Margins mostly varied within a range of -11bps to +14bps on the day, with 22 falls and 19 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, +27bps), AMP Capital Notes 2 (AMPPB, +26bps), Commonwealth PERLS 12 (CBAPI, +23bps) and Judo Capital Notes (JDOPA, -22bps had the largest (absolute) 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% | 1.53% | -0.30% | 102.10 | 8.29% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.20% | -0.07% | 103.45 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.83% | -0.19% | 103.10 | 7.63% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.60% | 0.27% | 102.98 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.12% | 0.26% | 104.56 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.56% | 0.10% | 105.40 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.02% | 0.13% | 104.20 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.55% | -0.03% | 105.75 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.07% | -0.20% | 103.03 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.80% | 0.06% | 105.95 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.75% | 0.01% | 103.40 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.04% | -0.04% | 96.90 | 9.46% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.83% | -0.09% | 105.01 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.74% | 0.23% | 104.48 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.90% | -0.09% | 104.86 | 7.79% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.09% | 0.15% | 105.85 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.07% | 0.07% | 103.53 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.03% | 0.17% | 105.77 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.05% | 0.10% | 104.10 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.08% | 0.13% | 104.00 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.31% | 0.01% | 103.45 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.07% | -0.03% | 105.93 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.23% | 0.06% | 103.90 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.27% | -0.14% | 105.60 | 7.45% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.33% | -0.22% | 111.25 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.20% | -0.02% | 103.10 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.55% | 0.10% | 104.14 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.12% | -0.15% | 103.99 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.42% | 0.00% | 105.65 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.25% | -0.19% | 107.29 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.18% | -0.03% | 105.47 | 7.21% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.19% | -0.07% | 104.33 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.39% | -0.02% | 102.90 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.24% | 0.04% | 105.03 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.38% | -0.01% | 104.19 | 7.01% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.34% | -0.05% | 103.78 | 6.99% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.56% | -0.15% | 104.80 | 7.32% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.63% | -0.05% | 104.00 | 7.34% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.40% | 0.00% | 103.80 | 7.06% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.03% | 104.58 | 7.22% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | 0.13% | 101.90 | 6.96% |
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% | 5.07% | -0.11% | 91.85 | 9.44% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | -0.06% | 107.19 | 8.98% |
** “Clean” running yield. Includes franking credits if present.