Margins mostly varied within a range of -14bps to +10bps on the day, with 19 falls and 22 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -59bps) and NAB Capital Notes 3 (NABPF, -23bps) 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% | 2.52% | 1.51% | 100.73 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.47% | 0.02% | 101.18 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.85% | -0.14% | 101.49 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.74% | 0.26% | 102.40 | 8.69% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.84% | 0.08% | 103.23 | 8.80% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.20% | 0.01% | 104.51 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.74% | -0.23% | 103.87 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.50% | 0.01% | 102.76 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.92% | 0.05% | 104.34 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.81% | -0.05% | 102.30 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.30% | -0.59% | 94.85 | 9.56% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.98% | -0.17% | 103.50 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.82% | -0.10% | 103.22 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.41% | 0.01% | 104.50 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.14% | -0.01% | 104.48 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | 0.02% | 103.00 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.97% | 0.00% | 104.76 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.89% | 0.02% | 103.70 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.05% | -0.01% | 103.22 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.19% | -0.01% | 102.95 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | -0.03% | 105.00 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.95% | 0.00% | 104.02 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.27% | -0.08% | 104.62 | 7.45% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.96% | 0.01% | 113.40 | 9.71% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.98% | 0.02% | 103.18 | 6.85% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.37% | -0.04% | 105.76 | 7.59% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.05% | -0.02% | 103.44 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.35% | -0.10% | 104.95 | 7.51% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.05% | 0.00% | 107.03 | 7.56% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.06% | 0.08% | 105.00 | 7.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.06% | 0.00% | 103.97 | 7.00% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.20% | -0.03% | 103.02 | 6.91% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.05% | 0.01% | 104.94 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.31% | 0.06% | 103.05 | 6.97% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.08% | -0.03% | 104.10 | 6.90% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.09% | 0.10% | 106.00 | 7.16% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.44% | -0.02% | 104.27 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.13% | 0.02% | 104.34 | 6.97% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.11% | 0.02% | 105.65 | 7.08% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.28% | 0.00% | 102.84 | 6.83% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.08% | 0.05% | 103.70 | 6.73% |
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% | -0.03% | 92.86 | 9.19% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.52% | -0.04% | 107.03 | 8.86% |
** “Clean” running yield. Includes franking credits if present.