Margins mostly varied within a range of -17bps to +12bps on the day, with 21 falls and 20 rises. Ignoring short-dated securities, the margins of Bendigo Capital Notes (BENPH, +35bps), ANZ Capital Notes 9 (ANZPL, -25bps) and Latitude Capital Notes (LFSPA, +25bps) 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% | 1.21% | 1.30% | 100.62 | 8.32% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -1.24% | 0.15% | 102.52 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.65% | 0.52% | 101.50 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.13% | -0.32% | 103.74 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.23% | 0.14% | 102.67 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.42% | -0.15% | 103.80 | 8.72% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.36% | -0.08% | 103.98 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.28% | -0.20% | 104.37 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.01% | -0.23% | 103.20 | 7.14% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.60% | -0.10% | 104.75 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.23% | -0.06% | 102.89 | 6.92% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.12% | 0.25% | 95.62 | 9.66% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.53% | -0.10% | 106.00 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.08% | 0.22% | 104.43 | 7.06% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.37% | -0.03% | 104.08 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.17% | 0.35% | 103.92 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.00% | -0.08% | 102.40 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.96% | 0.12% | 104.30 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.72% | 0.11% | 103.85 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.85% | -0.01% | 103.20 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.21% | -0.16% | 102.24 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.14% | -0.10% | 106.05 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.21% | 0.03% | 102.65 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.40% | -0.01% | 103.53 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.46% | 0.01% | 111.20 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.22% | 0.03% | 101.88 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.73% | 0.06% | 103.81 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.00% | -0.15% | 102.97 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.31% | -0.19% | 104.60 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.22% | -0.15% | 105.94 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.11% | 0.04% | 104.18 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.23% | 0.06% | 104.51 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.25% | -0.12% | 102.29 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.16% | 0.04% | 103.80 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.50% | 0.03% | 101.52 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.22% | -0.03% | 102.80 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.48% | 0.05% | 103.60 | 7.31% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.61% | -0.02% | 103.00 | 7.35% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.14% | -0.25% | 103.80 | 7.01% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.00% | 104.91 | 7.24% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.32% | 0.00% | 101.75 | 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% | 5.24% | 0.09% | 90.77 | 9.63% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.74% | 0.01% | 106.20 | 9.13% |
** “Clean” running yield. Includes franking credits if present.