Margins mostly varied within a range of -10bps to +12bps on the day, with 18 falls and 24 rises. Ignoring short-dated securities, the margin of Macquarie Bank Caital Notes 2 (MBLPC, -38bps) had the largest change on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 3.24% | 0.05% | 100.86 | 8.37% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.43% | -0.12% | 101.58 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.67% | -0.28% | 101.65 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.30% | 0.61% | 102.39 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.76% | 0.06% | 103.95 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.48% | -0.38% | 104.38 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.28% | -0.21% | 104.99 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.70% | 0.20% | 104.49 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | 0.11% | 102.70 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.32% | -0.08% | 105.90 | 8.12% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.74% | 0.18% | 102.72 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.82% | -0.05% | 93.65 | 9.73% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.77% | 0.09% | 104.33 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.59% | -0.14% | 104.04 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.08% | 0.05% | 105.61 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.11% | 0.06% | 104.94 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.84% | 0.14% | 103.50 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.78% | -0.04% | 105.63 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.60% | 0.04% | 104.79 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.85% | 0.16% | 104.04 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.19% | 0.05% | 103.15 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.75% | 0.08% | 106.21 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.85% | -0.05% | 104.60 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.35% | 0.12% | 104.60 | 7.49% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.44% | 0.01% | 112.40 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.87% | 0.01% | 103.74 | 6.86% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.30% | 0.01% | 106.27 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.90% | 0.07% | 104.16 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 1.91% | -0.01% | 106.79 | 7.42% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.02% | 0.09% | 107.45 | 7.57% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.62% | -0.01% | 106.90 | 7.09% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.74% | -0.07% | 105.38 | 6.95% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.86% | -0.09% | 104.55 | 6.85% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.78% | -0.04% | 106.29 | 6.99% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.24% | -0.01% | 103.50 | 6.98% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.96% | 0.05% | 104.78 | 6.90% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.17% | 0.04% | 105.85 | 7.22% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.26% | -0.06% | 105.25 | 7.24% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.85% | 0.02% | 105.80 | 6.91% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.91% | -0.07% | 106.84 | 7.04% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.19% | -0.11% | 103.58 | 6.84% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.89% | 0.02% | 104.81 | 6.70% |
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% | 4.93% | 0.10% | 91.50 | 9.31% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | 0.00% | 104.32 | 9.06% |
** “Clean” running yield. Includes franking credits if present.