Margins mostly varied within a range of -22bps to +19bps on the day, with 21 falls and 22 rises. Ignoring short-dated securities, the margin of Latitude Capital Notes (LFSPA, +101bps) had the largest (absolute) change on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 15.70% | 9.15% | 100.32 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 6.06% | 3.01% | 101.29 | 8.21% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.14% | -0.43% | 102.39 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.79% | 0.49% | 102.57 | 8.08% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.33% | -0.53% | 103.00 | 7.67% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.10% | 0.08% | 103.00 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.79% | 0.01% | 104.46 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.24% | -0.10% | 105.40 | 8.73% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.94% | -0.21% | 105.98 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.54% | -0.02% | 105.20 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.83% | -0.11% | 102.87 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.75% | 0.01% | 105.59 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.57% | 0.02% | 103.21 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.64% | 1.01% | 96.70 | 9.49% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.77% | 0.19% | 104.57 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.43% | -0.18% | 104.64 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.09% | 0.01% | 105.87 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.83% | -0.02% | 105.89 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.99% | 0.05% | 103.25 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.65% | 0.01% | 106.25 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.28% | -0.05% | 105.98 | 7.06% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.75% | 0.01% | 104.45 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.96% | 0.02% | 103.95 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.80% | 0.00% | 106.23 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | -0.12% | 104.20 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.73% | 0.01% | 103.40 | 7.64% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.56% | 0.01% | 108.98 | 10.22% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.10% | 0.05% | 103.02 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.70% | -0.12% | 104.90 | 7.76% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.05% | -0.10% | 103.69 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.49% | -0.21% | 104.82 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.38% | -0.08% | 106.25 | 7.72% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.16% | -0.03% | 104.94 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.09% | -0.01% | 104.15 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.45% | 0.01% | 102.17 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.16% | -0.17% | 104.73 | 7.15% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.51% | 0.00% | 103.05 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.36% | -0.04% | 103.10 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.31% | -0.07% | 105.30 | 7.31% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.87% | 0.04% | 102.50 | 7.49% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.52% | 0.07% | 102.75 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.41% | -0.01% | 104.44 | 7.26% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.63% | 0.02% | 101.19 | 7.01% |
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% | 5.16% | 0.02% | 91.80 | 9.61% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.79% | 0.00% | 105.79 | 9.24% |
** “Clean” running yield. Includes franking credits if present.