Commonwealth PERLS 12 (CBAPI, -32bps), Judo Capital Notes (JDOPA, +29bps and AMP Capital Notes 2 (AMPPB, -27bps) had the largest (absolute) 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% | 1.82% | 2.47% | 101.99 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.13% | 0.12% | 103.40 | 7.98% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.02% | -0.25% | 102.96 | 7.64% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.32% | 0.38% | 103.25 | 7.41% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.85% | -0.27% | 104.87 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.46% | 0.02% | 105.52 | 8.70% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.90% | 0.05% | 104.39 | 8.58% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.58% | 0.01% | 105.68 | 8.03% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.27% | 0.03% | 102.68 | 7.26% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.74% | -0.04% | 106.05 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.74% | -0.06% | 103.40 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.07% | 0.05% | 96.81 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.93% | 0.12% | 104.78 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.51% | -0.32% | 105.00 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.99% | -0.11% | 104.62 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.94% | -0.15% | 106.19 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.00% | -0.02% | 103.70 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.86% | -0.02% | 106.22 | 7.50% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.94% | -0.02% | 104.39 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.95% | -0.11% | 104.40 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.31% | -0.16% | 103.45 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.11% | 0.07% | 105.80 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | -0.05% | 104.09 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.41% | -0.10% | 105.10 | 7.49% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.55% | 0.29% | 110.46 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.23% | -0.01% | 103.00 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.44% | -0.13% | 104.49 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.27% | -0.02% | 103.42 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.41% | -0.02% | 105.65 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.44% | 0.13% | 106.54 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.21% | -0.01% | 105.34 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.26% | -0.08% | 104.06 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.40% | 0.10% | 102.82 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.20% | 0.17% | 105.18 | 7.09% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.39% | -0.28% | 104.15 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.39% | -0.02% | 103.53 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.70% | 0.00% | 104.14 | 7.36% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.67% | -0.12% | 103.78 | 7.35% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.40% | -0.05% | 103.77 | 7.07% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.49% | 0.00% | 104.70 | 7.21% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.56% | 0.10% | 102.00 | 6.91% |
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% | 5.18% | 0.01% | 91.00 | 9.55% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | 0.00% | 106.60 | 9.04% |
** “Clean” running yield. Includes franking credits if present.