Margins mostly varied within a range of -17bps to +9bps on the day, with 22 falls and 21 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -39bps), Macquarie Bank Capital Notes 2 (MBLPC, -24bps) and Bendigo Capital Notes (BENPH, -22bps) 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% | 12.37% | 0.64% | 100.33 | 8.17% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.94% | 0.76% | 101.40 | 8.19% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.86% | 1.08% | 101.95 | 8.33% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.84% | 0.36% | 102.52 | 8.08% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.35% | 0.13% | 102.22 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.07% | 0.01% | 103.00 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.44% | -0.39% | 104.90 | 8.58% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.26% | -0.24% | 105.35 | 8.72% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.99% | -0.20% | 105.85 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.52% | -0.08% | 105.20 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.91% | 0.06% | 102.70 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.73% | 0.01% | 105.60 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.64% | -0.14% | 103.04 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.88% | 0.05% | 98.49 | 9.53% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.57% | 0.01% | 105.00 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.79% | 0.04% | 103.75 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.07% | -0.10% | 105.88 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.85% | -0.22% | 105.79 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.98% | 0.19% | 103.25 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.72% | 0.10% | 106.00 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.40% | -0.20% | 105.58 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.75% | 0.01% | 104.43 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.98% | 0.19% | 103.87 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.80% | -0.08% | 106.20 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.98% | 0.13% | 104.23 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.68% | -0.04% | 103.55 | 7.62% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.56% | -0.27% | 108.90 | 10.22% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.06% | -0.02% | 103.14 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.84% | -0.08% | 104.35 | 7.79% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.20% | 0.03% | 103.07 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.49% | -0.08% | 104.80 | 7.62% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.37% | -0.08% | 106.26 | 7.71% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.20% | -0.03% | 104.75 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.13% | 0.09% | 103.96 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.45% | 0.00% | 102.15 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.18% | -0.15% | 104.60 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.40% | -0.09% | 103.45 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.32% | 0.05% | 103.21 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.39% | 0.00% | 104.90 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.79% | -0.17% | 102.85 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.42% | -0.01% | 103.20 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.42% | -0.04% | 104.39 | 7.26% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.65% | -0.01% | 101.05 | 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% | 5.05% | 0.00% | 93.00 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.80% | -0.01% | 105.81 | 9.24% |
** “Clean” running yield. Includes franking credits if present.