Margins mostly varied within a range of -28bps to +17bps on the day, with 22 falls and 20 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -92bps), Judo Capital Notes (JDOPA, +55bps), Challenger Capital Notes 4 (CGFPD, -47bps) and Macquarie Bank Capital Notes 3 (MBLPD, -41bps) 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% | 7.65% | 0.07% | 101.02 | 8.10% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.07% | 0.79% | 101.16 | 8.03% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 1.19% | 1.54% | 103.10 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.35% | 0.65% | 103.31 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.45% | -0.18% | 103.35 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.75% | 0.13% | 103.35 | 7.41% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.89% | 0.05% | 104.15 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.75% | -0.07% | 105.96 | 8.66% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.34% | 0.07% | 104.35 | 8.58% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.32% | -0.06% | 105.00 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.97% | 0.20% | 101.75 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.92% | -0.24% | 104.52 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.18% | -0.27% | 102.89 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.23% | -0.92% | 96.50 | 9.51% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.41% | 0.17% | 104.11 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.38% | -0.05% | 103.33 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.56% | 0.01% | 103.75 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.87% | -0.08% | 104.41 | 7.94% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.35% | -0.05% | 101.52 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.64% | -0.01% | 104.45 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.39% | 0.14% | 103.41 | 7.19% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.32% | 0.07% | 103.58 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.68% | 0.03% | 100.76 | 7.17% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.52% | 0.05% | 104.84 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.16% | -0.41% | 102.90 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.78% | -0.02% | 102.25 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.17% | 0.55% | 109.00 | 9.99% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.41% | 0.03% | 102.62 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.61% | -0.47% | 104.25 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.70% | 0.01% | 102.11 | 7.05% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.91% | -0.08% | 104.13 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.74% | 0.00% | 104.00 | 7.72% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.64% | 0.15% | 104.00 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.62% | 0.01% | 103.00 | 7.14% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.68% | -0.15% | 101.94 | 7.04% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.65% | -0.11% | 103.55 | 7.20% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.74% | -0.10% | 101.14 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.79% | -0.11% | 102.05 | 7.11% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.79% | -0.18% | 104.00 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.03% | -0.11% | 102.43 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.81% | -0.08% | 102.14 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.82% | -0.02% | 103.40 | 7.30% |
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% | 5.12% | 0.12% | 91.00 | 9.47% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.65% | 0.03% | 106.20 | 9.00% |
** “Clean” running yield. Includes franking credits if present.