Margins mostly varied within a range of -20bps to +12bps on the day, with 23 falls and 19 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -78bps) and Challenger Capital Notes 3 (CGFPC, -35bps) 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% | 3.64% | 0.63% | 100.56 | 8.42% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.56% | 0.32% | 101.38 | 8.14% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.04% | 0.43% | 101.25 | 7.77% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.94% | 0.46% | 101.60 | 7.53% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.22% | -0.10% | 103.23 | 8.69% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.74% | -0.09% | 103.89 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.07% | -0.35% | 105.06 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.43% | -0.25% | 104.69 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.84% | 0.20% | 102.41 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.96% | 0.20% | 104.60 | 8.24% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | 0.05% | 102.67 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.24% | -0.78% | 96.44 | 9.70% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.62% | -0.08% | 104.42 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.62% | -0.09% | 103.75 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.02% | -0.05% | 105.50 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.11% | 0.14% | 104.70 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.76% | 0.07% | 103.50 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.71% | 0.00% | 105.57 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.71% | 0.00% | 104.29 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.83% | -0.01% | 103.86 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.10% | -0.11% | 103.20 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.71% | 0.01% | 106.10 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.03% | 0.11% | 103.80 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.36% | 0.05% | 104.33 | 7.54% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.53% | 0.01% | 111.79 | 9.91% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.99% | -0.03% | 103.15 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.21% | 0.12% | 106.32 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.89% | -0.10% | 103.99 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.18% | 0.14% | 105.59 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.03% | 0.00% | 107.20 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.75% | -0.07% | 106.19 | 7.16% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.93% | 0.01% | 104.43 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | -0.03% | 103.15 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.80% | -0.12% | 105.97 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.23% | 0.01% | 103.29 | 7.02% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.92% | -0.11% | 104.70 | 6.93% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.16% | -0.07% | 105.64 | 7.26% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.23% | -0.04% | 105.20 | 7.28% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.01% | -0.04% | 104.89 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.93% | -0.03% | 106.50 | 7.09% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.29% | -0.01% | 102.90 | 6.91% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.07% | -0.10% | 103.64 | 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% | 4.93% | -0.11% | 91.00 | 9.36% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | 0.00% | 104.60 | 9.03% |
** “Clean” running yield. Includes franking credits if present.