Daily

Summary –

Top Yielding Instruments

• Judo Capital (JDOPA) stands out with a running yield of 9.55%, supported by a 6.50% margin and a strong price of 112, indicating investor confidence despite the longer maturity (Feb 2029).
• Latitude (LFSPA) also offers a high running yield of 9.03%, with a 4.75% margin, though its price is slightly discounted at 97.9, suggesting some perceived risk or market caution.

Trading Margins & Market Sentiment

• AMP Group (AMPPB) shows a notably high trading margin of 25.24%, which may reflect market uncertainty or a potential re-pricing of risk.
• Macquarie Bank (MBLPC) follows with a trading margin of 19.05%, despite a solid margin of 4.70%, indicating possible volatility or investor reassessment.

Price Stability & Daily Movement

• Most securities show minimal day change (0.00%–0.05%), suggesting a relatively stable trading environment.
• Day close prices hover around par (100), with some premium instruments like JDOPA (112) and BOQPG (104.2) trading above face value, reflecting strong demand.

• ASX-Listed Hybrids

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CHANGE	DAY CLOSE	RUNNING YIELD**
  AMP Group	AMPPB	Capital Notes 2	16-12-2025	4.50%	25.24%	0.38%	100.1	8.40%
  Macquarie Bank	MBLPC	Capital Notes 2	22-12-2025	4.70%	19.05%	0.26%	100.72	8.52%
  Challenger	CGFPC	Capital Notes 3	25-05-2026	4.60%	8.98%	0.06%	102.66	8.36%
  Nat Aust Bank	NABPF	Capital Notes 3	17-06-2026	4.00%	8.04%	0.05%	101.7	7.75%
  Suncorp	SUNPH	Capital Notes 3	17-06-2026	3.00%	7.69%	0.05%	100.72	6.75%
  Macquarie Group	MQGPD	Capital Notes 4	10-09-2026	4.15%	6.12%	0.03%	102.3	7.82%
  CBA	CBAPJ	PERLS 13	20-10-2026	2.75%	5.58%	0.03%	101	6.47%
  Latitude	LFSPA	Capital Notes	27-10-2026	4.75%	13.75%	0.05%	97.9	9.03%
  Westpac	WBCPJ	Capital Notes 7	22-03-2027	3.40%	6.20%	0.02%	102.5	7.20%
  CBA	CBAPI	PERLS 12	20-04-2027	3.00%	4.21%	0.02%	102.25	6.65%
  Bank of Queensland	BOQPF	Capital Notes 2	14-05-2027	3.80%	5.03%	0.02%	103.73	7.46%
  Bendigo Bank	BENPH	Capital Notes	15-06-2027	3.80%	4.58%	0.02%	103.27	7.42%
  Macquarie Group	MQGPE	Capital Notes 5	20-09-2027	2.90%	3.49%	0.01%	102.4	6.50%
  Nat Aust Bank	NABPH	Capital Notes 5	17-12-2027	3.50%	3.97%	0.01%	103.4	7.09%
  ANZ Bank	AN3PI	Capital Notes 6	20-03-2028	3.00%	3.15%	0.01%	102.79	6.55%
  CBA	CBAPL	PERLS 15	15-06-2028	2.85%	3.43%	0.01%	102.62	6.47%
  Suncorp	SUNPI	Capital Notes 4	17-06-2028	2.90%	3.25%	0.01%	103.19	6.48%
  Westpac	WBCPL	Capital Notes 9	22-09-2028	3.40%	4.04%	0.01%	104.75	7.04%
  Macquarie Bank	MBLPD	Capital Notes 3	07-12-2028	2.90%	3.21%	0.01%	102.8	6.48%
  Bank of Queensland	BOQPG	Capital Notes 3	15-12-2028	3.40%	3.46%	0.01%	104.2	6.94%
  Judo Capital	JDOPA	Capital Notes	16-02-2029	6.50%	4.76%	0.01%	112	9.55%
  ANZ Bank	AN3PJ	Capital Notes 7	20-03-2029	2.70%	2.61%	0.00%	103.3	6.21%
  Challenger	CGFPD	Capital Notes 4	25-05-2029	3.60%	3.73%	0.01%	104.63	7.15%
  CBA	CBAPK	PERLS 14	15-06-2029	2.75%	2.97%	0.01%	103.3	6.32%
  IAG	IAGPE	Capital Notes 2	15-06-2029	3.50%	3.74%	0.01%	104.8	7.07%
  Macquarie Group	MQGPF	Capital Notes 6	12-09-2029	3.70%	2.94%	0.01%	106.49	7.05%
  Nat Aust Bank	NABPI	Capital Notes 6	17-09-2029	3.15%	2.72%	0.01%	105.599	6.58%
  Westpac	WBCPK	Capital Notes 8	21-09-2029	2.90%	3.68%	0.01%	103.6	6.58%
  ANZ Bank	AN3PK	Capital Notes 8	20-03-2030	2.75%	2.66%	0.00%	103.453	6.25%
  CBA	CBAPM	PERLS 16	17-06-2030	3.00%	2.61%	0.01%	105.6	6.43%
  Suncorp	SUNPJ	Capital Notes 5	17-06-2030	2.80%	2.79%	0.01%	104.07	6.32%
  Nat Aust Bank	NABPJ	Capital Notes 7	17-09-2030	2.80%	2.81%	0.01%	104.05	6.32%
  Bendigo Bank	BENPi	Capital Notes 2	13-12-2030	3.20%	3.18%	0.01%	104.5	6.71%
  Insurance Australia	IAGPF	Capital Notes 3	15-12-2030	3.20%	3.33%	0.00%	104.66	6.75%
  ANZ Bank	AN3PL	Capital Notes 9	20-03-2031	2.90%	2.71%	0.00%	104.028	6.37%
  Westpac	WBCPM	Capital Notes 10	22-09-2031	3.10%	3.24%	0.00%	105.65	6.66%
  Macquarie Group	MQGPG	Capital Notes 7	15-12-2031	2.65%	2.70%	0.00%	103.4	6.18%
  Nat Aust Bank	NABPK	Capital Notes 8	17-03-2032	2.60%	2.56%	0.00%	104.2	6.11%

• COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	DAY	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.17%	0.00%	90.5	8.72%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.59%	0.00%	108.639	8.14%