Margins mostly varied within a range of -26bps to +21bps on the day, with 24 falls and 19 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -125bps) and AMP Capital Notes 2 (AMPPB, +34bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 6.55% | -5.83% | 100.57 | 8.15% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.05% | -0.88% | 101.49 | 8.19% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.29% | -0.57% | 102.20 | 8.31% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.30% | -0.54% | 102.89 | 8.05% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.85% | -0.50% | 102.60 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.02% | -0.06% | 103.08 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.78% | 0.34% | 104.46 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.34% | 0.08% | 105.25 | 8.74% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.15% | 0.16% | 105.60 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.56% | 0.04% | 105.15 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.94% | 0.03% | 102.66 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.73% | 0.01% | 105.60 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.55% | -0.09% | 103.23 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 5.63% | -1.25% | 98.49 | 9.31% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.58% | 0.01% | 105.00 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.61% | -0.18% | 104.20 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.07% | 0.01% | 105.88 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.85% | 0.00% | 105.81 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | -0.04% | 103.37 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.64% | -0.08% | 106.26 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.34% | -0.07% | 105.80 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.75% | 0.00% | 104.45 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.94% | -0.04% | 104.00 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.80% | 0.01% | 106.20 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.12% | 0.14% | 103.76 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.73% | 0.05% | 103.40 | 7.64% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.54% | -0.02% | 109.00 | 10.22% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | -0.01% | 103.20 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.82% | -0.02% | 104.45 | 7.79% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.15% | -0.05% | 103.29 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.71% | 0.22% | 104.01 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.46% | 0.09% | 105.91 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.19% | -0.01% | 104.80 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.10% | -0.03% | 104.10 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.44% | -0.01% | 102.21 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.33% | 0.14% | 104.00 | 7.20% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.50% | 0.10% | 103.05 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.40% | 0.08% | 102.89 | 7.08% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.38% | -0.01% | 104.95 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.83% | 0.05% | 102.65 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.45% | 0.03% | 103.06 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.43% | 0.01% | 104.35 | 7.27% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.61% | -0.04% | 101.25 | 7.01% |
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% | 5.14% | 0.09% | 92.00 | 9.59% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.79% | -0.01% | 105.81 | 9.23% |
** “Clean” running yield. Includes franking credits if present.