Margins mostly varied within a range of -5bps to +28bps on the day, with 10 falls and 38 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, +42bps) and Bendigo Capital Notes (BENPH, +35bps) 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% | 3.52% | 1.04% | 100.40 | 8.18% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.41% | 0.30% | 100.77 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.67% | 0.25% | 101.45 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.76% | 0.75% | 102.20 | 8.74% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.94% | 0.11% | 103.00 | 8.85% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.38% | 0.24% | 104.10 | 8.72% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.50% | 0.07% | 104.02 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.87% | 0.42% | 102.10 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.80% | 0.05% | 104.38 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.77% | 0.13% | 102.20 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.19% | -0.16% | 97.00 | 9.60% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.69% | -0.01% | 103.90 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | 0.05% | 103.15 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.20% | 0.16% | 104.75 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.13% | 0.35% | 104.32 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.87% | 0.08% | 103.00 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.05% | 0.26% | 104.37 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.79% | 0.20% | 103.82 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.90% | 0.18% | 103.45 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.35% | 0.24% | 102.32 | 7.15% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.01% | 0.11% | 104.85 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.04% | 0.02% | 103.56 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.40% | 0.27% | 104.01 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.86% | -0.08% | 113.50 | 9.72% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.12% | 0.14% | 102.58 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.32% | -0.06% | 105.74 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | 0.09% | 103.10 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.68% | 0.30% | 103.65 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.99% | -0.03% | 107.10 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.01% | 0.02% | 105.00 | 7.21% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.04% | 0.02% | 103.83 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.05% | -0.06% | 103.45 | 6.92% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.06% | -0.07% | 104.70 | 7.09% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.29% | 0.04% | 102.93 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.08% | -0.01% | 103.90 | 6.95% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.25% | 0.09% | 105.09 | 7.26% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.53% | 0.03% | 103.74 | 7.34% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.04% | -0.08% | 104.60 | 6.99% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | 0.00% | 105.61 | 7.11% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.36% | 0.04% | 102.32 | 6.90% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.98% | 0.09% | 104.01 | 6.74% |
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% | 4.78% | -0.03% | 93.48 | 9.17% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.48% | -0.01% | 107.39 | 8.86% |
** “Clean” running yield. Includes franking credits if present.