Margins mostly varied within a range of -21bps to +15bps on the day, with 20 falls and 22 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 12 (CBAPI, -61bps), Commonwealth PERLS 13 (CBAPJ, +49bps) and Macquarie Capital Notes 4 (MQGPD, -44bps) 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 | 101.92 | n/m |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.38% | 2.32% | 102.32 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.42% | -1.15% | 102.75 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.92% | 0.01% | 102.50 | 7.54% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.01% | -0.07% | 104.30 | 8.69% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.65% | -0.18% | 104.70 | 8.84% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.75% | -0.02% | 104.21 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.98% | 0.14% | 104.75 | 8.17% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.06% | -0.11% | 103.00 | 7.31% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 0.54% | -0.44% | 105.90 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.72% | 0.49% | 103.40 | 7.03% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.80% | 0.00% | 96.38 | 9.60% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.82% | 0.06% | 104.90 | 7.56% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.36% | -0.61% | 105.20 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.18% | 0.30% | 104.05 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.60% | -0.38% | 106.80 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.86% | -0.10% | 104.04 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.81% | 0.01% | 106.24 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.53% | -0.17% | 105.49 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.03% | -0.09% | 104.19 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.08% | -0.17% | 104.18 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.89% | 0.08% | 106.45 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.72% | 0.00% | 104.01 | 7.03% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.39% | -0.02% | 103.27 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.35% | 0.02% | 110.90 | 9.88% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.15% | 0.11% | 103.30 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.34% | -0.08% | 104.89 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | 0.03% | 104.01 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.20% | -0.08% | 106.30 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.20% | -0.04% | 105.66 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.03% | 0.00% | 106.05 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.96% | 0.18% | 105.25 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.23% | 0.05% | 103.60 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.07% | -0.03% | 105.80 | 7.12% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.43% | 0.09% | 103.45 | 7.08% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.17% | 0.03% | 104.60 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.62% | -0.01% | 104.65 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.42% | 0.00% | 105.15 | 7.34% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.14% | 0.03% | 105.00 | 7.05% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.05% | -0.06% | 106.91 | 7.13% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.42% | 0.01% | 101.40 | 6.96% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | -0.04% | 104.20 | 6.83% |
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% | 4.84% | -0.12% | 93.50 | 9.26% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | -0.01% | 105.50 | 9.11% |
** “Clean” running yield. Includes franking credits if present.