Margins mostly varied within a range of -15bps to +17bps on the day, with 22 falls and 21 rises. Ignoring short-dated securities, the margins of Macquarie Group Capital Notes 4 (MQGPD, +44bps), Challenger Capital Notes 3 (CGFPC, +35bps) and Macquarie Bank Capital Notes 2 (MBLPC, -32bps) had the largest (absolute) 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** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 8.48% | 0.78% | 100.16 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.68% | 0.50% | 101.33 | 8.20% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.11% | 1.01% | 102.19 | 8.31% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.47% | 1.19% | 102.00 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.19% | 0.32% | 102.20 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.12% | -0.22% | 102.80 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.67% | 0.00% | 104.45 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.07% | -0.32% | 105.49 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.38% | 0.35% | 106.74 | 8.57% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.54% | 0.20% | 105.02 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.82% | -0.02% | 102.70 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.79% | 0.44% | 105.35 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.38% | 0.26% | 103.41 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.96% | 0.05% | 98.10 | 9.56% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.76% | 0.00% | 104.39 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.50% | -0.16% | 104.29 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.37% | -0.17% | 104.98 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.11% | 0.03% | 104.97 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.04% | -0.06% | 102.95 | 7.17% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.09% | -0.07% | 104.80 | 7.63% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.92% | -0.11% | 103.88 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.15% | -0.09% | 102.98 | 7.13% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.28% | 0.08% | 102.74 | 7.19% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | -0.01% | 105.20 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.13% | -0.18% | 103.60 | 7.14% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.84% | -0.01% | 102.80 | 7.68% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.82% | 0.23% | 107.80 | 10.32% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.48% | -0.01% | 101.50 | 7.07% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.95% | -0.07% | 103.80 | 7.84% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.42% | 0.00% | 102.10 | 7.09% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.60% | -0.18% | 104.23 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.54% | 0.00% | 105.45 | 7.78% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.29% | -0.01% | 104.25 | 7.33% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.33% | -0.02% | 103.00 | 7.17% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.54% | 0.00% | 101.66 | 7.11% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.46% | 0.07% | 103.25 | 7.26% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.77% | 0.02% | 101.75 | 7.21% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.61% | -0.02% | 101.79 | 7.16% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.55% | 0.02% | 103.98 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.05% | -0.03% | 101.56 | 7.57% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.63% | -0.06% | 102.10 | 7.23% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.65% | 0.05% | 103.06 | 7.36% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.74% | 0.01% | 100.48 | 7.07% |
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% | 5.05% | 0.02% | 93.00 | 9.51% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.82% | 0.02% | 105.57 | 9.28% |
** “Clean” running yield. Includes franking credits if present.