Margins mostly varied within a range of -16bps to +28bps on the day, with 17 falls and 25 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +73bps), Bendigo Capital Notes (BENPH, +64bps), Macquarie Bank Capital Notes 2 (MBLPC, +48bps) and Suncorp Capital Notes 3 (SUNPH, -43bps) 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% | n/m | n/m | 101.91 | n/m |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.29% | -0.68% | 102.55 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.75% | 1.33% | 102.30 | 7.78% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.30% | 0.38% | 102.26 | 7.57% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.19% | 0.19% | 104.16 | 8.72% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.13% | 0.48% | 104.26 | 8.88% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.93% | 0.17% | 104.02 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.02% | 0.03% | 104.76 | 8.18% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.62% | -0.43% | 101.82 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.27% | 0.73% | 104.71 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.00% | 0.28% | 102.98 | 7.07% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.72% | -0.08% | 96.59 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.84% | 0.03% | 104.90 | 7.57% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.47% | 0.12% | 105.00 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.03% | -0.15% | 104.42 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.24% | 0.64% | 105.43 | 7.93% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.83% | -0.02% | 102.55 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.92% | 0.11% | 106.00 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | 0.32% | 104.65 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.02% | -0.01% | 104.28 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.03% | -0.05% | 102.55 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.90% | 0.01% | 106.48 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.43% | -0.28% | 104.98 | 6.97% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.41% | 0.02% | 103.25 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.43% | 0.08% | 110.70 | 9.91% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.16% | 0.01% | 103.31 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.38% | 0.04% | 104.80 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | -0.03% | 104.16 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.21% | 0.00% | 106.34 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.18% | -0.02% | 105.80 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.01% | -0.02% | 106.19 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.09% | 0.13% | 104.81 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.19% | -0.04% | 103.80 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.19% | 0.12% | 105.35 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.28% | -0.15% | 102.30 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.18% | 0.01% | 104.60 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.45% | -0.17% | 105.43 | 7.35% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.37% | -0.05% | 105.43 | 7.33% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.18% | 0.03% | 104.90 | 7.06% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.21% | 0.16% | 106.20 | 7.19% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.34% | -0.08% | 101.84 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.21% | 0.06% | 103.95 | 6.86% |
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% | 5.01% | 0.17% | 91.80 | 9.44% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | -0.02% | 105.65 | 9.09% |
** “Clean” running yield. Includes franking credits if present.