Margins mostly varied within a range of -15bps to +11bps on the day, with 24 falls and 18 rises. Ignoring short-dated securities, the margins of Bank of Queensland Capital Notes 2 (BOQPF, -33bps), Macquarie Capital Notes 5 (MQGPF, -28bps), Insurance Australia Capital Notes 3 (IAGPF, +24bps) and Suncorp Capital Notes 5 (SUNPF, +23bps) 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% | 3.68% | 4.32% | 101.32 | 8.42% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.74% | 0.12% | 102.12 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.03% | 0.24% | 101.97 | 7.77% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.78% | -0.03% | 102.44 | 7.53% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.70% | 0.01% | 104.45 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.97% | -0.20% | 104.22 | 8.86% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.55% | -0.21% | 104.32 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.59% | -0.19% | 105.15 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.93% | -0.08% | 103.00 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.04% | 0.17% | 105.10 | 8.27% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.79% | 0.15% | 103.11 | 7.04% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.21% | -0.03% | 96.98 | 9.51% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.97% | -0.16% | 104.40 | 7.58% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.06% | 0.17% | 103.53 | 7.26% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.80% | -0.33% | 104.69 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.32% | -0.07% | 105.00 | 7.94% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.93% | -0.28% | 103.71 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.95% | -0.04% | 105.70 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.73% | -0.11% | 104.80 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.00% | -0.06% | 104.10 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | -0.05% | 103.71 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.98% | 0.03% | 106.00 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.92% | -0.02% | 104.78 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.34% | 0.07% | 105.20 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.11% | -0.12% | 111.43 | 9.80% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.97% | -0.01% | 103.80 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.29% | 0.12% | 104.87 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.15% | -0.01% | 103.78 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.18% | 0.02% | 106.22 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.08% | -0.02% | 107.70 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.21% | 0.07% | 105.20 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.98% | -0.01% | 104.99 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.21% | -0.04% | 103.54 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.14% | 0.06% | 105.31 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.20% | 0.23% | 104.16 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.16% | 0.01% | 104.45 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.30% | 0.03% | 105.80 | 7.30% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.62% | 0.24% | 104.16 | 7.39% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.01% | -0.06% | 105.47 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.99% | -0.07% | 107.00 | 7.11% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.43% | 0.02% | 102.74 | 6.96% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.10% | -0.05% | 104.26 | 6.81% |
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% | 5.11% | 0.04% | 90.60 | 9.53% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.69% | -0.01% | 105.19 | 9.11% |
** “Clean” running yield. Includes franking credits if present.