Margins mostly varied within a range of -10bps to +12bps on the day, with 16 falls and 25 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 7 (WBCPJ, +24bps) and Suncorp Capital Notes 4 (SUNPI, +22bps 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% | 1.49% | -0.21% | 102.15 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.08% | 0.00% | 103.31 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.20% | 0.37% | 102.91 | 7.65% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.49% | -0.14% | 103.14 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.78% | -0.15% | 105.03 | 8.56% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.40% | -0.15% | 105.65 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.81% | -0.14% | 104.60 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.73% | 0.14% | 105.50 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.58% | -0.05% | 102.25 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.87% | 0.01% | 105.86 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.90% | -0.07% | 103.16 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.03% | 0.02% | 97.00 | 9.46% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.06% | 0.24% | 104.55 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.87% | 0.15% | 104.23 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.07% | 0.05% | 104.50 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.05% | 0.08% | 106.00 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.20% | 0.01% | 103.24 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.19% | -0.01% | 105.38 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.04% | 0.09% | 104.15 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.20% | 0.00% | 103.70 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.70% | 0.22% | 102.33 | 7.19% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.86% | 0.04% | 106.70 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.11% | -0.18% | 102.76 | 7.05% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.50% | -0.10% | 104.86 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.37% | 0.03% | 111.19 | 9.79% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.35% | 0.11% | 102.61 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.68% | -0.01% | 103.70 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.50% | 0.12% | 102.67 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.61% | -0.17% | 105.02 | 7.58% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.30% | -0.09% | 107.12 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.35% | 0.11% | 104.87 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.37% | 0.03% | 103.72 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.55% | 0.02% | 102.28 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.39% | 0.02% | 104.42 | 7.15% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.87% | 0.03% | 102.22 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.44% | 0.03% | 103.39 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.61% | -0.10% | 104.65 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.85% | 0.11% | 103.05 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.54% | -0.08% | 103.18 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.59% | 0.13% | 104.30 | 7.24% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.86% | 0.15% | 101.19 | 7.01% |
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% | 0.00% | 90.90 | 9.54% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.66% | -0.01% | 106.55 | 9.03% |
** “Clean” running yield. Includes franking credits if present.