Margins mostly varied within a range of -3bps to +16bps on the day, with 9 falls and 32 rises. Ignoring short-dated securities, the margin of Latitude Capital Notes (LFSPA, +31bps) had the largest (absolute) change 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% | 1.04% | 0.09% | 102.10 | 8.32% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.10% | 0.03% | 102.55 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.82% | 0.17% | 102.90 | 7.67% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.10% | -0.06% | 103.28 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.26% | 0.01% | 104.15 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.25% | 0.01% | 105.62 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.14% | 0.02% | 105.98 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.68% | 0.20% | 105.27 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.83% | 0.05% | 103.18 | 7.25% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.83% | 0.17% | 105.70 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.68% | 0.10% | 103.30 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.33% | 0.31% | 96.00 | 9.56% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.63% | -0.01% | 105.22 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.54% | -0.04% | 104.70 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.15% | 0.22% | 104.00 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.00% | 0.16% | 105.80 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.73% | 0.01% | 104.20 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.02% | 0.16% | 105.52 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.71% | -0.05% | 104.90 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.04% | 0.04% | 103.87 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.24% | 0.05% | 103.40 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.05% | 0.03% | 105.73 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.02% | 0.11% | 104.40 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.62% | 0.06% | 104.12 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.79% | 0.01% | 109.30 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.13% | -0.02% | 103.15 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.97% | 0.06% | 104.30 | 7.79% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | -0.04% | 103.66 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.78% | 0.07% | 104.08 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.26% | -0.05% | 106.99 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.21% | 0.02% | 105.10 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.18% | 0.04% | 104.13 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.41% | 0.17% | 102.60 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.23% | 0.00% | 104.79 | 7.14% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.81% | 0.21% | 102.15 | 7.17% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.33% | 0.06% | 103.55 | 7.03% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.87% | 0.13% | 103.14 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.95% | -0.09% | 102.40 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.53% | 0.07% | 103.00 | 7.15% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.57% | 0.10% | 104.03 | 7.28% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.64% | 0.11% | 101.41 | 6.98% |
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% | 5.22% | 0.13% | 91.45 | 9.63% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.81% | -0.02% | 105.84 | 9.22% |
** “Clean” running yield. Includes franking credits if present.