Margins mostly varied within a range of -14bps to +17bps on the day, with 21 falls and 20 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +45bps), Commonwealth PERLS 13 (CBAPJ, +32bps), NAB Capital Notes 3 (NABPF, +31bps) and Commonwealth PERLS 12 (CBAPI, -24bps) 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% | 1.01% | -1.97% | 100.98 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.45% | 0.18% | 101.17 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.99% | 0.25% | 101.38 | 7.48% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.48% | -0.41% | 102.61 | 8.68% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.76% | 0.03% | 103.29 | 8.80% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.20% | -0.01% | 104.50 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.97% | 0.31% | 103.55 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.49% | -0.11% | 102.75 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.87% | 0.07% | 104.40 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.86% | 0.32% | 102.21 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.89% | 0.45% | 96.30 | 9.64% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.15% | 0.07% | 103.15 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.92% | -0.24% | 103.00 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.40% | 0.23% | 104.50 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.15% | -0.05% | 104.45 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.92% | -0.08% | 103.03 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.97% | 0.04% | 104.75 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.87% | -0.03% | 103.74 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.05% | 0.05% | 103.18 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | 0.01% | 102.91 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.05% | 0.00% | 104.90 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.95% | 0.00% | 104.01 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.34% | -0.02% | 104.35 | 7.47% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.96% | 0.31% | 113.40 | 9.71% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.96% | -0.08% | 103.24 | 6.85% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.41% | -0.10% | 105.60 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.07% | -0.02% | 103.35 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.45% | -0.08% | 104.60 | 7.54% |
| 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% | 1.98% | 0.00% | 105.26 | 7.16% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.06% | -0.06% | 103.95 | 7.00% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.22% | 0.15% | 102.90 | 6.92% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.04% | -0.05% | 104.96 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.25% | -0.06% | 103.27 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.10% | 0.00% | 103.97 | 6.91% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 1.99% | -0.09% | 106.40 | 7.14% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.46% | -0.04% | 104.18 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.11% | -0.01% | 104.42 | 6.96% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.10% | -0.01% | 105.71 | 7.07% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.29% | -0.03% | 102.80 | 6.84% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.03% | 0.01% | 103.93 | 6.72% |
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% | 4.88% | 0.08% | 92.70 | 9.22% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.56% | 0.03% | 106.64 | 8.90% |
** “Clean” running yield. Includes franking credits if present.