Margins mostly varied within a range of -19bps to +12bps on the day, with 28 falls and 13 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, +32bps) and Bendigo Capital Notes (BENPH, +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% | 1.68% | -0.45% | 100.83 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.05% | -1.69% | 101.48 | 7.68% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.46% | -0.02% | 101.69 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.11% | 0.40% | 102.00 | 8.73% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.49% | -0.34% | 103.50 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.02% | 0.05% | 104.67 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.46% | -0.12% | 104.17 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.20% | 0.32% | 103.10 | 7.17% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.86% | -0.09% | 104.38 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.57% | -0.17% | 102.62 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.46% | 0.21% | 96.80 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.89% | -0.23% | 103.60 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.82% | 0.02% | 103.15 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.22% | -0.10% | 104.82 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.33% | 0.26% | 104.01 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.96% | 0.03% | 102.90 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.98% | -0.04% | 104.65 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.98% | -0.08% | 103.40 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.01% | -0.16% | 103.26 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.22% | 0.09% | 102.80 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.00% | -0.15% | 105.00 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.73% | -0.17% | 104.65 | 6.97% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.28% | 0.09% | 104.50 | 7.46% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.90% | -0.04% | 113.50 | 9.71% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.11% | -0.03% | 102.70 | 6.89% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.52% | 0.02% | 105.16 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.05% | -0.06% | 103.35 | 6.91% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.34% | -0.12% | 104.90 | 7.52% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.05% | -0.07% | 106.96 | 7.57% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.90% | -0.15% | 105.50 | 7.15% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.98% | -0.13% | 104.17 | 6.99% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.15% | -0.14% | 103.13 | 6.91% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.03% | -0.05% | 104.93 | 7.05% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | 0.01% | 103.16 | 6.97% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.08% | -0.02% | 104.02 | 6.91% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 1.89% | -0.32% | 106.80 | 7.12% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.50% | 0.01% | 103.96 | 7.30% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.08% | -0.06% | 104.52 | 6.96% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.02% | -0.05% | 106.00 | 7.06% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.33% | 0.01% | 102.54 | 6.86% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.11% | -0.12% | 103.50 | 6.75% |
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% | 4.84% | -0.01% | 93.00 | 9.18% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.49% | 0.00% | 107.40 | 8.83% |
** “Clean” running yield. Includes franking credits if present.