Margins mostly varied within a range of -13bps to +4bps on the day, with 27 falls and 15 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -24bps), Commonwealth PERLS 13 (CBAPJ, -20bps) and Commonwealth PERLS 14 (CBAPK, -20bps) 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% | 9.25% | 2.02% | 101.21 | 8.25% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.21% | 0.12% | 102.28 | 8.34% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.56% | -0.14% | 102.76 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.68% | 0.02% | 102.80 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.95% | 0.05% | 103.23 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.55% | 0.04% | 104.85 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.13% | 0.05% | 105.60 | 8.74% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.15% | -0.06% | 105.70 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.53% | -0.10% | 105.30 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.73% | -0.12% | 103.10 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.52% | -0.06% | 106.08 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.20% | -0.20% | 104.01 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.53% | -0.24% | 97.01 | 9.49% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.28% | -0.06% | 105.80 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.52% | -0.05% | 104.51 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.12% | -0.10% | 105.87 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.53% | 0.09% | 106.70 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.81% | -0.18% | 103.78 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.75% | 0.08% | 106.05 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.23% | -0.09% | 106.20 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.67% | -0.09% | 104.78 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.08% | 0.06% | 103.65 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.73% | 0.05% | 106.55 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.00% | 0.05% | 104.25 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.59% | -0.07% | 103.97 | 7.63% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.49% | -0.08% | 109.30 | 10.23% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.05% | 0.06% | 103.24 | 6.98% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | -0.02% | 105.30 | 7.75% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.81% | -0.20% | 104.64 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.56% | 0.03% | 104.64 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.30% | -0.06% | 106.62 | 7.72% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.07% | -0.05% | 105.38 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | 0.00% | 104.10 | 7.12% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.37% | -0.02% | 102.57 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.20% | 0.02% | 104.65 | 7.19% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.31% | 0.02% | 103.95 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.24% | -0.14% | 103.70 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.50% | -0.03% | 104.50 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.88% | -0.02% | 102.51 | 7.52% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.45% | -0.09% | 103.14 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.31% | -0.09% | 105.00 | 7.25% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.64% | -0.04% | 101.20 | 7.04% |
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% | 5.19% | 0.02% | 92.00 | 9.66% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.81% | 0.01% | 105.99 | 9.28% |
** “Clean” running yield. Includes franking credits if present.