Margins mostly varied within a range of -9bps to +15bps on the day, with 16 falls and 25 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, +40bps), Latitude Capital Notes (LFSPA, -30bps) and Bank of Queensland Capital Notes 2 (BOQPF, -26bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.12% | -0.69% | 102.38 | 8.36% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.20% | 0.21% | 103.05 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.95% | -0.18% | 102.71 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.17% | 0.01% | 103.10 | 7.51% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.76% | 0.18% | 104.68 | 8.67% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.53% | 0.16% | 105.15 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.32% | 0.15% | 105.55 | 8.74% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.65% | 0.01% | 105.21 | 8.15% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.09% | 0.18% | 102.61 | 7.36% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.74% | 0.01% | 105.75 | 8.25% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.55% | 0.18% | 103.43 | 7.06% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.62% | 0.00% | 97.05 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.81% | 0.26% | 104.67 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.70% | -0.01% | 104.20 | 7.25% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.49% | -0.55% | 105.46 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.95% | 0.08% | 105.78 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.88% | 0.08% | 103.70 | 7.18% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.80% | -0.05% | 106.03 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.81% | 0.15% | 104.52 | 7.21% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.02% | 0.11% | 103.80 | 7.13% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | 0.26% | 103.50 | 7.20% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.93% | 0.16% | 105.99 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.18% | 0.11% | 103.76 | 7.18% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.39% | 0.02% | 104.77 | 7.60% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.47% | -0.43% | 109.55 | 10.24% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.15% | 0.04% | 103.00 | 7.02% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.68% | 0.12% | 105.21 | 7.79% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.04% | 0.05% | 103.90 | 7.03% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.53% | 0.07% | 104.87 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.33% | 0.01% | 106.60 | 7.75% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.21% | 0.16% | 104.98 | 7.34% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.16% | 0.06% | 104.09 | 7.15% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.23% | 0.05% | 103.25 | 7.05% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.27% | 0.03% | 104.50 | 7.23% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.44% | -0.07% | 103.57 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.34% | 0.05% | 103.36 | 7.11% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.51% | 0.13% | 104.60 | 7.42% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.01% | 0.18% | 102.06 | 7.58% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.40% | -0.05% | 103.50 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.40% | 0.04% | 104.70 | 7.30% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.53% | -0.04% | 101.88 | 7.02% |
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% | 5.40% | 0.18% | 90.25 | 9.89% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.87% | -0.01% | 105.50 | 9.36% |
** “Clean” running yield. Includes franking credits if present.