Margins mostly varied within a range of -8bps to +14bps on the day, with 11 falls and 31 rises. Ignoring short-dated securities, the margins of NAB Capital Notes 3 (NABPF, +31bps), Commonwealth PERLS 13 (CBAPJ, -30bps) and Macquarie Capital Notes 5 (MQGPE, +26bps) 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 Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 5.97% | 5.48% | 101.04 | 7.91% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 7.09% | 5.30% | 101.05 | 7.53% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.66% | 0.76% | 101.74 | 7.27% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.21% | 0.46% | 103.5 | 8.44% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.91% | -0.25% | 103.731 | 8.60% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.60% | 0.55% | 102.5 | 8.49% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.23% | 0.48% | 103.95 | 7.92% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.24% | 0.22% | 102.5 | 7.02% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.22% | 0.46% | 104.5 | 8.02% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.09% | 0.13% | 102.54 | 6.77% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.59% | -0.29% | 97 | 9.19% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.03% | 0.17% | 104.15 | 7.30% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.97% | -0.12% | 103.61 | 6.95% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.19% | 0.36% | 103.58 | 7.64% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | 0.00% | 104.8 | 7.66% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.98% | 0.04% | 104 | 6.84% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.24% | 0.20% | 104.841 | 7.36% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.95% | -0.01% | 104.05 | 6.89% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.10% | 0.02% | 103.76 | 6.79% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.30% | 0.08% | 103.38 | 6.86% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.01% | 0.08% | 105.83 | 7.18% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.10% | 0.08% | 102.61 | 6.81% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.32% | 0.03% | 105.2 | 7.23% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.94% | -0.13% | 111.72 | 9.51% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.00% | 0.03% | 103.63 | 6.63% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.27% | 0.02% | 104.85 | 7.34% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | -0.10% | 104.01 | 6.67% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.50% | 0.21% | 105.07 | 7.32% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.66% | -0.42% | 107.39 | 7.24% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.08% | -0.14% | 105.67 | 6.96% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.11% | -0.05% | 104.55 | 6.78% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.98% | -0.20% | 104.39 | 6.63% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.06% | -0.09% | 105.62 | 6.81% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.41% | 0.11% | 103.4 | 6.76% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.10% | -0.22% | 104.75 | 6.68% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.55% | 0.14% | 104.77 | 7.07% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.60% | 0.10% | 104.2 | 7.09% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.04% | 0.06% | 105.29 | 6.71% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | -0.03% | 106.6 | 6.84% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.37% | -0.17% | 103.06 | 6.63% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.10% | -0.08% | 104.31 | 6.51% |
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% | 4.70% | -0.42% | 94.5 | 8.80% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.51% | -0.19% | 107.7 | 8.61% |
** “Clean” running yield. Includes franking credits if present.