Margins mostly varied within a range of -20bps to +15bps on the day, with 25 falls and 16 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, +68bps), Macquarie Bank Capital Notes 2 (MBLPC, -42bps) and AMP Capital Notes 2 (AMPPB, -39bps) 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% | 0.16% | -0.64% | 102.61 | 8.25% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.50% | -0.14% | 103.10 | 8.00% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.72% | -0.87% | 103.27 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.79% | 0.68% | 102.90 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.77% | -0.39% | 105.10 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.40% | -0.42% | 105.70 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.11% | -0.23% | 104.19 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.48% | -0.16% | 105.98 | 8.00% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.19% | 0.01% | 102.95 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | 0.01% | 106.09 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.92% | -0.12% | 103.20 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.39% | -0.13% | 96.50 | 9.50% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.03% | 0.08% | 104.70 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.85% | 0.02% | 104.33 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.97% | -0.23% | 104.82 | 7.80% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.14% | 0.06% | 105.86 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.08% | -0.09% | 103.60 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.14% | 0.08% | 105.60 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.06% | 0.06% | 104.15 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.50% | 0.25% | 102.85 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.53% | -0.17% | 102.93 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.15% | 0.04% | 105.80 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.14% | 0.00% | 102.73 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.54% | 0.03% | 104.83 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.57% | 0.05% | 110.59 | 9.84% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.26% | 0.00% | 102.99 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | -0.13% | 104.00 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.35% | -0.03% | 103.28 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.49% | -0.11% | 105.40 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.30% | -0.05% | 105.46 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.40% | -0.04% | 104.78 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.38% | -0.06% | 103.74 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.53% | -0.01% | 102.40 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.34% | 0.04% | 104.73 | 7.12% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.84% | -0.02% | 102.40 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.46% | 0.02% | 103.36 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.65% | -0.03% | 104.55 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.71% | -0.12% | 103.94 | 7.35% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.51% | -0.05% | 103.40 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.48% | 0.02% | 104.89 | 7.19% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.67% | -0.03% | 102.20 | 6.93% |
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% | 5.19% | -0.01% | 90.79 | 9.54% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | 0.01% | 106.57 | 9.02% |
** “Clean” running yield. Includes franking credits if present.