Margins mostly varied within a range of -9bps to +25bps on the day, with 15 falls and 28 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +55bps), Commonwealth Bank PERLS 13 (CBAPJ, +38bps), Challenger Capital Notes 3 (CGFPC, +30bps) and Judo Capital Notes (JDOPA, -27bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 6.19% | -1.93% | 100.60 | 8.14% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 4.35% | 0.82% | 100.71 | 8.02% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.16% | 0.06% | 101.25 | 8.03% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.99% | 0.53% | 102.10 | 8.07% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.36% | 0.20% | 103.18 | 8.17% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.43% | -0.09% | 102.80 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.19% | 0.35% | 103.00 | 7.60% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.35% | 0.05% | 103.25 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.93% | -0.15% | 104.90 | 8.52% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.31% | -0.10% | 106.10 | 8.60% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.50% | 0.30% | 105.55 | 8.61% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.69% | -0.11% | 105.49 | 7.99% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.07% | 0.05% | 102.72 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.86% | 0.00% | 105.89 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.76% | 0.38% | 103.14 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.98% | 0.55% | 94.00 | 9.68% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.77% | 0.21% | 105.00 | 7.44% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.69% | 0.21% | 104.37 | 7.11% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.45% | 0.25% | 105.30 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.02% | -0.19% | 105.89 | 7.78% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.16% | 0.08% | 103.00 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.06% | 0.17% | 105.40 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.92% | 0.22% | 104.30 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.22% | -0.07% | 103.21 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | 0.01% | 103.40 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.33% | 0.09% | 104.76 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.40% | 0.25% | 103.01 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | -0.01% | 103.73 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.80% | -0.27% | 112.00 | 9.88% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.29% | 0.04% | 102.50 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.03% | 0.23% | 103.90 | 7.76% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.24% | -0.05% | 103.14 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.77% | -0.01% | 103.98 | 7.62% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.63% | -0.02% | 105.50 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.40% | -0.06% | 104.22 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.23% | 0.12% | 103.80 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.57% | 0.05% | 101.81 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.46% | 0.08% | 103.65 | 7.16% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.63% | 0.06% | 102.01 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.02% | 0.04% | 102.15 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.07% | -0.01% | 101.65 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.72% | 0.02% | 101.97 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.74% | 0.06% | 103.04 | 7.29% |
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% | 5.00% | 0.04% | 91.09 | 9.37% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.53% | 0.01% | 106.50 | 8.89% |
** “Clean” running yield. Includes franking credits if present.