Margins mostly varied within a range of -20bps to +11bps on the day, with 22 falls and 19 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, -50bps), Challnger Capital Notes 3 (CGFPC, -47bps) and Insurance Australia Capital Notes 2 (IAGPE, -29bps) 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% | 3.34% | -0.18% | 100.45 | 8.17% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.73% | -0.69% | 100.97 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.34% | -0.33% | 101.69 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.37% | -0.39% | 102.57 | 8.70% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.01% | 0.07% | 102.95 | 8.85% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.91% | -0.47% | 104.72 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.56% | 0.06% | 103.95 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.37% | -0.50% | 102.79 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.80% | 0.00% | 104.40 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.52% | -0.25% | 102.63 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.21% | 0.02% | 97.00 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.90% | 0.21% | 103.50 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | 0.00% | 103.16 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.30% | 0.11% | 104.55 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.96% | -0.16% | 104.69 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.77% | -0.10% | 103.25 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.02% | -0.04% | 104.48 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | 0.05% | 103.70 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.89% | -0.01% | 103.50 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.13% | -0.22% | 102.96 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.00% | -0.02% | 104.92 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | -0.04% | 103.70 | 7.05% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.39% | -0.01% | 104.06 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.92% | 0.07% | 113.30 | 9.73% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.01% | -0.11% | 102.95 | 6.89% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.32% | 0.00% | 105.76 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | 0.04% | 102.97 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.39% | -0.29% | 104.66 | 7.56% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.05% | 0.06% | 106.90 | 7.59% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.01% | 0.00% | 105.01 | 7.20% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.08% | 0.04% | 103.70 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.12% | 0.07% | 103.20 | 6.93% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.01% | -0.05% | 104.93 | 7.06% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.30% | 0.00% | 102.93 | 7.00% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.08% | 0.00% | 103.90 | 6.94% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.27% | 0.02% | 105.01 | 7.25% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.53% | 0.00% | 103.74 | 7.33% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.12% | 0.08% | 104.27 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.07% | -0.01% | 105.67 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.32% | -0.03% | 102.50 | 6.88% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.05% | 0.07% | 103.70 | 6.76% |
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% | 4.84% | 0.06% | 92.90 | 9.21% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.52% | 0.04% | 106.89 | 8.90% |
** “Clean” running yield. Includes franking credits if present.