Margins mostly varied within a range of -15bps to +15bps on the day, with 19 falls and 22 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -27bps) and Westpac Capital Notes 5 (WBCPH, +27bps) 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% | -0.29% | -1.34% | 102.60 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.71% | -0.39% | 102.80 | 8.00% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.77% | -0.05% | 102.95 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.38% | 0.27% | 103.00 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.26% | 0.00% | 104.16 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.26% | 0.01% | 105.62 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.15% | 0.01% | 105.98 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.62% | -0.07% | 105.40 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.90% | 0.07% | 103.08 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.68% | -0.15% | 106.00 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.69% | 0.01% | 103.29 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.06% | -0.27% | 96.49 | 9.46% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.78% | 0.15% | 104.90 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.82% | 0.28% | 104.06 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.55% | -0.59% | 105.45 | 7.72% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.04% | 0.04% | 105.73 | 7.80% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.87% | 0.14% | 103.85 | 7.04% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.87% | -0.15% | 105.97 | 7.49% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.75% | 0.04% | 104.80 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.13% | 0.09% | 103.60 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.22% | -0.02% | 103.49 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.12% | 0.07% | 105.52 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.21% | 0.19% | 103.76 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | 0.09% | 103.85 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.80% | 0.01% | 109.31 | 9.91% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.33% | 0.20% | 102.45 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.97% | 0.00% | 104.33 | 7.74% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.19% | 0.05% | 103.50 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.77% | -0.01% | 104.15 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.28% | 0.02% | 106.94 | 7.61% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.24% | 0.03% | 105.00 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.17% | -0.01% | 104.19 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.30% | -0.11% | 103.07 | 6.94% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.19% | -0.04% | 105.00 | 7.07% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.73% | -0.08% | 102.50 | 7.10% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.43% | 0.10% | 103.15 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.78% | -0.10% | 103.59 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.90% | -0.05% | 102.64 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.54% | 0.02% | 102.94 | 7.10% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.54% | -0.03% | 104.20 | 7.22% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.64% | 0.00% | 101.44 | 6.93% |
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% | 5.15% | -0.06% | 90.95 | 9.51% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.73% | -0.07% | 105.61 | 9.09% |
** “Clean” running yield. Includes franking credits if present.