Margins mostly varied within a range of -20bps to +21bps on the day, with 19 falls and 22 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +66bps), Macquarie Bank Capital Notes 2 (MBLPC, +59bps) and Commonwealth PERLS 12 (CBAPI, -47bps) 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** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -1.07% | -0.86% | 101.20 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.12% | -0.79% | 101.00 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.82% | 0.17% | 102.70 | 7.56% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.98% | 0.09% | 102.39 | 8.72% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.70% | 0.59% | 102.77 | 8.87% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.18% | -0.15% | 103.75 | 8.74% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.39% | -0.08% | 103.63 | 8.13% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.41% | -0.33% | 102.19 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.90% | 0.66% | 103.74 | 8.28% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.65% | -0.19% | 101.85 | 7.05% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.53% | 0.02% | 97.00 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.98% | -0.08% | 104.69 | 7.61% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.20% | -0.47% | 103.80 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.40% | 0.07% | 103.71 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.09% | 0.08% | 103.80 | 7.93% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.42% | -0.04% | 103.60 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.02% | 0.16% | 103.86 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.78% | 0.12% | 103.42 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.96% | 0.09% | 102.70 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.01% | 0.01% | 102.70 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.07% | 0.19% | 106.04 | 7.51% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.08% | 0.00% | 102.93 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.36% | 0.01% | 103.50 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.78% | -0.32% | 112.97 | 9.74% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.25% | 0.03% | 101.70 | 7.01% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.49% | -0.10% | 104.50 | 7.72% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | -0.03% | 102.35 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.22% | -0.15% | 104.74 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | -0.02% | 106.28 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.07% | 0.05% | 104.15 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.92% | -0.16% | 105.50 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.25% | 0.00% | 102.20 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.87% | -0.13% | 104.90 | 7.08% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.08% | 0.04% | 103.20 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.14% | 0.00% | 103.03 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.50% | 0.13% | 103.40 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.52% | 0.05% | 103.29 | 7.39% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.30% | 0.01% | 102.96 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.22% | 0.13% | 106.20 | 7.21% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.31% | 0.04% | 102.05 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.12% | -0.11% | 102.70 | 6.85% |
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% | 4.98% | 0.01% | 91.90 | 9.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | -0.01% | 105.35 | 9.12% |
** “Clean” running yield. Includes franking credits if present.