Margins mostly varied within a range of -19bps to +18bps on the day, with 18 falls and 24 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 3 (MBLPD, +50bps), Macquarie Bank Capital Notes 2 (MBLPC, -42bps), Macquarie Capital Notes 5 (MQGPE, -39bps) and Macquarie Capital Notes 4 (MQGPD, -37bps) 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 | 101.50 | n/m |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.73% | 1.02% | 102.25 | 8.15% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.07% | 0.32% | 102.20 | 7.79% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.08% | -0.22% | 102.45 | 7.55% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.08% | -0.11% | 104.29 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.71% | -0.42% | 104.70 | 8.85% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.96% | 0.03% | 104.00 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.68% | -0.34% | 105.26 | 8.14% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | 0.16% | 101.61 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 0.90% | -0.37% | 105.34 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.00% | 0.00% | 103.00 | 7.07% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.60% | -0.12% | 96.80 | 9.57% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.99% | 0.14% | 104.63 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.67% | 0.20% | 104.60 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.23% | 0.20% | 104.01 | 7.94% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.36% | 0.11% | 105.20 | 7.95% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.45% | -0.39% | 103.50 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.88% | -0.05% | 106.14 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.58% | -0.27% | 105.40 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.91% | -0.10% | 104.60 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.01% | -0.03% | 102.65 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.94% | 0.04% | 106.38 | 7.47% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.94% | 0.50% | 103.35 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.34% | -0.07% | 103.50 | 7.54% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.48% | 0.05% | 110.55 | 9.93% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.06% | -0.10% | 103.68 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.59% | 0.21% | 104.10 | 7.72% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | 0.00% | 104.17 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.38% | 0.18% | 104.10 | 7.60% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.13% | -0.05% | 106.00 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.07% | 0.06% | 106.00 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.04% | -0.05% | 105.00 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.22% | 0.03% | 103.70 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.20% | 0.01% | 105.32 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.12% | -0.15% | 102.95 | 7.00% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.18% | 0.00% | 104.63 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.59% | 0.14% | 104.84 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.49% | 0.12% | 103.36 | 7.36% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.18% | 0.00% | 104.90 | 7.06% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.23% | 0.03% | 106.09 | 7.19% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.36% | 0.02% | 101.78 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.32% | 0.11% | 103.45 | 6.89% |
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% | 5.02% | 0.01% | 91.75 | 9.45% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | 0.01% | 105.52 | 9.11% |
** “Clean” running yield. Includes franking credits if present.