Margins mostly varied within a range of -15bps to +18bps on the day, with 18 falls and 24 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, -57bps), Bank of Queensland Capital Notes 2 (BOQPF, -29bps) and Latitude Capital Notes (LFSPA, +29bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | n/m | n/a | 101.63 | 8.07% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.58% | -0.22% | 102.19 | 8.37% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.49% | 0.50% | 102.86 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.83% | -0.30% | 102.78 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.31% | 0.15% | 102.93 | 7.52% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.70% | 0.12% | 104.74 | 8.66% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.13% | -0.24% | 105.67 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.21% | 0.05% | 105.71 | 8.72% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.63% | -0.01% | 105.22 | 8.14% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.85% | -0.06% | 103.00 | 7.33% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.73% | -0.01% | 105.77 | 8.24% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | 0.26% | 103.24 | 7.06% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.91% | 0.29% | 96.50 | 9.57% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.73% | 0.18% | 104.85 | 7.57% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.72% | 0.01% | 104.13 | 7.25% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.75% | -0.29% | 104.81 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.76% | -0.12% | 106.25 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.82% | 0.02% | 103.84 | 7.16% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.81% | -0.04% | 105.98 | 7.60% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.80% | 0.14% | 104.54 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.95% | 0.04% | 104.01 | 7.11% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.16% | 0.25% | 103.52 | 7.19% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.93% | 0.16% | 105.97 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.18% | 0.11% | 103.75 | 7.18% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.50% | 0.13% | 104.40 | 7.62% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.33% | -0.57% | 110.00 | 10.19% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.03% | -0.08% | 103.40 | 6.99% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | 0.11% | 105.22 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.01% | 0.02% | 104.00 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.53% | 0.07% | 104.85 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.33% | 0.01% | 106.58 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.18% | 0.13% | 105.08 | 7.33% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.10% | 0.01% | 104.30 | 7.13% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.28% | 0.11% | 103.01 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.21% | -0.03% | 104.74 | 7.21% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.44% | -0.07% | 103.55 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.25% | -0.04% | 103.73 | 7.08% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.55% | 0.17% | 104.40 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.83% | 0.01% | 102.80 | 7.52% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.40% | -0.05% | 103.48 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.36% | 0.00% | 104.88 | 7.28% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.52% | -0.04% | 101.87 | 7.02% |
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% | 5.23% | 0.02% | 91.69 | 9.72% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.86% | -0.02% | 105.51 | 9.35% |
** “Clean” running yield. Includes franking credits if present.