Margins mostly varied within a range of -13bps to +12bps on the day, with 21 falls and 20 rises. Ignoring short-dated securities, the margins of Macquarie Group Capital Notes 4 (MQGPD, -48bps) and Latitude Capital Notes (LFSPA, +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** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 2.76% | -0.23% | 100.76 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.08% | -0.23% | 101.12 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.75% | 0.10% | 101.64 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.02% | 0.12% | 102.25 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.54% | -0.01% | 103.57 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.13% | 0.13% | 104.70 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.71% | -0.10% | 104.00 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.70% | -0.12% | 102.58 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.64% | -0.48% | 104.84 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.86% | 0.14% | 102.31 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.86% | 0.43% | 95.62 | 9.48% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.83% | 0.01% | 103.89 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.92% | 0.06% | 103.12 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.36% | 0.01% | 104.70 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.22% | 0.09% | 104.40 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.10% | -0.12% | 102.70 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.97% | 0.00% | 104.86 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.92% | 0.03% | 103.68 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.00% | -0.04% | 103.43 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.23% | 0.09% | 102.92 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.06% | -0.06% | 105.00 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.04% | -0.01% | 103.80 | 7.02% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.39% | -0.01% | 104.32 | 7.47% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.67% | 0.01% | 114.50 | 9.63% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.03% | 0.00% | 103.08 | 6.86% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.26% | -0.12% | 106.21 | 7.56% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | -0.01% | 103.30 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.27% | -0.10% | 105.32 | 7.48% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | 0.00% | 107.06 | 7.56% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.95% | -0.04% | 105.49 | 7.14% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.05% | -0.02% | 104.08 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.10% | 0.00% | 103.48 | 6.88% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.04% | -0.03% | 105.06 | 7.03% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.31% | 0.04% | 103.15 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.15% | 0.02% | 103.90 | 6.91% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.26% | 0.00% | 105.35 | 7.21% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.41% | 0.01% | 104.49 | 7.25% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.11% | 0.01% | 104.51 | 6.95% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.02% | -0.01% | 106.19 | 7.04% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.31% | 0.00% | 102.77 | 6.84% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | -0.01% | 103.45 | 6.75% |
| 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% | 4.88% | 0.04% | 92.60 | 9.21% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.49% | -0.01% | 107.45 | 8.82% |
** “Clean” running yield. Includes franking credits if present.