Margins mostly varied within a range of -22bps to +24bps on the day, with 16 falls and 25 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, -70bps), Commonwealth PERLS 13 (CBAPJ, -53bps), Latitude Capital Notes (LFSPA, +46bps) and Commonwealth PERLS 15 (CBAPL, -42bps) 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% | -3.95% | -2.89% | 102.06 | 8.04% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.94% | 1.82% | 100.40 | 7.78% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.77% | -0.05% | 102.79 | 7.54% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.22% | 0.24% | 102.20 | 8.72% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.00% | -0.70% | 103.52 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.41% | 0.23% | 103.50 | 8.75% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.24% | -0.15% | 103.89 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | 0.37% | 101.72 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.00% | 0.10% | 103.62 | 8.27% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.12% | -0.53% | 102.81 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.99% | 0.46% | 96.40 | 9.62% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.03% | 0.04% | 104.66 | 7.60% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.40% | 0.20% | 103.43 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.48% | 0.08% | 103.60 | 7.98% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.11% | 0.03% | 103.80 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.40% | -0.02% | 103.70 | 7.05% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.84% | -0.18% | 104.38 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.59% | -0.19% | 104.00 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.54% | -0.42% | 103.98 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.05% | 0.04% | 102.64 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.82% | -0.25% | 106.87 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.12% | 0.04% | 102.85 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.55% | 0.19% | 102.95 | 7.59% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.80% | 0.02% | 112.97 | 9.73% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.06% | -0.19% | 102.38 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.74% | 0.25% | 103.70 | 7.76% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | -0.08% | 102.69 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.41% | 0.20% | 104.10 | 7.60% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.26% | 0.20% | 105.60 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.05% | -0.03% | 104.30 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.83% | -0.09% | 105.90 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.28% | 0.03% | 102.12 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.90% | 0.03% | 104.84 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.25% | 0.18% | 102.54 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.19% | 0.04% | 102.90 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.46% | -0.04% | 103.64 | 7.35% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.62% | 0.10% | 102.90 | 7.40% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.21% | -0.09% | 103.40 | 7.07% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.27% | 0.04% | 106.05 | 7.20% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.37% | 0.06% | 101.80 | 6.94% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.28% | 0.15% | 102.00 | 6.88% |
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% | 5.00% | 0.01% | 92.00 | 9.42% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | -0.01% | 105.71 | 9.10% |
** “Clean” running yield. Includes franking credits if present.