Margins mostly varied within a range of -12bps to +10bps on the day, with 23 falls and 18 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +42bps), Judo Capital Notes (JDOPA, +24bps) and Challenger Capital Notes 3 (CGFPC, -23bps) 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** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 4.15% | -0.02% | 100.67 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.96% | -0.02% | 100.65 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.99% | 0.07% | 101.61 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.17% | 0.02% | 102.25 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.96% | -0.11% | 103.30 | 8.80% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.14% | -0.23% | 104.82 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.84% | 0.01% | 103.95 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.35% | -0.11% | 103.15 | 7.15% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.64% | 0.01% | 104.95 | 8.15% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.91% | -0.05% | 102.35 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.32% | 0.42% | 95.20 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.04% | 0.00% | 103.61 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.99% | 0.01% | 103.11 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.38% | -0.01% | 104.80 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.32% | 0.02% | 104.33 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.11% | 0.03% | 102.80 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.98% | -0.12% | 104.97 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.02% | 0.04% | 103.50 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.03% | -0.08% | 103.48 | 6.98% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | -0.10% | 103.20 | 7.05% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | -0.03% | 105.18 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.06% | 0.12% | 103.85 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.31% | -0.07% | 104.70 | 7.44% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.71% | 0.24% | 114.52 | 9.63% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.10% | 0.01% | 102.95 | 6.85% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.22% | 0.09% | 106.50 | 7.53% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.12% | 0.01% | 103.40 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.19% | -0.04% | 105.70 | 7.45% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | 0.00% | 107.18 | 7.54% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.09% | -0.02% | 105.10 | 7.16% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.05% | -0.04% | 104.22 | 6.97% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.17% | 0.00% | 103.30 | 6.88% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.00% | -0.13% | 105.35 | 7.00% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.35% | 0.01% | 103.11 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.11% | -0.02% | 104.18 | 6.89% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.22% | -0.10% | 105.65 | 7.18% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.32% | -0.12% | 104.99 | 7.21% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.10% | -0.01% | 104.65 | 6.94% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | -0.02% | 106.05 | 7.04% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.36% | 0.00% | 102.65 | 6.83% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | -0.01% | 103.60 | 6.73% |
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% | 4.90% | 0.04% | 92.60 | 9.21% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.55% | 0.03% | 106.95 | 8.87% |
** “Clean” running yield. Includes franking credits if present.