Margins mostly varied within a range of -35bps to +20bps on the day, with 31 falls and 12 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -131bps), Commonwealth PERLS 3 (CBAPJ, -58bps), Westpac Capital Notes 5 (WBCPH, -51bps), AMP Capital Notes 2 (AMPPB, -46bps) and Suncorp Capital Notes 3 (SUNPH, +42bps) had the largest (absolute) 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** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 6.28% | -0.93% | 100.15 | 8.16% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.13% | -0.04% | 101.42 | 8.17% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.06% | -1.96% | 102.69 | 8.25% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.60% | -0.10% | 102.55 | 8.06% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.96% | -0.20% | 102.30 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.96% | -0.51% | 102.91 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.29% | -0.46% | 104.90 | 8.56% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.81% | 0.04% | 104.40 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.57% | 0.01% | 104.60 | 8.72% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.90% | 0.17% | 104.28 | 8.13% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.59% | 0.42% | 103.01 | 7.25% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.88% | -0.07% | 105.10 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.54% | -0.58% | 103.00 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.16% | -1.31% | 99.39 | 9.41% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.93% | 0.11% | 103.90 | 7.57% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.00% | 0.25% | 103.00 | 7.25% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.53% | -0.06% | 104.50 | 7.97% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.06% | 0.13% | 105.00 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.00% | 102.35 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.16% | -0.05% | 104.50 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.98% | -0.04% | 103.62 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.21% | -0.05% | 102.71 | 7.13% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.44% | 0.00% | 102.14 | 7.21% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.25% | -0.11% | 104.40 | 7.53% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.28% | -0.12% | 103.00 | 7.16% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.87% | -0.12% | 102.60 | 7.67% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.72% | 0.01% | 108.00 | 10.27% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.52% | -0.02% | 101.28 | 7.07% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.03% | -0.08% | 103.40 | 7.84% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.41% | -0.05% | 102.05 | 7.07% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.00% | -0.04% | 102.66 | 7.76% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.53% | -0.13% | 105.37 | 7.76% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.37% | -0.17% | 103.82 | 7.34% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.41% | -0.17% | 102.60 | 7.18% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.53% | -0.05% | 101.61 | 7.10% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.25% | 0.04% | 104.05 | 7.18% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.81% | 0.08% | 101.50 | 7.21% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.70% | 0.00% | 101.31 | 7.17% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.53% | -0.03% | 104.00 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.12% | 0.00% | 101.20 | 7.57% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.62% | -0.05% | 102.06 | 7.21% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.63% | -0.03% | 103.06 | 7.33% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.72% | -0.01% | 100.45 | 7.05% |
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% | 5.11% | 0.00% | 92.44 | 9.56% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.74% | 0.02% | 106.49 | 9.18% |
** “Clean” running yield. Includes franking credits if present.