Margins mostly varied within a range of -15bps to +12bps on the day, with 24 falls and 18 rises. Ignoring short-dated securities, the margin of Latitude Capital Notes (LFSPA, -57bps) had the largest change 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% | 2.14% | 0.03% | 101.07 | 8.37% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.22% | 0.08% | 101.70 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.78% | 0.04% | 101.65 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.79% | 0.04% | 102.01 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.76% | 0.01% | 104.00 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.65% | 0.18% | 104.24 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.44% | 0.20% | 104.81 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.75% | 0.10% | 104.46 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.70% | -0.02% | 102.91 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.84% | 0.04% | 105.04 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | -0.07% | 102.95 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.75% | -0.57% | 95.40 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.86% | 0.01% | 104.19 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.65% | -0.01% | 103.97 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.99% | 0.00% | 105.87 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.12% | -0.14% | 104.97 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.85% | 0.11% | 103.53 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.78% | -0.03% | 105.69 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.78% | 0.08% | 104.31 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.80% | -0.06% | 104.25 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | 0.00% | 103.27 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.58% | -0.12% | 106.81 | 7.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.82% | 0.10% | 104.75 | 7.02% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.25% | 0.13% | 105.00 | 7.48% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.19% | -0.17% | 113.30 | 9.79% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.87% | -0.01% | 103.79 | 6.87% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.33% | 0.03% | 106.22 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.81% | -0.13% | 104.55 | 6.88% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.07% | 0.15% | 106.22 | 7.48% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.05% | 0.05% | 107.40 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.66% | -0.12% | 106.83 | 7.11% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.91% | -0.02% | 104.80 | 7.00% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.86% | -0.05% | 104.58 | 6.87% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.77% | 0.00% | 106.40 | 7.00% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.21% | -0.02% | 103.67 | 6.99% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.82% | -0.13% | 105.47 | 6.87% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.12% | 0.13% | 106.15 | 7.21% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.36% | -0.02% | 104.87 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.87% | -0.01% | 105.75 | 6.93% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.59% | -0.20% | 108.50 | 6.95% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.20% | 0.00% | 103.59 | 6.85% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.78% | -0.03% | 105.40 | 6.68% |
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% | 5.02% | 0.11% | 90.40 | 9.41% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.60% | 0.01% | 105.00 | 9.00% |
** “Clean” running yield. Includes franking credits if present.