Margins mostly varied within a range of -11bps to +17bps on the day, with 13 falls and 29 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, -36bps) and Judo Capital Notes (JDOPA, -36bps) 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% | 3.13% | 1.27% | 101.12 | 8.40% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.77% | -0.06% | 101.98 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.38% | 0.10% | 102.45 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.01% | -0.13% | 103.72 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.72% | -0.03% | 104.22 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.14% | 0.04% | 104.92 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.10% | 0.03% | 105.52 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.69% | 0.16% | 104.75 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.76% | 0.18% | 103.00 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.44% | -0.36% | 105.90 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.67% | 0.11% | 103.08 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.58% | -0.24% | 96.00 | 9.56% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.85% | 0.22% | 104.41 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | 0.28% | 103.90 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.86% | 0.03% | 104.30 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.21% | 0.01% | 104.99 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.12% | 0.08% | 103.02 | 7.16% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | 0.04% | 105.57 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.69% | 0.02% | 104.73 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.95% | 0.17% | 103.99 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.19% | 0.01% | 103.41 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.89% | 0.21% | 106.00 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.98% | 0.25% | 104.36 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.30% | 0.00% | 105.03 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.77% | -0.36% | 115.00 | 9.69% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.85% | 0.00% | 104.00 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.60% | 0.13% | 105.49 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.88% | 0.12% | 104.49 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.17% | 0.11% | 106.03 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.98% | -0.11% | 107.84 | 7.60% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.94% | 0.08% | 105.95 | 7.21% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.68% | -0.03% | 105.85 | 6.96% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.10% | -0.02% | 103.78 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.95% | 0.07% | 105.84 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.23% | -0.04% | 103.79 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.09% | 0.04% | 104.50 | 6.97% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.25% | 0.00% | 105.76 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.26% | -0.10% | 105.46 | 7.28% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.00% | -0.08% | 105.32 | 6.99% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.01% | 0.07% | 106.65 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.33% | 0.08% | 103.02 | 6.92% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.96% | 0.03% | 104.69 | 6.76% |
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% | -0.09% | 91.25 | 9.42% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.59% | 0.00% | 105.98 | 9.00% |
** “Clean” running yield. Includes franking credits if present.