Margins mostly varied within a range of -13bps to +11bps on the day, with 23 falls and 18 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, +32bps), Latitude Capital Notes (LFSPA, +31bps) and Macquarie Bank Capital Notes 2 (MBLPC, -29bps) 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% | -0.91% | -1.83% | 102.80 | 8.26% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.14% | 0.21% | 103.11 | 8.03% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.88% | -0.12% | 102.80 | 7.68% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.16% | -0.03% | 103.15 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.02% | 0.32% | 104.39 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.22% | -0.29% | 105.60 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.20% | -0.10% | 105.80 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.48% | 0.01% | 105.55 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.07% | 0.15% | 102.70 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.24% | 0.06% | 106.77 | 8.10% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.59% | 0.03% | 103.40 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.82% | 0.31% | 96.77 | 9.48% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.63% | -0.11% | 105.16 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.49% | -0.20% | 104.75 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.83% | 0.19% | 104.70 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.93% | -0.03% | 105.90 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.90% | 0.04% | 103.69 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.83% | -0.10% | 105.99 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.74% | -0.13% | 104.75 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.98% | -0.04% | 104.00 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.25% | -0.07% | 103.30 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.01% | 0.14% | 105.80 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.95% | -0.07% | 104.60 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.49% | 0.05% | 104.50 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.77% | 0.01% | 112.00 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.08% | -0.05% | 103.28 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.58% | -0.04% | 105.63 | 7.70% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | 0.02% | 103.90 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.54% | 0.04% | 104.87 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.22% | -0.09% | 107.10 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.14% | -0.04% | 105.29 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | -0.07% | 104.27 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.19% | -0.05% | 103.45 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.09% | -0.10% | 105.32 | 7.11% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.51% | -0.03% | 103.30 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.26% | 0.02% | 103.76 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.63% | 0.00% | 104.12 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | -0.01% | 102.75 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.38% | 0.00% | 103.60 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.44% | 0.02% | 104.60 | 7.24% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.47% | 0.01% | 102.19 | 6.93% |
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% | -0.06% | 92.00 | 9.58% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.80% | -0.05% | 105.95 | 9.21% |
** “Clean” running yield. Includes franking credits if present.