Margins mostly varied within a range of -5bps to +16bps on the day, with 12 falls and 30 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +111bps) and Commonwealth PERLS 14 (CBAPK, +25bps) 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% | 2.61% | 0.48% | 100.45 | 8.38% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.09% | -0.18% | 101.40 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.18% | 0.03% | 101.40 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.28% | 0.32% | 101.90 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.97% | 0.00% | 103.21 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.42% | 0.02% | 103.99 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.13% | 0.22% | 104.61 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.62% | -0.02% | 104.05 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.70% | 0.04% | 102.30 | 7.25% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.69% | 1.11% | 104.79 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.72% | 0.12% | 102.20 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.40% | 0.06% | 95.60 | 9.72% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.66% | 0.08% | 104.00 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.52% | -0.02% | 103.67 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.23% | 0.05% | 104.66 | 7.91% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.04% | -0.12% | 104.50 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.85% | 0.14% | 103.00 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.07% | 0.06% | 104.26 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.95% | 0.02% | 103.35 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.84% | 0.17% | 103.50 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.13% | -0.05% | 102.76 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.45% | -0.17% | 106.61 | 7.33% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.18% | 0.21% | 102.99 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.25% | 0.21% | 104.31 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.40% | 0.01% | 111.77 | 9.86% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.99% | 0.00% | 102.88 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.39% | 0.20% | 105.33 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.90% | 0.25% | 103.60 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.26% | 0.15% | 105.00 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.06% | 0.10% | 106.80 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.89% | 0.05% | 105.28 | 7.19% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.95% | -0.04% | 103.98 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | 0.01% | 102.88 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.86% | -0.01% | 105.35 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.19% | -0.12% | 103.10 | 7.00% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.03% | 0.01% | 103.90 | 6.95% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.11% | -0.10% | 105.49 | 7.23% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.35% | 0.10% | 104.35 | 7.30% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.02% | 0.10% | 104.56 | 7.00% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | 0.17% | 105.40 | 7.13% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.38% | -0.03% | 102.14 | 6.93% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.18% | 0.05% | 102.79 | 6.83% |
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% | 5.17% | -0.05% | 92.25 | 9.59% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.79% | 0.03% | 106.50 | 9.20% |
** “Clean” running yield. Includes franking credits if present.