Margins mostly varied within a range of -10bps to +15bps on the day, with 18 falls and 23 rises. Ignoring short-dated securities, the margin of Bank of Queensland Capital Notes (BOQPG, +25bps) had the largest change 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% | 3.44% | 0.95% | 100.40 | 8.18% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.86% | -0.25% | 100.90 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.31% | -0.10% | 101.68 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.54% | 0.53% | 102.38 | 8.72% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.88% | 0.05% | 103.04 | 8.85% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.18% | 0.04% | 104.34 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.35% | -0.07% | 104.20 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.56% | 0.11% | 102.50 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.74% | 0.00% | 104.45 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.51% | -0.12% | 102.60 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.17% | -0.18% | 97.00 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.64% | -0.06% | 103.98 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.71% | -0.01% | 103.25 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.26% | 0.22% | 104.61 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.89% | 0.11% | 104.80 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.89% | 0.10% | 102.94 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.89% | 0.10% | 104.75 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.78% | 0.18% | 103.84 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.76% | 0.03% | 103.85 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.14% | 0.04% | 102.88 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.93% | 0.02% | 105.10 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.85% | -0.17% | 104.15 | 7.03% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.38% | 0.25% | 104.06 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.85% | -0.09% | 113.50 | 9.72% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.98% | 0.01% | 103.01 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.29% | -0.08% | 105.80 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.12% | 0.12% | 102.99 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.38% | 0.01% | 104.66 | 7.56% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.98% | -0.04% | 107.10 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.00% | 0.02% | 105.00 | 7.21% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.98% | -0.04% | 104.04 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.08% | -0.04% | 103.33 | 6.92% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.11% | -0.03% | 104.50 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.27% | 0.01% | 103.00 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.04% | -0.05% | 104.05 | 6.93% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.21% | 0.05% | 105.26 | 7.24% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.54% | 0.04% | 103.68 | 7.34% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.05% | -0.07% | 104.55 | 6.99% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.07% | -0.01% | 105.63 | 7.11% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.32% | 0.00% | 102.46 | 6.89% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.92% | 0.03% | 104.30 | 6.72% |
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% | 4.83% | 0.02% | 92.80 | 9.22% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.47% | -0.02% | 107.28 | 8.86% |
** “Clean” running yield. Includes franking credits if present.