Margins mostly varied within a range of -11bps to +17bps on the day, with 19 falls and 24 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, +54bps), Commonwealth PERLS 13 (CBAPJ, +35bps), Westpac Capital Notes 5 (WBCPH, -29bps) and Commonwealth PERLS 12 (CBAPI, +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** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 11.73% | 4.66% | 100.31 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.18% | 0.82% | 101.44 | 8.20% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.22% | 0.06% | 102.40 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.48% | -0.39% | 102.75 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.22% | 0.09% | 102.30 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.06% | -0.29% | 103.00 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.83% | 0.18% | 104.36 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.49% | 0.04% | 105.01 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.19% | -0.04% | 105.50 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.60% | 0.11% | 105.05 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.85% | 0.54% | 102.78 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.72% | 0.06% | 105.60 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.77% | 0.35% | 102.75 | 7.05% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.83% | -0.01% | 98.55 | 9.53% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.56% | 0.12% | 105.00 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.75% | 0.29% | 103.82 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.17% | -0.04% | 105.62 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.07% | 0.11% | 105.22 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.79% | 0.04% | 103.73 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.62% | 0.01% | 106.28 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.61% | 0.11% | 104.94 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.74% | -0.10% | 104.45 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 1.79% | 0.03% | 104.44 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.88% | -0.02% | 105.90 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.86% | -0.11% | 104.65 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | -0.05% | 103.40 | 7.64% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.83% | -0.14% | 108.00 | 10.32% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.08% | -0.05% | 103.06 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.92% | 0.01% | 104.04 | 7.82% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.17% | 0.00% | 103.18 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.56% | 0.00% | 104.50 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.45% | -0.01% | 105.92 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.23% | 0.05% | 104.61 | 7.31% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.04% | 0.00% | 104.30 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.45% | 0.02% | 102.15 | 7.08% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.33% | 0.10% | 103.96 | 7.21% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.49% | -0.01% | 103.05 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.27% | -0.09% | 103.43 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.38% | -0.12% | 104.90 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.95% | 0.00% | 102.11 | 7.53% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.43% | -0.03% | 103.15 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.45% | -0.02% | 104.20 | 7.28% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.66% | -0.03% | 101.00 | 7.03% |
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% | -0.03% | 93.00 | 9.50% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.81% | 0.00% | 105.75 | 9.26% |
** “Clean” running yield. Includes franking credits if present.