Margins mostly varied within a range of -14bps to +10bps on the day, with 24 falls and 18 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +34bps), Bank of Queensland Capital Notes 2 (BOQPF, -30bps), Challenger Capital Notes 3 (CGFPC, +26bps) and Westpac Capital Notes 7 (WBCPJ, -24bps) 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% | 3.79% | 3.98% | 101.35 | 8.42% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.49% | -0.27% | 102.22 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.79% | -0.34% | 102.10 | 7.77% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.90% | -0.08% | 102.38 | 7.54% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.75% | 0.02% | 104.43 | 8.67% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.17% | -0.12% | 104.05 | 8.88% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.05% | 0.26% | 103.65 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.75% | 0.04% | 104.95 | 8.14% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.02% | 0.01% | 102.91 | 7.31% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.76% | -0.08% | 105.60 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.96% | -0.19% | 102.85 | 7.06% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.89% | 0.34% | 96.01 | 9.61% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.86% | -0.24% | 104.67 | 7.57% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.10% | -0.12% | 103.49 | 7.27% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.83% | -0.30% | 104.65 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | -0.07% | 104.99 | 7.95% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | -0.02% | 103.72 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.04% | -0.06% | 105.50 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | 0.12% | 104.17 | 7.19% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.08% | 0.02% | 103.90 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.22% | 0.00% | 103.64 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.92% | -0.06% | 106.20 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.02% | 0.01% | 102.90 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.29% | 0.02% | 105.39 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.08% | -0.02% | 111.60 | 9.80% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.97% | -0.07% | 103.80 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.25% | -0.01% | 105.05 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.19% | -0.05% | 103.70 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.29% | -0.10% | 105.87 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.08% | -0.05% | 107.74 | 7.64% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.22% | 0.01% | 105.21 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.15% | -0.12% | 104.38 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.18% | -0.05% | 103.67 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.15% | 0.17% | 105.30 | 7.14% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.30% | 0.00% | 103.81 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.31% | 0.04% | 103.84 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.42% | 0.11% | 105.36 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.50% | -0.12% | 104.67 | 7.36% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.98% | -0.09% | 105.63 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.11% | 0.10% | 106.45 | 7.15% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.54% | 0.06% | 102.28 | 6.99% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.19% | 0.00% | 103.87 | 6.84% |
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% | 5.12% | 0.05% | 90.55 | 9.54% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.70% | 0.02% | 105.00 | 9.12% |
** “Clean” running yield. Includes franking credits if present.