Margins mostly varied within a range of -15bps to +14bps on the day, with 18 falls and 23 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -47bps) and Macquarie Group Capital Notes 6 (MQGPF, +27bps) 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% | 2.99% | 0.95% | 100.71 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.30% | -0.10% | 101.05 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.65% | -0.28% | 101.69 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.90% | 0.04% | 102.33 | 8.69% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.55% | -0.38% | 103.55 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.00% | -0.10% | 104.84 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.81% | -0.02% | 103.85 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.82% | 0.20% | 102.40 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.12% | 0.15% | 104.10 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.72% | -0.10% | 102.52 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.43% | -0.47% | 96.20 | 9.41% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.82% | -0.11% | 103.89 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.85% | -0.22% | 103.23 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.35% | 0.12% | 104.70 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.14% | -0.07% | 104.56 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.23% | 0.20% | 102.40 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.96% | -0.04% | 104.85 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.89% | 0.00% | 103.75 | 7.09% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.04% | -0.01% | 103.30 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.15% | 0.00% | 103.14 | 7.05% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.12% | 0.08% | 104.80 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.05% | 0.08% | 103.75 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.40% | 0.13% | 104.27 | 7.46% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.66% | -0.33% | 114.50 | 9.62% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.02% | -0.02% | 103.08 | 6.85% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.38% | 0.07% | 105.79 | 7.58% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.12% | 0.05% | 103.25 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.37% | 0.12% | 104.95 | 7.50% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | 0.27% | 107.03 | 7.55% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.99% | 0.01% | 105.33 | 7.14% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.07% | 0.07% | 104.00 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.09% | 0.02% | 103.48 | 6.87% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.08% | 0.01% | 104.90 | 7.03% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.27% | 0.00% | 103.30 | 6.94% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.13% | 0.06% | 103.95 | 6.90% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.25% | 0.04% | 105.35 | 7.20% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.40% | 0.00% | 104.50 | 7.24% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.10% | -0.03% | 104.55 | 6.94% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.03% | -0.01% | 106.14 | 7.03% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.31% | -0.01% | 102.75 | 6.83% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.16% | -0.02% | 103.37 | 6.74% |
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% | 4.84% | -0.03% | 93.00 | 9.16% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.50% | -0.02% | 107.35 | 8.82% |
** “Clean” running yield. Includes franking credits if present.