Margins mostly varied within a range of -28bps to +13bps on the day, with 29 falls and 13 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 13 (CBAPJ, -89bps), Westpac Capital Notes 9 (WBCPL, +51bps), Macquarie Bank Capital Notes 2 (MBLPC, +30bps) and Macquarie Capital Notes 5 (MQGPE, +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% | n/m | n/m | 101.95 | n/m |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -1.94% | -2.87% | 103.05 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.57% | 0.38% | 102.30 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.91% | -0.10% | 102.49 | 7.53% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.08% | -0.19% | 104.21 | 8.69% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.83% | 0.30% | 104.50 | 8.84% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.78% | 0.11% | 104.16 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.84% | -0.20% | 104.94 | 8.15% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.17% | 0.07% | 102.82 | 7.32% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 0.98% | -0.05% | 107.00 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.24% | -0.89% | 104.22 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.80% | -0.05% | 96.35 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.76% | -0.28% | 105.00 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.96% | -0.09% | 103.90 | 7.24% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.88% | 0.00% | 104.68 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.98% | -0.23% | 105.93 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.95% | 0.30% | 103.79 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.80% | -0.23% | 106.25 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.70% | -0.03% | 105.00 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.12% | -0.03% | 103.90 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.25% | 0.03% | 103.68 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.81% | -0.51% | 106.68 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.71% | -0.44% | 104.00 | 7.02% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.41% | -0.02% | 103.19 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.33% | 0.02% | 110.95 | 9.87% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | -0.08% | 103.66 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.42% | 0.06% | 104.60 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | -0.11% | 104.10 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.28% | -0.05% | 106.00 | 7.56% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.24% | -0.05% | 105.50 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.03% | -0.01% | 106.05 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.78% | 0.02% | 105.90 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.17% | 0.00% | 103.80 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.10% | -0.01% | 105.64 | 7.12% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | 0.00% | 103.78 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.14% | 0.01% | 104.70 | 6.99% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.63% | 0.01% | 104.57 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.42% | -0.12% | 105.14 | 7.33% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.12% | -0.06% | 105.10 | 7.03% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.10% | -0.16% | 106.62 | 7.14% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.42% | 0.01% | 101.42 | 6.95% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.19% | -0.03% | 104.00 | 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% | 4.96% | -0.03% | 92.40 | 9.38% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.69% | -0.03% | 105.52 | 9.11% |
** “Clean” running yield. Includes franking credits if present.