Margins mostly varied within a range of -14bps to +24bps on the day, with 14 falls and 29 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +67bps), AMP Capital Notes 2 (AMPPB, +43bps), NAB Capital Notes 3 (NABPF, -39bps) and Westpac Capital Notes 5 (WBCPH, +37bps) 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% | 7.81% | 1.53% | 100.07 | 8.19% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 4.47% | 3.33% | 101.05 | 8.22% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.55% | 1.61% | 101.95 | 8.33% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.67% | 0.07% | 102.51 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.91% | -0.05% | 102.35 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.33% | 0.37% | 102.50 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.72% | 0.43% | 104.32 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.60% | -0.21% | 104.70 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.64% | 0.07% | 104.50 | 8.76% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.51% | -0.39% | 105.00 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.88% | 0.29% | 102.51 | 7.31% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.98% | 0.10% | 104.91 | 8.25% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.57% | 0.03% | 102.95 | 7.04% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.83% | 0.67% | 98.21 | 9.55% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.75% | -0.18% | 104.34 | 7.56% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.98% | -0.02% | 103.07 | 7.27% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.72% | 0.19% | 104.06 | 8.03% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.96% | -0.10% | 105.27 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.20% | -0.03% | 102.45 | 7.21% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.22% | 0.06% | 104.35 | 7.66% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.03% | 0.04% | 103.50 | 7.23% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.35% | 0.14% | 102.30 | 7.18% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.27% | -0.17% | 102.70 | 7.20% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.22% | -0.04% | 104.55 | 7.54% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | 0.02% | 102.95 | 7.19% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.94% | 0.07% | 102.40 | 7.71% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.79% | 0.07% | 107.80 | 10.32% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.52% | 0.00% | 101.30 | 7.09% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.05% | 0.02% | 103.35 | 7.87% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.47% | 0.07% | 101.83 | 7.11% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.98% | -0.02% | 102.75 | 7.78% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.56% | 0.02% | 105.30 | 7.79% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.31% | -0.07% | 104.10 | 7.34% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.44% | 0.03% | 102.50 | 7.21% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.56% | 0.03% | 101.51 | 7.13% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.48% | 0.23% | 103.10 | 7.27% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.74% | -0.07% | 101.80 | 7.21% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.59% | -0.11% | 101.81 | 7.16% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.79% | 0.26% | 102.85 | 7.49% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.12% | 0.00% | 101.20 | 7.60% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.66% | 0.04% | 101.90 | 7.25% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | 0.10% | 102.60 | 7.39% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.73% | 0.00% | 100.46 | 7.07% |
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% | 5.04% | -0.07% | 93.00 | 9.51% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.77% | 0.03% | 106.00 | 9.24% |
** “Clean” running yield. Includes franking credits if present.