Margins mostly varied within a range of -15bps to +12bps on the day, with 22 falls and 20 rises. Ignoring short-dated securities, the margins of Bendigo Capital Notes (BENPH, -33bps) and NAB Capital Notes 3 (NABPF, -33bps) 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% | n/m | n/m | 101.50 | n/m |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.93% | 0.20% | 102.20 | 8.16% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.07% | -1.01% | 102.58 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.91% | -0.17% | 102.60 | 7.54% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.08% | 0.00% | 104.31 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.71% | 0.00% | 104.71 | 8.85% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.08% | 0.12% | 103.85 | 8.71% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.35% | -0.33% | 103.65 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.94% | 0.16% | 101.40 | 7.31% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 0.89% | -0.01% | 105.37 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.02% | 0.02% | 102.98 | 7.08% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.49% | -0.11% | 97.00 | 9.55% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.03% | 0.04% | 104.56 | 7.60% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.82% | 0.15% | 104.30 | 7.23% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.32% | 0.09% | 103.84 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.02% | -0.33% | 105.95 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.60% | 0.15% | 103.15 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.95% | 0.07% | 104.00 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.78% | 0.20% | 104.85 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.09% | 0.18% | 104.10 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.84% | -0.17% | 103.15 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | 0.10% | 106.10 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.06% | 0.13% | 102.96 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.09% | -0.25% | 104.34 | 7.48% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.40% | -0.08% | 110.85 | 9.90% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.13% | 0.07% | 103.45 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.50% | -0.09% | 104.43 | 7.70% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.21% | 0.09% | 103.86 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.33% | -0.06% | 104.31 | 7.58% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.19% | 0.06% | 105.80 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.92% | -0.15% | 104.69 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.91% | -0.13% | 105.50 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.23% | 0.02% | 103.65 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.19% | -0.01% | 105.37 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.04% | -0.08% | 103.30 | 6.98% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.11% | -0.06% | 103.12 | 6.99% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.47% | -0.12% | 103.47 | 7.36% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.46% | -0.03% | 103.50 | 7.35% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.20% | 0.03% | 104.80 | 7.07% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.06% | -0.17% | 106.94 | 7.14% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.33% | -0.03% | 101.92 | 6.93% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.25% | -0.07% | 102.05 | 6.87% |
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% | 5.01% | -0.01% | 92.00 | 9.44% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.71% | 0.03% | 105.35 | 9.14% |
** “Clean” running yield. Includes franking credits if present.