Margins mostly varied within a range of -20bps to +14bps on the day, with 21 falls and 20 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -61bps), Suncorp Capital Notes 3 (SUNPH, -42bps) and Bendigo Capital Notes (BENPH, +27bps) 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% | 0.41% | -0.17% | 102.60 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.08% | -0.57% | 103.39 | 8.03% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.25% | 0.08% | 103.05 | 7.69% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.75% | 0.07% | 103.07 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.94% | -0.20% | 105.00 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.59% | 0.12% | 105.55 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.25% | 0.04% | 104.10 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.72% | 0.25% | 105.70 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.19% | -0.42% | 102.85 | 7.17% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.79% | 0.11% | 104.36 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.74% | -0.07% | 103.66 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.23% | -0.61% | 96.99 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.49% | -0.14% | 106.04 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.54% | -0.24% | 105.18 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.36% | 0.01% | 104.03 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.27% | 0.27% | 105.67 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.01% | -0.16% | 102.33 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.36% | 0.18% | 105.12 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.06% | 0.14% | 104.25 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.34% | 0.07% | 103.49 | 7.11% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | 0.01% | 101.95 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.24% | 0.02% | 105.65 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | -0.07% | 102.75 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.38% | 0.00% | 103.55 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.44% | -0.14% | 111.20 | 9.84% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.30% | 0.02% | 102.95 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.77% | -0.05% | 103.63 | 7.73% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | 0.11% | 103.46 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.19% | -0.19% | 104.99 | 7.50% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.45% | 0.01% | 105.00 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.27% | -0.02% | 105.40 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.22% | -0.02% | 104.49 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.41% | -0.04% | 103.00 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.17% | -0.09% | 105.59 | 7.11% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.37% | -0.12% | 102.03 | 7.03% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.42% | 0.00% | 103.70 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.65% | -0.01% | 104.69 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.73% | -0.07% | 102.40 | 7.40% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.40% | -0.08% | 103.99 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.17% | 104.85 | 7.25% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | 0.03% | 102.22 | 6.99% |
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% | 5.21% | 0.08% | 91.00 | 9.61% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.73% | 0.01% | 106.26 | 9.12% |
** “Clean” running yield. Includes franking credits if present.