Margins mostly varied within a range of -12bps to +10bps on the day, with 21 falls and 21 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -27bps) and Macquarie Capital Notes 5 (MQGPE, -23bps 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% | 2.84% | 0.33% | 100.46 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.17% | -0.39% | 101.40 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.67% | -0.17% | 101.19 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.60% | 0.26% | 101.66 | 7.52% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.99% | 0.01% | 103.25 | 8.67% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.71% | -0.07% | 103.70 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.96% | -0.27% | 104.95 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.60% | -0.20% | 104.15 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.67% | -0.04% | 102.43 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.67% | -0.15% | 104.88 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.71% | 0.10% | 102.30 | 7.04% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.86% | 0.17% | 95.00 | 9.82% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.69% | -0.04% | 104.00 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.47% | 0.03% | 103.85 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.07% | -0.07% | 105.10 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.00% | 0.03% | 104.68 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.67% | -0.23% | 103.51 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.96% | 0.00% | 104.61 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.93% | 0.12% | 103.48 | 7.19% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.96% | 0.10% | 103.20 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.10% | 0.01% | 102.92 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.96% | 0.16% | 105.01 | 7.47% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.13% | -0.06% | 103.21 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.25% | -0.02% | 104.41 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.62% | 0.20% | 111.11 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.00% | -0.06% | 102.90 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.37% | 0.02% | 105.46 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.84% | -0.07% | 103.90 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.23% | 0.08% | 105.16 | 7.56% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.00% | -0.06% | 107.06 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.67% | -0.21% | 106.19 | 7.16% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.08% | 0.04% | 103.58 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.17% | 0.05% | 102.90 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.86% | 0.02% | 105.45 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.18% | -0.03% | 103.25 | 7.02% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.04% | -0.05% | 103.90 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.17% | -0.05% | 105.29 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.24% | -0.04% | 104.89 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.09% | 0.05% | 104.30 | 7.04% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.12% | 0.15% | 105.30 | 7.16% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.45% | 0.03% | 101.88 | 6.98% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.13% | -0.01% | 103.10 | 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% | 5.23% | -0.05% | 92.14 | 9.67% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.79% | -0.03% | 106.90 | 9.23% |
** “Clean” running yield. Includes franking credits if present.