Margins mostly varied within a range of -24bps to +39bps on the day, with 16 falls and 26 rises. Ignoring short-dated securities, the margins of ANZ Bank Capital Notes 6 (AN3PI, +122bps), NAB Capital Notes 6 (NABPI, +99bps), Commonwealth PERLS 13 (CBAPJ, 71bps) and AMP Capital Notes 2 (AMPPB, -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** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 3.10% | -0.03% | 101.14 | 8.40% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.56% | -0.22% | 102.07 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.60% | 1.22% | 101.93 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.68% | 0.66% | 103.16 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.25% | -0.47% | 104.74 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.17% | 0.03% | 104.90 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.73% | -0.37% | 106.07 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.47% | -0.22% | 105.10 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | 0.04% | 102.96 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.86% | 0.42% | 105.20 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.38% | 0.71% | 101.86 | 7.10% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.40% | -0.17% | 96.30 | 9.53% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.66% | -0.18% | 104.81 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | 0.01% | 103.90 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.83% | -0.03% | 104.39 | 7.85% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.26% | 0.05% | 104.90 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.18% | 0.05% | 102.91 | 7.16% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.93% | 0.03% | 105.50 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.91% | 1.22% | 101.37 | 7.36% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.88% | -0.06% | 104.20 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | 0.01% | 103.41 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.00% | 0.10% | 105.69 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.84% | -0.14% | 104.85 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.35% | 0.04% | 104.91 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.07% | 0.30% | 113.99 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.82% | -0.04% | 104.14 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.60% | 0.00% | 105.50 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.90% | 0.02% | 104.45 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.42% | 0.25% | 105.16 | 7.59% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.09% | 0.11% | 107.45 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.93% | 0.99% | 102.34 | 7.46% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.75% | 0.07% | 105.60 | 6.98% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.26% | 0.16% | 103.15 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.99% | 0.04% | 105.69 | 7.08% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.17% | -0.06% | 104.05 | 7.00% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.09% | 0.01% | 104.49 | 6.97% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.17% | -0.08% | 106.13 | 7.25% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.26% | -0.01% | 105.50 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.03% | 0.03% | 105.20 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.00% | -0.01% | 106.70 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.30% | -0.03% | 103.20 | 6.90% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.08% | 0.12% | 104.10 | 6.80% |
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% | 5.00% | -0.01% | 91.25 | 9.41% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.59% | 0.01% | 105.80 | 9.00% |
** “Clean” running yield. Includes franking credits if present.