Margins mostly varied within a range of -8bps to +18bps on the day, with 9 falls and 32 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +42bps), Challenger Capital Notes 4 (CGFPD, +33bps) and AMP Capital Notes 2 (AMPPB, +22ps) 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% | 0.96% | 1.87% | 102.12 | 8.31% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.06% | 0.92% | 102.56 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.66% | -0.23% | 103.00 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.16% | 0.00% | 103.20 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.24% | 0.23% | 104.15 | 8.65% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.24% | 0.01% | 105.62 | 8.70% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.12% | -0.09% | 106.00 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.48% | 0.00% | 105.60 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | -0.29% | 103.24 | 7.25% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.66% | 0.42% | 106.00 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.58% | -0.01% | 103.48 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.02% | 0.20% | 96.50 | 9.51% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.64% | 0.02% | 105.17 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.57% | 0.09% | 104.60 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.93% | 0.11% | 104.50 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.84% | -0.09% | 106.18 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.73% | -0.18% | 104.20 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.87% | 0.04% | 105.94 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.76% | 0.01% | 104.75 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.00% | 0.02% | 103.98 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | -0.06% | 103.53 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | 0.02% | 105.80 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.91% | -0.03% | 104.76 | 7.05% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.57% | 0.08% | 104.30 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.78% | 0.01% | 109.30 | 9.95% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.16% | 0.08% | 103.05 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.91% | 0.33% | 104.50 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.18% | 0.12% | 103.51 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.71% | 0.17% | 104.30 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.32% | 0.10% | 106.77 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.19% | 0.05% | 105.15 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.14% | 0.01% | 104.27 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.24% | 0.05% | 103.29 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.23% | 0.14% | 104.77 | 7.14% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.60% | 0.09% | 103.00 | 7.11% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.27% | 0.01% | 103.78 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.74% | 0.11% | 103.70 | 7.42% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.04% | 0.18% | 102.00 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.45% | 0.07% | 103.32 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.47% | 0.03% | 104.50 | 7.25% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.54% | 0.06% | 101.92 | 6.95% |
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% | 5.09% | -0.07% | 92.65 | 9.50% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.83% | 0.03% | 105.60 | 9.24% |
** “Clean” running yield. Includes franking credits if present.