Margins mostly varied within a range of -41bps to +15bps on the day, with 34 falls and 9 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -161bps), Macquarie Group Capital Notes 4 (MQGPD, -64bps), Commonwealth PERLS 13 (CBAPJ, -45bps) and Commonwealth PERLS 12 (CBAPI, -32bps)) 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% | 7.70% | -0.11% | 100.11 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.18% | -2.29% | 101.33 | 8.19% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.91% | -1.46% | 102.63 | 8.27% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.28% | -0.40% | 102.80 | 8.05% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.86% | -0.05% | 102.40 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.34% | 0.01% | 102.50 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.67% | -0.05% | 104.41 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.39% | -0.21% | 105.00 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.03% | -1.61% | 107.30 | 8.52% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.34% | -0.17% | 105.33 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.84% | -0.05% | 102.61 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.34% | -0.64% | 106.18 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.12% | -0.45% | 103.89 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.91% | 0.08% | 98.10 | 9.55% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.76% | 0.01% | 104.34 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.66% | -0.32% | 103.86 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.54% | -0.17% | 104.50 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.08% | 0.11% | 105.00 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.10% | -0.11% | 102.75 | 7.18% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.15% | -0.06% | 104.55 | 7.64% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.03% | 0.00% | 103.50 | 7.22% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.24% | -0.11% | 102.65 | 7.15% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | -0.07% | 102.93 | 7.17% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.06% | -0.16% | 105.10 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | 0.00% | 102.95 | 7.18% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.85% | -0.09% | 102.71 | 7.68% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.59% | -0.20% | 108.49 | 10.24% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.49% | -0.03% | 101.41 | 7.08% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.01% | -0.04% | 103.50 | 7.85% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.42% | -0.05% | 102.05 | 7.09% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.78% | -0.20% | 103.50 | 7.72% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.54% | -0.02% | 105.38 | 7.77% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.30% | -0.01% | 104.15 | 7.33% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.36% | -0.09% | 102.85 | 7.17% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.54% | -0.02% | 101.60 | 7.11% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.39% | -0.08% | 103.47 | 7.23% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.75% | 0.01% | 101.76 | 7.21% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.63% | 0.04% | 101.65 | 7.17% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.54% | -0.25% | 104.00 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.08% | -0.04% | 101.40 | 7.57% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.69% | 0.03% | 101.80 | 7.25% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.60% | -0.13% | 103.25 | 7.34% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.72% | -0.01% | 100.50 | 7.06% |
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% | 5.03% | -0.01% | 93.00 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.80% | 0.03% | 105.55 | 9.26% |
** “Clean” running yield. Includes franking credits if present.