Margins mostly varied within a range of -7bps to +18bps on the day, with 11 falls and 31 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 13 (CBAPJ, +42bps), Westpac Capital Notes 9 (WBCPL, +36bps) and AMP Capital Notes 2 (AMPPB, +30bps) 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% | 3.12% | -0.19% | 100.45 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.28% | 0.88% | 101.86 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.77% | 0.05% | 101.19 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.29% | -0.05% | 102.00 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.10% | 0.30% | 103.17 | 8.68% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.51% | -0.21% | 103.98 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.03% | 0.11% | 104.90 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.76% | 0.22% | 103.95 | 8.13% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.81% | 0.00% | 102.26 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | -0.01% | 104.74 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.84% | 0.42% | 102.11 | 7.05% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.92% | 0.12% | 95.00 | 9.82% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.63% | -0.10% | 104.18 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.56% | 0.01% | 103.70 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.35% | 0.13% | 104.52 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.87% | -0.08% | 105.04 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.90% | 0.03% | 102.98 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.73% | 0.07% | 105.30 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.76% | 0.00% | 104.00 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.90% | 0.05% | 103.45 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.16% | 0.04% | 102.80 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | 0.36% | 104.83 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.09% | 0.04% | 103.40 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.38% | 0.06% | 104.03 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.64% | -0.02% | 111.10 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.03% | 0.07% | 102.85 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.34% | 0.02% | 105.65 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.17% | 0.20% | 102.74 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.06% | -0.14% | 105.86 | 7.51% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.10% | 0.01% | 106.73 | 7.64% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.00% | 0.14% | 105.00 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.05% | 0.07% | 103.75 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.13% | 0.01% | 103.09 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.00% | 0.08% | 104.91 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | 0.06% | 103.02 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.03% | 0.05% | 104.02 | 6.97% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.27% | 0.05% | 104.90 | 7.30% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.24% | -0.06% | 104.95 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.10% | 0.05% | 104.30 | 7.04% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.04% | 0.01% | 105.75 | 7.13% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.37% | -0.01% | 102.28 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.06% | -0.02% | 103.57 | 6.81% |
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% | 5.20% | -0.01% | 92.30 | 9.64% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | -0.03% | 104.19 | 9.04% |
** “Clean” running yield. Includes franking credits if present.