Margins mostly varied within a range of -17bps to +22bps on the day, with 13 falls and 30 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -88bps), Commonwealth Bank PERLS 13 (CBAPJ, +29bps), Judo Capital Notes (JDOPA, +29bps) and Challenger Capital Notes 3 (CGFPC, -24bps) 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% | 6.78% | 0.59% | 100.55 | 8.15% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 4.37% | 0.02% | 100.73 | 8.02% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.48% | -0.68% | 101.45 | 8.02% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.36% | 1.36% | 101.70 | 8.10% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.37% | 0.02% | 103.18 | 8.17% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.53% | 0.10% | 102.72 | 8.00% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.39% | 0.21% | 102.82 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.55% | 0.20% | 103.00 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.07% | 0.14% | 104.70 | 8.54% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.42% | 0.11% | 105.94 | 8.62% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.26% | -0.24% | 106.01 | 8.57% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.87% | 0.18% | 105.16 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.17% | 0.10% | 102.55 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.98% | 0.12% | 105.65 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.05% | 0.29% | 102.52 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.10% | -0.88% | 95.67 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.90% | 0.13% | 104.70 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | 0.08% | 104.17 | 7.13% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.28% | -0.17% | 105.75 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.20% | 0.19% | 105.41 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.22% | 0.06% | 102.85 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.20% | 0.14% | 105.00 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.86% | -0.06% | 104.50 | 7.09% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.35% | 0.13% | 102.80 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.24% | 0.04% | 103.30 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.24% | -0.09% | 105.08 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.25% | -0.15% | 103.55 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | 0.00% | 103.74 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.08% | 0.29% | 111.00 | 9.97% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.36% | 0.07% | 102.24 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.92% | -0.11% | 104.34 | 7.73% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.37% | 0.13% | 102.67 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.78% | 0.01% | 103.96 | 7.62% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.59% | -0.05% | 105.71 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.45% | 0.05% | 104.03 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.22% | -0.01% | 103.85 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.59% | 0.03% | 101.72 | 7.04% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.30% | -0.16% | 104.39 | 7.11% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.52% | -0.11% | 102.53 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.04% | 0.02% | 102.10 | 7.47% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.07% | 0.00% | 101.65 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | 0.01% | 101.95 | 7.17% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.68% | -0.06% | 103.35 | 7.27% |
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% | 5.01% | 0.01% | 91.05 | 9.38% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.56% | 0.03% | 106.15 | 8.93% |
** “Clean” running yield. Includes franking credits if present.