Margins mostly varied within a range of -14bps to +16bps on the day, with 21 falls and 21 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +44bps), AMP Capital Notes 2 (AMPPB, +44bps), Commonwealth PERLS 13 (CBAPJ, +25bps) and Bank of Queensland Capital Notes 2 (BOQPF, -23bps) 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% | 3.72% | -0.26% | 100.45 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.51% | -0.17% | 101.35 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.20% | -0.26% | 101.60 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.71% | 0.43% | 101.72 | 7.51% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.17% | 0.44% | 103.21 | 8.68% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.60% | -0.18% | 103.98 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.06% | 0.16% | 104.98 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.64% | 0.16% | 104.27 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.55% | -0.16% | 102.78 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.55% | -0.19% | 105.25 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.68% | 0.25% | 102.51 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.07% | 0.44% | 95.00 | 9.83% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.61% | -0.12% | 104.34 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.53% | -0.08% | 103.88 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.20% | -0.23% | 105.00 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.07% | 0.12% | 104.70 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.73% | 0.01% | 103.50 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.67% | -0.16% | 105.59 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.55% | 0.08% | 104.69 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.91% | -0.04% | 103.54 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | 0.05% | 102.86 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.48% | -0.13% | 106.74 | 7.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | -0.03% | 103.80 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.22% | -0.01% | 104.69 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.67% | 0.17% | 111.20 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.01% | 0.03% | 103.00 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.21% | 0.05% | 106.25 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.99% | 0.02% | 103.50 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.22% | 0.08% | 105.36 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.01% | 0.01% | 107.19 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.75% | -0.12% | 106.10 | 7.16% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.90% | 0.02% | 104.44 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | 0.01% | 103.06 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.99% | -0.02% | 105.08 | 7.09% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.29% | 0.03% | 102.95 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.90% | -0.04% | 104.70 | 6.92% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.24% | 0.01% | 105.19 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.29% | 0.04% | 104.86 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.83% | -0.16% | 105.64 | 6.94% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.92% | -0.02% | 106.47 | 7.08% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.21% | -0.14% | 103.18 | 6.88% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.03% | -0.04% | 103.78 | 6.79% |
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% | 5.06% | -0.06% | 89.44 | 9.48% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | -0.02% | 104.05 | 9.05% |
** “Clean” running yield. Includes franking credits if present.