Margins mostly varied within a range of -11bps to +9bps on the day, with 21 falls and 20 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 13 (CBAPJ, -26bps) and Commonwealth PERLS 12 (CBAPI, +26bps) 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% | 2.98% | -0.05% | 100.62 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.26% | -0.58% | 101.20 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.74% | -0.09% | 101.53 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.89% | 0.01% | 102.23 | 8.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.74% | -0.19% | 103.30 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.21% | 0.16% | 104.47 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.65% | 0.01% | 103.95 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.60% | -0.06% | 102.59 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.80% | 0.01% | 104.49 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.54% | -0.26% | 102.70 | 6.94% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.44% | 0.09% | 96.90 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.09% | 0.11% | 103.26 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.17% | 0.26% | 102.50 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.17% | -0.17% | 104.95 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.20% | -0.11% | 104.32 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.01% | 0.06% | 102.82 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.92% | 0.00% | 104.84 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.90% | -0.06% | 103.64 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.00% | -0.13% | 103.30 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.19% | -0.02% | 102.91 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.05% | 0.00% | 104.89 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.94% | 0.00% | 104.00 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.36% | 0.13% | 104.28 | 7.47% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.65% | 0.03% | 114.39 | 9.63% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | -0.07% | 102.95 | 6.87% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.51% | 0.01% | 105.25 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | 0.00% | 103.27 | 6.91% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.53% | 0.07% | 104.30 | 7.56% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.04% | 0.00% | 107.03 | 7.56% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.98% | 0.02% | 105.25 | 7.16% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | 0.00% | 103.71 | 7.01% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.08% | -0.09% | 103.46 | 6.88% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.09% | 0.05% | 104.73 | 7.05% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.30% | 0.04% | 103.03 | 6.97% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.10% | 0.01% | 103.96 | 6.91% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.08% | -0.09% | 106.00 | 7.16% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.50% | -0.02% | 104.00 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.11% | -0.03% | 104.38 | 6.96% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.11% | -0.09% | 105.64 | 7.08% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.31% | -0.05% | 102.65 | 6.84% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.02% | 0.01% | 103.96 | 6.71% |
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% | 4.80% | -0.07% | 93.45 | 9.14% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.53% | 0.00% | 107.01 | 8.87% |
** “Clean” running yield. Includes franking credits if present.