Margins mostly varied within a range of -10bps to +20bps on the day, with 13 falls and 28 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, +46bps), Judo Capital Notes (JDOPA, -29bps) and Bendigo Capital Notes 2 (BENPI, +28bps) 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% | 3.03% | 1.34% | 100.60 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.84% | 1.79% | 101.04 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.84% | 0.38% | 101.45 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.88% | -0.23% | 102.22 | 8.70% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.93% | 0.44% | 103.11 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.05% | 0.03% | 104.65 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.64% | 0.18% | 103.95 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.66% | 0.46% | 102.50 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.80% | -0.06% | 104.49 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.81% | 0.23% | 102.26 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.34% | -0.12% | 97.00 | 9.56% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.98% | 0.08% | 103.46 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.90% | 0.08% | 103.01 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.35% | 0.13% | 104.58 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.31% | -0.02% | 104.07 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | -0.02% | 102.95 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.93% | -0.06% | 104.81 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | -0.02% | 103.46 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.13% | 0.13% | 102.92 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.21% | 0.00% | 102.83 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.05% | 0.05% | 104.86 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.94% | 0.21% | 104.00 | 7.00% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.23% | -0.05% | 104.68 | 7.44% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.61% | -0.29% | 114.48 | 9.61% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.11% | 0.00% | 102.70 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.49% | -0.03% | 105.27 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | 0.03% | 103.25 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.45% | 0.11% | 104.54 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.04% | -0.01% | 107.02 | 7.56% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.96% | 0.06% | 105.30 | 7.15% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | 0.13% | 103.70 | 7.01% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | 0.01% | 103.10 | 6.90% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.04% | 0.01% | 104.90 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.27% | 0.00% | 103.16 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.09% | 0.01% | 103.98 | 6.90% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.16% | 0.28% | 105.61 | 7.18% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.52% | 0.02% | 103.90 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.15% | 0.07% | 104.22 | 6.97% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.20% | 0.17% | 105.21 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.37% | 0.04% | 102.38 | 6.86% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.01% | -0.09% | 103.97 | 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% | 4.87% | 0.10% | 92.68 | 9.21% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.53% | 0.07% | 106.95 | 8.87% |
** “Clean” running yield. Includes franking credits if present.