3 February 2025 (End of day)

• Latitude Capital Notes (LFSPA) saw a notable margin increase of +44bps, closing with a trading margin of 8.07%. 
• Judo Capital Notes (JDOPA) experienced a margin decrease of -19bps, with a yield of 9.67%. 
• Macquarie Group Capital Notes 5 (MQGPE) had a margin rise of +49bps, closing at a trading margin of 2.42%. 

For ASX-Listed Hybrids (Non-standard), both securities saw minor declines in trading margins, yet their high yields (8-9%) still offer attractive returns despite price fluctuations.

COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	WEEK CHANGE	WEEK CLOSE	RUNNING YIELD**
ANZ Bank	AN3PH	Capital Notes 5	20-Mar-25	3.80%	4.27%	3.78%	100.69	8.11%
CBA	CBAPG	PERLS 10	15-Apr-25	3.40%	5.58%	3.79%	100.58	7.74%
Westpac	WBCPH	Capital Notes 5	22-Sep-25	3.20%	2.05%	0.15%	101.63	7.45%
AMP Group	AMPPB	Capital Notes 2	16-Dec-25	4.50%	2.65%	0.90%	102.72	8.66%
Macquarie Bank	MBLPC	Capital Notes 2	22-Dec-25	4.70%	1.93%	-0.24%	103.36	8.79%
Challenger	CGFPC	Capital Notes 3	25-May-26	4.60%	2.28%	0.23%	104.68	8.65%
Nat Aust Bank	NABPF	Capital Notes 3	17-Jun-26	4.00%	1.69%	-0.06%	104.18	8.06%
Suncorp	SUNPH	Capital Notes 3	17-Jun-26	3.00%	1.43%	-0.59%	103.08	7.16%
Macquarie Group	MQGPD	Capital Notes 4	10-Sep-26	4.15%	2.17%	0.41%	104.18	8.20%
CBA	CBAPJ	PERLS 13	20-Oct-26	2.75%	1.97%	0.01%	102.30	6.96%
Latitude	LFSPA	Capital Notes	27-Oct-26	4.75%	8.07%	0.19%	95.60	9.48%
Westpac	WBCPJ	Capital Notes 7	22-Mar-27	3.40%	1.74%	-0.12%	104.24	7.46%
CBA	CBAPI	PERLS 12	20-Apr-27	3.00%	2.09%	-0.01%	102.95	7.17%
Bank of Queensland	BOQPF	Capital Notes 2	14-May-27	3.80%	2.01%	0.18%	103.47	7.81%
Bendigo Bank	BENPH	Capital Notes	15-Jun-27	3.80%	2.24%	-0.11%	104.54	7.84%
Macquarie Group	MQGPE	Capital Notes 5	20-Sep-27	2.90%	2.63%	0.70%	102.72	7.15%
Nat Aust Bank	NABPH	Capital Notes 5	17-Dec-27	3.50%	2.11%	0.07%	104.68	7.53%
ANZ Bank	AN3PI	Capital Notes 6	20-Mar-28	3.00%	1.91%	-0.06%	103.84	7.08%
CBA	CBAPL	PERLS 15	15-Jun-28	2.85%	2.09%	0.01%	103.34	6.99%
Suncorp	SUNPI	Capital Notes 4	17-Jun-28	2.90%	2.06%	-0.15%	103.57	7.02%
Westpac	WBCPL	Capital Notes 9	22-Sep-28	3.40%	2.10%	0.18%	105.06	7.40%
Macquarie Bank	MBLPD	Capital Notes 3	7-Dec-28	2.90%	1.60%	-0.42%	103.80	6.91%
Bank of Queensland	BOQPG	Capital Notes 3	15-Dec-28	3.40%	2.39%	0.10%	104.51	7.45%
Judo Capital	JDOPA	Capital Notes	16-Feb-29	6.50%	3.80%	0.73%	111.06	9.93%
ANZ Bank	AN3PJ	Capital Notes 7	20-Mar-29	2.70%	1.97%	0.00%	103.39	6.82%
Challenger	CGFPD	Capital Notes 4	25-May-29	3.60%	2.23%	-0.02%	106.50	7.53%
CBA	CBAPK	PERLS 14	15-Jun-29	2.75%	1.95%	-0.24%	104.04	6.84%
IAG	IAGPE	Capital Notes 2	15-Jun-29	3.50%	2.02%	-0.27%	106.32	7.40%
Macquarie Group	MQGPF	Capital Notes 6	12-Sep-29	3.70%	2.13%	0.05%	107.00	7.55%
Nat Aust Bank	NABPI	Capital Notes 6	17-Sep-29	3.15%	1.94%	-0.28%	105.69	7.12%
Westpac	WBCPK	Capital Notes 8	21-Sep-29	2.90%	2.00%	-0.15%	104.46	6.96%
ANZ Bank	AN3PK	Capital Notes 8	20-Mar-30	2.75%	2.13%	-0.05%	103.48	6.87%
CBA	CBAPM	PERLS 16	17-Jun-30	3.00%	2.11%	-0.04%	104.95	7.03%
Suncorp	SUNPJ	Capital Notes 5	17-Jun-30	2.80%	2.22%	-0.08%	103.68	6.92%
Nat Aust Bank	NABPJ	Capital Notes 7	17-Sep-30	2.80%	2.04%	-0.27%	104.50	6.86%
Bendigo Bank	BENPi	Capital Notes 2	13-Dec-30	3.20%	2.22%	-0.20%	105.70	7.17%
Insurance Australia	IAGPF	Capital Notes 3	15-Dec-30	3.20%	2.32%	-0.18%	105.00	7.21%
ANZ Bank	AN3PL	Capital Notes 9	20-Mar-31	2.90%	2.22%	0.24%	104.15	6.97%
Westpac	WBCPM	Capital Notes 10	22-Sep-31	3.10%	2.10%	-0.01%	106.00	7.05%
Macquarie Group	MQGPG	Capital Notes 7	15-Dec-31	2.65%	2.30%	-0.24%	103.00	6.81%
Nat Aust Bank	NABPK	Capital Notes 8	17-Mar-32	2.60%	2.05%	-0.13%	104.10	6.69%

COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	WEEK CHANGE	WEEK CLOSE	RUNNING YIELD**
Nufarm	NFNG	Step Up	Perpetual	3.90%	4.73%	-0.39%	93.2	9.04%
Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.48%	-0.22%	106.74	8.79%

^{** “Clean” running yield. Includes franking credits if present.}