Margins mostly varied within a range of -11bps to +12bps on the day, with 16 falls and 26 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, +40bps) and AMP Capital Notes 2 (AMPPB, -34bps) 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% | 3.98% | 0.15% | 100.38 | 8.43% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.68% | 0.11% | 101.26 | 8.15% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.45% | -0.44% | 101.45 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.29% | 0.02% | 102.10 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.72% | -0.34% | 103.70 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.78% | 0.40% | 103.75 | 8.82% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.90% | 0.14% | 105.20 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.48% | -0.09% | 104.50 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.71% | 0.01% | 102.51 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.73% | 0.19% | 104.90 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.43% | 0.01% | 102.96 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.63% | 0.24% | 95.65 | 9.77% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.73% | 0.01% | 104.06 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.60% | 0.06% | 103.69 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.43% | 0.01% | 104.46 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.95% | -0.06% | 104.95 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.72% | -0.07% | 103.51 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.83% | 0.03% | 105.13 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.48% | 0.14% | 104.90 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.95% | -0.01% | 103.40 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.13% | 0.01% | 103.00 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.61% | 0.01% | 106.30 | 7.38% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.03% | 0.04% | 103.70 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.23% | -0.01% | 104.65 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.49% | -0.13% | 111.75 | 9.90% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.99% | 0.01% | 103.08 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.16% | -0.02% | 106.41 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.97% | -0.10% | 103.57 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.14% | -0.06% | 105.64 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.01% | 0.00% | 107.20 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.87% | -0.09% | 105.60 | 7.20% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.88% | 0.00% | 104.50 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.15% | 0.00% | 103.10 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.00% | 0.02% | 104.99 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | 0.00% | 103.05 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.95% | -0.13% | 104.49 | 6.94% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.23% | -0.06% | 105.20 | 7.28% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.25% | 0.05% | 105.00 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.99% | -0.08% | 104.88 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.94% | 0.00% | 106.35 | 7.09% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.35% | 0.00% | 102.50 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.06% | -0.05% | 103.57 | 6.81% |
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% | 5.13% | 0.03% | 93.10 | 9.56% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.65% | 0.00% | 103.85 | 9.08% |
** “Clean” running yield. Includes franking credits if present.