Margins mostly varied within a range of -26bps to +3bps on the day, with 35 falls and 6 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 7 (WBCPJ, -48bps), Latitude Capital Notes (LFSPA, -40bps) and Macquarie Bank Capital Notes 2 (MBLPC, -35bps) 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% | 1.09% | 0.52% | 100.70 | 8.34% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.32% | -0.08% | 101.70 | 8.05% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.57% | -0.06% | 101.60 | 7.67% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.39% | -0.12% | 103.54 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.95% | -0.17% | 103.07 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.22% | -0.35% | 104.10 | 8.72% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.52% | 0.04% | 103.81 | 8.71% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.27% | 0.14% | 104.45 | 8.03% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 0.99% | -0.02% | 103.30 | 7.16% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.50% | -0.25% | 105.00 | 8.15% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 0.93% | -0.29% | 103.54 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.58% | -0.40% | 96.62 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 0.85% | -0.48% | 107.60 | 7.37% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.36% | 0.09% | 103.86 | 7.12% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.22% | -0.18% | 104.50 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.92% | -0.12% | 104.60 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.80% | -0.12% | 102.98 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.76% | -0.17% | 104.91 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.75% | 0.25% | 103.79 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.80% | -0.09% | 103.43 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.12% | -0.08% | 102.59 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.94% | -0.07% | 106.75 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | -0.05% | 102.86 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.38% | -0.11% | 103.69 | 7.52% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.51% | -0.12% | 111.14 | 9.88% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.99% | -0.14% | 102.75 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.38% | -0.25% | 105.17 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.00% | -0.02% | 103.06 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.31% | -0.01% | 104.65 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.23% | -0.07% | 105.95 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.09% | -0.05% | 104.32 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.20% | 0.07% | 104.70 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.12% | -0.14% | 102.87 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.10% | -0.03% | 104.15 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.28% | -0.17% | 102.53 | 7.02% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.19% | -0.09% | 103.00 | 6.99% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.55% | -0.02% | 103.35 | 7.35% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.39% | -0.21% | 104.00 | 7.31% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.15% | -0.23% | 103.82 | 7.03% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.24% | -0.20% | 106.30 | 7.17% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.22% | -0.14% | 102.31 | 6.84% |
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% | 5.27% | 0.00% | 90.78 | 9.67% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.74% | -0.05% | 106.40 | 9.15% |
** “Clean” running yield. Includes franking credits if present.