Margins mostly varied within a range of -12bps to +11bps on the day, with 17 falls and 24 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -40bps) and Commonwealth PERLS 12 (CBAPI, +25bps) 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% | 2.04% | -0.49% | 100.85 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.40% | 0.93% | 101.01 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.93% | 0.08% | 101.49 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.86% | 0.12% | 102.35 | 8.70% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.93% | 0.08% | 103.20 | 8.80% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.10% | -0.11% | 104.70 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.82% | 0.09% | 103.81 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.62% | 0.12% | 102.65 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.97% | 0.05% | 104.31 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.81% | 0.00% | 102.35 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.90% | -0.40% | 95.50 | 9.49% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.93% | -0.05% | 103.66 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.07% | 0.25% | 102.78 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.24% | -0.18% | 104.92 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.20% | 0.06% | 104.40 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.03% | 0.09% | 102.85 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.01% | 0.03% | 104.73 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.89% | 0.00% | 103.74 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.05% | 0.01% | 103.25 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.15% | -0.04% | 103.13 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | 0.01% | 105.03 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.98% | 0.03% | 103.97 | 7.00% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.27% | 0.01% | 104.65 | 7.44% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.99% | 0.02% | 113.40 | 9.71% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | 0.07% | 103.00 | 6.86% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.31% | -0.05% | 106.00 | 7.57% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.07% | 0.02% | 103.42 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.25% | -0.10% | 105.35 | 7.48% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.81% | -0.25% | 107.99 | 7.49% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.98% | -0.08% | 105.34 | 7.15% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.00% | -0.05% | 104.22 | 6.98% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.07% | -0.13% | 103.56 | 6.87% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.06% | 0.01% | 104.94 | 7.03% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | -0.05% | 103.29 | 6.95% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.07% | 0.00% | 104.17 | 6.89% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.21% | 0.12% | 105.52 | 7.19% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.40% | -0.04% | 104.50 | 7.25% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.13% | 0.00% | 104.39 | 6.96% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.04% | -0.07% | 106.05 | 7.04% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.32% | 0.04% | 102.70 | 6.84% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.18% | 0.10% | 103.25 | 6.76% |
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% | 4.87% | 0.02% | 92.90 | 9.20% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.52% | 0.00% | 107.30 | 8.85% |
** “Clean” running yield. Includes franking credits if present.