Margins mostly varied within a range of -29bps to +34bps on the day, with 17 falls and 24 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +61bps), Westpac Capital Notes 10 (WBCPM, -40bps), Challenger Capital Notes 3 (CGFPC, +39bps), ANZ Bank Capital Notes 6 (AN3PI, -35bps) and Westpac Capital Notes 7 (WBCPJ, -32bps) 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% | 1.36% | 0.08% | 100.65 | 8.37% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.51% | 0.89% | 101.10 | 8.13% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.48% | 0.80% | 101.10 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | -0.34% | -1.30% | 103.40 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.88% | -0.04% | 103.18 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.60% | 0.29% | 103.66 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.49% | 0.39% | 103.90 | 8.73% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.53% | 0.28% | 104.06 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.17% | 0.14% | 103.03 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.73% | 0.61% | 104.61 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.78% | 0.54% | 101.96 | 7.04% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.18% | -0.02% | 95.71 | 9.71% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.24% | -0.32% | 104.78 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.61% | 0.24% | 103.32 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.37% | 0.06% | 104.18 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.10% | 0.26% | 104.20 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.82% | -0.01% | 102.95 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.96% | 0.19% | 104.40 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.66% | -0.35% | 104.10 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.69% | 0.01% | 103.80 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.00% | 0.08% | 103.00 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.78% | -0.14% | 105.36 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.16% | 0.06% | 102.91 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.22% | -0.07% | 104.25 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.49% | 0.04% | 111.26 | 9.90% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.12% | 0.26% | 102.31 | 6.96% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.58% | 0.29% | 104.47 | 7.72% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.75% | 0.00% | 104.02 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.33% | 0.04% | 104.60 | 7.58% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.96% | 0.05% | 107.02 | 7.60% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.92% | -0.11% | 105.00 | 7.21% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.92% | -0.20% | 103.95 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.15% | 0.07% | 102.80 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.91% | -0.17% | 105.00 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.27% | 0.02% | 102.60 | 7.04% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.95% | 0.15% | 104.11 | 6.94% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.40% | 0.00% | 104.07 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.38% | -0.02% | 104.10 | 7.33% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.12% | -0.07% | 103.99 | 7.04% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.73% | -0.40% | 106.99 | 7.03% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.04% | 0.00% | 103.26 | 6.80% |
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% | 5.25% | 0.32% | 90.89 | 9.68% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.75% | -0.01% | 106.19 | 9.19% |
** “Clean” running yield. Includes franking credits if present.