Margins mostly varied within a range of -17bps to +10bps on the day, with 22 falls and 19 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, -40bps), Suncorp Capital Notes 5 (SUNPJ, -37bps), Suncorp Capital Notes 4 (SUNPI, -27bps), Insurance Australia Capital Notes 2 (IAGPE, -27bps) and Macquarie Bank Capital Notes 2 (MBLPC, -27bps) 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% | 0.58% | 1.90% | 102.54 | 8.31% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.65% | 0.14% | 103.07 | 8.05% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.17% | 0.09% | 103.08 | 7.68% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.68% | 0.08% | 103.12 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.14% | 0.09% | 104.74 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.47% | -0.27% | 105.69 | 8.73% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.21% | 0.04% | 104.15 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.48% | 0.00% | 106.09 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.61% | -0.40% | 102.15 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.68% | -0.12% | 104.55 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.81% | 0.19% | 103.51 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.84% | -0.03% | 95.95 | 9.62% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.63% | -0.10% | 105.70 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | 0.14% | 104.60 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.36% | 0.04% | 104.03 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.00% | 0.00% | 106.30 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.17% | 0.00% | 101.91 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.18% | 0.02% | 105.60 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.92% | 0.03% | 104.65 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.27% | -0.07% | 103.68 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.28% | -0.27% | 101.96 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.22% | 0.09% | 105.70 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.24% | -0.01% | 102.50 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.38% | -0.07% | 103.54 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.58% | 0.16% | 110.70 | 9.88% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.28% | -0.02% | 103.00 | 6.96% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.82% | 0.09% | 103.43 | 7.74% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.23% | -0.07% | 103.83 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.38% | -0.27% | 105.89 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.45% | 0.03% | 105.01 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.29% | -0.05% | 105.29 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.24% | -0.02% | 104.39 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.46% | -0.06% | 102.81 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.26% | 0.09% | 105.20 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.49% | -0.37% | 101.52 | 7.07% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.41% | -0.01% | 103.69 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.66% | 0.01% | 104.61 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.80% | -0.09% | 103.64 | 7.42% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.48% | -0.07% | 103.60 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.35% | -0.13% | 105.65 | 7.19% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.67% | 0.00% | 102.34 | 6.98% |
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% | 5.13% | 0.05% | 91.70 | 9.53% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.72% | 0.05% | 106.30 | 9.12% |
** “Clean” running yield. Includes franking credits if present.