4 September 2024 (End of day)

Margins mostly varied within a range of -19bps to +22bps on the day, with 17 falls and 24 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +74bps), NAB Capital Notes 3 (NABPF, -43bps), NAB Capital Notes 5 (NABPH, -42bps), Suncorp Capital Notes 3 (SUNPH, +40bps) and NAB Capital Notes 8 (NABPK, -32bps) 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%	0.79%	0.38%	102.50	8.32%
ANZ Banking Group	AN3PH	Capital Notes 5	20-Mar-25	3.80%	0.07%	0.00%	103.40	8.03%
CBA	CBAPG	PERLS 10	15-Apr-25	3.40%	0.88%	-0.37%	103.29	7.68%
Westpac	WBCPH	Capital Notes 5	22-Sep-25	3.20%	1.75%	0.01%	103.08	7.48%
AMP Group	AMPPB	Capital Notes 2	16-Dec-25	4.50%	2.21%	0.26%	104.70	8.65%
Macquarie Bank	MBLPC	Capital Notes 2	22-Dec-25	4.70%	1.64%	0.05%	105.50	8.76%
Challenger	CGFPC	Capital Notes 3	25-May-26	4.60%	2.27%	0.02%	104.09	8.66%
Nat Aust Bank	NABPF	Capital Notes 3	17-Jun-26	4.00%	1.30%	-0.43%	104.31	8.03%
Suncorp	SUNPH	Capital Notes 3	17-Jun-26	3.00%	1.59%	0.40%	102.21	7.22%
Macquarie Group	MQGPD	Capital Notes 4	10-Sep-26	4.15%	1.70%	-0.10%	104.55	8.17%
CBA	CBAPJ	PERLS 13	20-Oct-26	2.75%	1.76%	0.01%	103.65	7.00%
Latitude	LFSPA	Capital Notes	27-Oct-26	4.75%	7.97%	0.74%	95.80	9.64%
Westpac	WBCPJ	Capital Notes 7	22-Mar-27	3.40%	1.60%	0.11%	105.80	7.48%
CBA	CBAPI	PERLS 12	20-Apr-27	3.00%	1.54%	0.00%	105.20	7.14%
Bank of Queensland	BOQPF	Capital Notes 2	14-May-27	3.80%	2.37%	0.01%	104.03	7.92%
Bendigo Bank	BENPH	Capital Notes	15-Jun-27	3.80%	2.24%	-0.03%	105.77	7.88%
Macquarie Group	MQGPE	Capital Notes 5	20-Sep-27	2.90%	2.06%	0.06%	102.20	7.13%
Nat Aust Bank	NABPH	Capital Notes 5	17-Dec-27	3.50%	1.94%	-0.42%	104.30	7.55%
ANZ Bank	AN3PI	Capital Notes 6	20-Mar-28	3.00%	1.81%	-0.25%	104.99	7.13%
CBA	CBAPL	PERLS 15	15-Jun-28	2.85%	2.29%	-0.05%	103.66	7.10%
Suncorp	SUNPI	Capital Notes 4	17-Jun-28	2.90%	2.22%	-0.07%	102.19	7.13%
Westpac	WBCPL	Capital Notes 9	22-Sep-28	3.40%	2.27%	0.02%	105.59	7.50%
Macquarie Bank	MBLPD	Capital Notes 3	7-Dec-28	2.90%	2.24%	0.07%	102.52	7.11%
Bank of Queensland	BOQPG	Capital Notes 3	15-Dec-28	3.40%	2.52%	0.13%	103.12	7.54%
Judo Capital	JDOPA	Capital Notes	16-Feb-29	6.50%	3.45%	0.01%	111.20	9.85%
ANZ Bank	AN3PJ	Capital Notes 7	20-Mar-29	2.70%	2.32%	0.02%	102.90	6.98%
Challenger	CGFPD	Capital Notes 4	25-May-29	3.60%	2.82%	0.06%	103.45	7.75%
CBA	CBAPK	PERLS 14	15-Jun-29	2.75%	2.34%	-0.01%	103.50	7.01%
IAG	IAGPE	Capital Notes 2	15-Jun-29	3.50%	2.51%	0.32%	103.85	7.59%
Macquarie Group	MQGPF	Capital Notes 6	12-Sep-29	3.70%	2.45%	0.00%	105.03	7.70%
Nat Aust Bank	NABPI	Capital Notes 6	17-Sep-29	3.15%	2.09%	-0.18%	104.20	7.23%
Westpac	WBCPK	Capital Notes 8	21-Sep-29	2.90%	2.24%	0.02%	104.44	7.09%
ANZ Bank	AN3PK	Capital Notes 8	20-Mar-30	2.75%	2.43%	0.02%	102.95	7.02%
CBA	CBAPM	PERLS 16	17-Jun-30	3.00%	2.22%	0.05%	105.40	7.13%
Suncorp	SUNPJ	Capital Notes 5	17-Jun-30	2.80%	2.48%	0.11%	101.60	7.07%
Nat Aust Bank	NABPJ	Capital Notes 7	17-Sep-30	2.80%	2.32%	-0.10%	102.34	7.02%
Bendigo Bank	BENPI	Capital Notes 2	13-Dec-30	3.20%	2.51%	-0.14%	103.40	7.34%
IAG	IAGPF	Capital Notes 3	15-Dec-30	3.20%	2.71%	-0.02%	102.50	7.40%
ANZ Bank	AN3PL	Capital Notes 9	20-Mar-31	2.90%	2.50%	0.10%	103.55	7.13%
Westpac	WBCPM	Capital Notes 10	22-Sep-31	3.10%	2.57%	0.06%	104.60	7.27%
Nat Aust Bank	NABPK	Capital Notes 8	17-Mar-32	2.60%	2.38%	-0.32%	101.39	6.88%

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%	5.26%	0.05%	90.71	9.66%
Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.75%	0.02%	106.15	9.15%

^{** “Clean” running yield. Includes franking credits if present.}