Margins mostly varied within a range of -39bps to +19bps on the day, with 27 falls and 15 rises. Ignoring short-dated securities, the margins of ANZ Bank Capital Notes 6 (AN3PI, -106bps), NAB Capital Notes 6 (NABPI, -93bps), Commonwealth PERLS 13 (CBAPJ, -83bps) and Macquarie Capital Notes 4 (MQGPD, -46bps) 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% | 0.86% | -2.24% | 101.40 | 8.38% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.88% | 0.32% | 101.96 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.83% | -0.77% | 102.28 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.34% | -0.33% | 103.46 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 0.91% | -0.34% | 105.12 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.37% | 0.20% | 104.70 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.46% | -0.26% | 106.47 | 8.61% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.68% | 0.21% | 104.80 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | 0.00% | 102.98 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.41% | -0.46% | 105.99 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.55% | -0.83% | 103.32 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.42% | 0.02% | 96.30 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.83% | 0.17% | 104.48 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.72% | -0.06% | 104.05 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.00% | 0.18% | 104.02 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.25% | 0.00% | 104.93 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.09% | -0.09% | 103.14 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.92% | -0.01% | 105.55 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.85% | -1.06% | 104.30 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.02% | 0.13% | 103.82 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | -0.02% | 103.48 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.86% | -0.14% | 106.14 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.76% | -0.07% | 105.10 | 7.02% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.36% | 0.01% | 104.90 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.92% | -0.15% | 111.80 | 9.73% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.98% | 0.16% | 103.59 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.47% | -0.14% | 106.00 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.87% | -0.03% | 104.56 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.14% | -0.29% | 106.20 | 7.51% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.00% | -0.09% | 107.80 | 7.60% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.99% | -0.93% | 105.79 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.76% | 0.00% | 105.60 | 6.98% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.15% | -0.11% | 103.59 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.94% | -0.05% | 105.90 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.16% | -0.01% | 104.10 | 6.99% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.05% | -0.04% | 104.69 | 6.95% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.25% | 0.08% | 105.81 | 7.27% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.30% | 0.04% | 105.35 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.03% | 0.00% | 105.20 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.12% | 0.12% | 106.12 | 7.14% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.26% | -0.04% | 103.39 | 6.89% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.11% | 0.02% | 104.00 | 6.81% |
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% | 5.08% | 0.08% | 90.51 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.59% | -0.01% | 105.91 | 9.00% |
** “Clean” running yield. Includes franking credits if present.