Margins mostly varied within a range of -12bps to +17bps on the day, with 11 falls and 30 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 5 (SUNPJ, +39bps), Suncorp Capital Notes 3 (SUNPH, +30bps) and Macquarie Bank Capital Notes 2 (MBLPC, -30bps 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% | 1.72% | 0.19% | 102.05 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.74% | 0.94% | 102.91 | 8.02% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.24% | 0.41% | 102.85 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.36% | -0.24% | 103.25 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.26% | 0.14% | 104.40 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.26% | -0.30% | 105.80 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.04% | 0.01% | 104.20 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.54% | -0.01% | 105.78 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.43% | 0.37% | 102.45 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.73% | -0.07% | 106.10 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.81% | 0.06% | 103.30 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.06% | 0.02% | 96.90 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.85% | 0.02% | 104.98 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.86% | 0.12% | 104.22 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.56% | -0.34% | 105.68 | 7.74% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.99% | -0.10% | 106.10 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.13% | 0.06% | 103.38 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | -0.13% | 106.14 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.08% | 0.04% | 104.01 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.09% | 0.01% | 104.00 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.45% | 0.14% | 103.03 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.82% | -0.25% | 106.79 | 7.36% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.29% | 0.06% | 103.72 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.25% | -0.02% | 105.68 | 7.45% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.33% | 0.00% | 111.26 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.20% | 0.00% | 103.11 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | 0.12% | 103.72 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.21% | 0.08% | 103.70 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.46% | 0.04% | 105.52 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.40% | 0.16% | 106.70 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.23% | 0.05% | 105.29 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.19% | 0.00% | 104.35 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.50% | 0.12% | 102.44 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.27% | 0.04% | 104.90 | 7.11% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.77% | 0.39% | 102.59 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.36% | 0.03% | 103.69 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.75% | 0.19% | 104.00 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.63% | 0.00% | 104.00 | 7.34% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.54% | 0.14% | 103.16 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.44% | -0.07% | 104.95 | 7.20% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | 0.00% | 101.90 | 6.96% |
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% | 5.06% | -0.01% | 92.14 | 9.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.71% | 0.10% | 106.23 | 9.08% |
** “Clean” running yield. Includes franking credits if present.