Margins mostly varied within a range of -24bps to +20bps on the day, with 22 falls and 20 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, -82bps), Westpac Capital Notes 9 (WBCPL, +51bps), Latitude Capital Notes (LFSPA, +44bps), Bendigo Capital Notes (BENPL, -40bps) and Macquarie Bank Capital Notes 2 (MBLPC, -33bps) 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% | n/m | n/m | 101.30 | n/m |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.94% | 0.88% | 102.13 | 8.14% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.19% | -0.77% | 102.43 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.02% | -0.09% | 102.39 | 7.54% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.27% | 0.18% | 104.00 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.53% | -0.33% | 104.80 | 8.82% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.67% | -0.19% | 104.29 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.04% | -0.02% | 104.64 | 8.17% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.10% | 0.15% | 102.90 | 7.31% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.03% | -0.82% | 106.90 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.13% | 0.26% | 102.67 | 7.08% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.85% | 0.44% | 96.25 | 9.60% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.04% | -0.02% | 104.40 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.05% | -0.09% | 103.70 | 7.26% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.88% | -0.07% | 104.66 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.21% | -0.40% | 105.40 | 7.92% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.65% | 0.01% | 104.50 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.03% | -0.21% | 105.64 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.73% | -0.18% | 104.90 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.15% | -0.05% | 103.80 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.22% | 0.01% | 103.75 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.32% | 0.51% | 105.08 | 7.54% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.16% | 0.03% | 102.55 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.43% | 0.09% | 105.06 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.30% | 0.04% | 111.00 | 9.86% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.12% | -0.05% | 103.38 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.35% | 0.07% | 104.80 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.22% | 0.09% | 103.70 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.33% | -0.04% | 105.82 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.29% | 0.05% | 105.30 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.04% | -0.02% | 106.00 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.76% | -0.14% | 105.94 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.17% | 0.01% | 103.78 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.11% | -0.04% | 105.58 | 7.12% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | -0.09% | 103.77 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.13% | 0.00% | 104.74 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.62% | 0.00% | 104.58 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.54% | -0.04% | 104.61 | 7.37% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.18% | 0.06% | 104.80 | 7.05% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.26% | 0.00% | 105.86 | 7.19% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.40% | 0.00% | 103.00 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.21% | 0.03% | 103.85 | 6.85% |
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% | 4.99% | -0.06% | 92.00 | 9.41% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.72% | -0.01% | 105.10 | 9.13% |
** “Clean” running yield. Includes franking credits if present.