Margins mostly varied within a range of -16bps to +15bps on the day, with 19 falls and 23 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -54bps) and Bendigo Capital Notes (BENPH, +32bps) 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% | 2.39% | -6.86% | 101.65 | 8.22% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.80% | 0.59% | 102.05 | 8.37% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.34% | -0.90% | 103.36 | 8.06% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.43% | -0.24% | 102.99 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.06% | 0.10% | 103.13 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.56% | 0.02% | 104.84 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.10% | -0.03% | 105.65 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.15% | 0.01% | 105.71 | 8.71% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.55% | 0.03% | 105.27 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.69% | -0.05% | 103.20 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.60% | 0.08% | 105.94 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.35% | 0.14% | 103.74 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 5.99% | -0.54% | 98.00 | 9.41% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.37% | 0.09% | 105.60 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.46% | -0.05% | 104.65 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.13% | 0.01% | 105.87 | 7.94% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.85% | 0.32% | 105.92 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.92% | 0.11% | 103.50 | 7.17% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.65% | -0.09% | 106.33 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.39% | 0.17% | 105.70 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.92% | 0.25% | 104.01 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.86% | -0.22% | 104.35 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.89% | 0.16% | 106.02 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.01% | 0.00% | 104.25 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.44% | -0.14% | 104.48 | 7.60% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.59% | 0.10% | 109.00 | 10.27% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.06% | 0.01% | 103.23 | 6.99% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.46% | -0.16% | 105.90 | 7.72% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.86% | 0.04% | 104.50 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.42% | -0.14% | 105.17 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.35% | 0.05% | 106.45 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.88% | -0.19% | 106.15 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.06% | -0.06% | 104.36 | 7.11% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.37% | 0.00% | 102.59 | 7.08% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.30% | 0.11% | 104.22 | 7.23% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.52% | 0.21% | 103.10 | 7.16% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.31% | 0.08% | 103.39 | 7.09% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.32% | -0.19% | 105.35 | 7.35% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.83% | -0.05% | 102.76 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.42% | -0.03% | 103.28 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.34% | 0.03% | 104.87 | 7.27% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.57% | -0.07% | 101.58 | 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% | 5.17% | -0.02% | 92.10 | 9.65% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.85% | 0.04% | 105.51 | 9.32% |
** “Clean” running yield. Includes franking credits if present.