Margins mostly varied within a range of -19bps to +7bps on the day, with 27 falls and 14 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -58bps), Challenger Capital Notes 4 (CGFPD, -30bps) and AMP Capital Notes 2 (AMPPB, -26bps) 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% | -0.66% | -0.27% | 102.79 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.24% | 0.60% | 103.15 | 7.98% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.87% | 0.36% | 103.00 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.31% | -0.13% | 103.20 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.16% | -0.26% | 104.42 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.69% | 0.07% | 105.16 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.73% | -0.58% | 104.59 | 8.54% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.64% | -0.19% | 105.50 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.18% | -0.17% | 102.75 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.81% | -0.04% | 105.86 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.75% | -0.02% | 103.32 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.47% | -0.04% | 96.01 | 9.53% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.76% | -0.09% | 105.09 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.79% | -0.10% | 104.26 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.09% | 0.20% | 104.30 | 7.82% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.17% | 0.10% | 105.55 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.05% | -0.03% | 103.51 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.88% | -0.17% | 106.10 | 7.49% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.90% | -0.06% | 104.47 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.07% | -0.03% | 103.95 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.28% | 0.02% | 103.44 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.17% | 0.03% | 105.50 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.25% | 0.08% | 103.75 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.65% | -0.11% | 104.20 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.37% | -0.13% | 111.00 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.20% | 0.00% | 103.04 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.61% | -0.30% | 103.80 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | 0.01% | 103.10 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.59% | -0.17% | 104.95 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.30% | -0.02% | 107.02 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.25% | -0.08% | 105.11 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.36% | -0.01% | 103.61 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.36% | 0.02% | 102.94 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.10% | 0.00% | 105.50 | 7.05% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.69% | 0.02% | 102.81 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.40% | 0.00% | 103.41 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.71% | -0.13% | 104.05 | 7.35% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | -0.04% | 102.90 | 7.40% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.50% | -0.01% | 103.26 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.51% | -0.01% | 104.50 | 7.21% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.46% | -0.08% | 102.44 | 6.87% |
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% | 5.28% | 0.17% | 89.65 | 9.64% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | -0.08% | 106.11 | 9.04% |
** “Clean” running yield. Includes franking credits if present.