Margins mostly varied within a range of -8bps to +6bps on the day, with 21 falls and 21 rises. Ignoring short-dated securities, the margin of NAB Capital Notes 5 (NABPH, +21bps) had the largest 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** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 3.83% | 0.38% | 100.39 | 8.43% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.57% | 1.35% | 101.30 | 8.14% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.90% | 0.22% | 101.20 | 7.77% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.27% | 0.12% | 102.10 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.06% | 0.02% | 103.30 | 8.68% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.39% | 0.00% | 104.20 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.76% | -0.12% | 105.40 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.57% | 0.05% | 104.34 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.70% | -0.08% | 102.51 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.54% | 0.01% | 105.23 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.42% | -0.01% | 102.96 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.39% | 0.02% | 95.99 | 9.73% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.73% | 0.04% | 104.06 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.55% | -0.06% | 103.80 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.42% | -0.01% | 104.46 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.01% | 0.08% | 104.79 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.79% | -0.01% | 103.33 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.81% | 0.21% | 105.19 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.34% | -0.13% | 105.30 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.96% | -0.03% | 103.35 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.12% | -0.06% | 103.00 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.61% | -0.06% | 106.30 | 7.38% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.99% | 0.05% | 103.80 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.23% | 0.05% | 104.61 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.62% | 0.01% | 111.29 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.98% | 0.00% | 103.10 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.18% | -0.04% | 106.31 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.07% | 0.01% | 103.20 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.20% | 0.03% | 105.41 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.00% | -0.06% | 107.20 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.96% | 0.10% | 105.23 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.87% | -0.09% | 104.50 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.14% | 0.00% | 103.10 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.98% | -0.01% | 105.07 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | -0.04% | 103.05 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.07% | 0.06% | 103.92 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.30% | 0.07% | 104.90 | 7.30% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.20% | -0.12% | 105.22 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.07% | -0.06% | 104.50 | 7.03% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.93% | -0.10% | 106.35 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.34% | -0.03% | 102.50 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.11% | -0.04% | 103.30 | 6.83% |
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% | 5.10% | -0.04% | 93.40 | 9.53% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.65% | 0.02% | 103.85 | 9.08% |
** “Clean” running yield. Includes franking credits if present.