Margins mostly varied within a range of -19bps to +14bps on the day, with 28 falls and 14 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, -123bps), Challenger Capital Notes 3 (CGFPC, -33bps) and NAB Capital Notes 3 (NABPF, +32bps) 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% | 2.13% | -0.64% | 100.55 | 8.38% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.27% | -0.28% | 101.30 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.15% | -0.50% | 101.40 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.95% | -0.43% | 102.20 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.96% | -0.14% | 103.20 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.40% | -0.25% | 104.00 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.91% | -0.33% | 104.93 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.64% | 0.32% | 104.00 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.66% | 0.29% | 102.35 | 7.26% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 0.59% | -1.23% | 106.80 | 8.04% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.61% | 0.09% | 102.40 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.34% | 0.26% | 95.66 | 9.72% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.58% | -0.15% | 104.16 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.54% | 0.00% | 103.60 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.18% | -0.11% | 104.75 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.16% | -0.25% | 104.20 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.70% | -0.23% | 103.35 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.01% | -0.03% | 104.40 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.93% | 0.05% | 103.39 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.67% | -0.12% | 104.00 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | 0.25% | 102.60 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.62% | -0.04% | 106.02 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.97% | -0.22% | 103.66 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.05% | -0.29% | 104.98 | 7.46% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.38% | 0.01% | 111.79 | 9.86% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.99% | -0.05% | 102.86 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.18% | -0.15% | 106.05 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.65% | -0.16% | 104.50 | 6.87% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.11% | 0.12% | 105.54 | 7.51% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.96% | -0.04% | 107.15 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.84% | 0.19% | 105.46 | 7.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.99% | 0.14% | 103.81 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.14% | -0.01% | 102.91 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.88% | -0.02% | 105.27 | 7.06% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.32% | -0.02% | 102.56 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.02% | 0.07% | 103.92 | 6.95% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.22% | -0.13% | 105.00 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.25% | 0.00% | 104.80 | 7.28% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.92% | -0.07% | 105.00 | 6.97% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.92% | 0.04% | 106.20 | 7.08% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.40% | -0.01% | 102.00 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.13% | 0.10% | 103.00 | 6.82% |
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% | 5.22% | -0.04% | 91.55 | 9.65% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | 0.00% | 106.55 | 9.19% |
** “Clean” running yield. Includes franking credits if present.