Margins mostly varied within a range of -15bps to +6bps on the day, with 27 falls and 15 rises. Ignoring short-dated securities, the margins of Bank of Queensland Capital Notes 3 (BOQPG, -31bps), Commonwealth PERLS 12 (CBAPI, -24bps) and Latitude Capital Notes (LFSPA, -23bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 3.51% | 0.28% | 100.71 | 8.39% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.82% | 0.10% | 101.35 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.69% | -0.13% | 101.54 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.71% | 0.12% | 101.92 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.08% | 0.13% | 103.50 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.83% | -0.08% | 103.90 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.28% | 0.18% | 104.87 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.50% | -0.01% | 104.69 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.88% | 0.02% | 102.47 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.84% | -0.10% | 104.90 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.77% | 0.03% | 102.56 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.06% | -0.23% | 95.40 | 9.80% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.54% | 0.05% | 104.70 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.45% | -0.24% | 104.25 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.02% | -0.05% | 105.63 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.13% | -0.02% | 104.78 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.77% | -0.15% | 103.58 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.73% | 0.14% | 105.65 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.52% | -0.19% | 104.95 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.64% | -0.10% | 104.56 | 6.98% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | 0.01% | 103.10 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.66% | -0.14% | 106.38 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | -0.01% | 104.01 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 1.99% | -0.31% | 105.69 | 7.43% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.67% | 0.01% | 111.50 | 9.94% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.85% | -0.06% | 103.74 | 6.87% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.26% | -0.01% | 106.30 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.90% | -0.12% | 104.05 | 6.91% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.21% | 0.02% | 105.60 | 7.52% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.86% | -0.14% | 107.97 | 7.55% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.77% | -0.03% | 106.22 | 7.15% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.87% | -0.12% | 104.75 | 7.00% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.99% | -0.01% | 103.91 | 6.91% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.93% | -0.02% | 105.55 | 7.06% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.26% | -0.08% | 103.30 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.02% | -0.02% | 104.40 | 6.94% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.14% | 0.03% | 105.89 | 7.23% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.31% | 0.07% | 104.95 | 7.28% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.05% | 0.00% | 104.80 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.95% | -0.01% | 106.55 | 7.07% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.23% | 0.00% | 103.30 | 6.87% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.92% | -0.01% | 104.55 | 6.73% |
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% | 4.85% | 0.06% | 91.99 | 9.25% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | 0.03% | 104.75 | 9.02% |
** “Clean” running yield. Includes franking credits if present.