Margins mostly varied within a range of -8bps to +15bps on the day, with 15 falls and 26 rises. Ignoring short-dated securities, the margins of Bendigo Capital Notes 2 (BENPI, -22bps) and Commonwealth PERLS 13 (CBAPJ, +21bps) 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% | 3.16% | -0.18% | 100.50 | 8.17% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.32% | 0.60% | 100.83 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.79% | 0.45% | 101.40 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.87% | 0.50% | 102.14 | 8.74% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.02% | 0.02% | 102.95 | 8.85% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.99% | 0.08% | 104.63 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.57% | 0.01% | 103.95 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.48% | 0.12% | 102.65 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.81% | 0.01% | 104.40 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.73% | 0.21% | 102.30 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.24% | 0.02% | 97.00 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.81% | -0.09% | 103.69 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.74% | -0.04% | 103.25 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.29% | -0.01% | 104.60 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.98% | 0.01% | 104.68 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.96% | 0.19% | 102.83 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.15% | 0.14% | 104.16 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.02% | 0.18% | 103.23 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.94% | 0.04% | 103.39 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.11% | -0.01% | 103.02 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.99% | 0.00% | 104.95 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.92% | -0.09% | 104.00 | 7.03% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.32% | -0.07% | 104.29 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.93% | 0.00% | 113.31 | 9.74% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.06% | 0.05% | 102.80 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.49% | 0.18% | 105.17 | 7.66% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | -0.03% | 103.09 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.44% | 0.05% | 104.51 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.92% | -0.13% | 107.40 | 7.56% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.07% | 0.06% | 104.80 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.11% | 0.03% | 103.61 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.17% | 0.05% | 103.00 | 6.94% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.05% | 0.04% | 104.80 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.24% | -0.05% | 103.16 | 6.99% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.09% | 0.00% | 103.90 | 6.94% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.05% | -0.22% | 105.99 | 7.19% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.63% | 0.10% | 103.35 | 7.36% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.13% | 0.01% | 104.24 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.07% | 0.00% | 105.70 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.32% | 0.00% | 102.52 | 6.88% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.01% | -0.04% | 103.90 | 6.75% |
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% | 4.85% | 0.01% | 92.90 | 9.23% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.49% | -0.03% | 107.40 | 8.86% |
** “Clean” running yield. Includes franking credits if present.