Margins mostly varied within a range of -20bps to +5bps on the day, with 31 falls and 12 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 15 (CBAPL, -31bps) and Latitude Capital Notes (LFSPA, -25bps) 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% | 9.45% | 0.13% | 100.25 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.89% | -2.22% | 101.48 | 8.19% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.42% | -0.21% | 102.90 | 8.26% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.71% | 0.43% | 102.56 | 8.08% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.12% | 0.27% | 102.31 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.09% | 0.07% | 102.90 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.83% | 0.23% | 104.30 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.44% | -0.05% | 105.03 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.20% | -0.08% | 105.40 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.45% | 0.09% | 105.24 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.56% | -0.22% | 103.22 | 7.26% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.59% | -0.09% | 105.80 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.49% | 0.06% | 103.26 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.58% | -0.25% | 98.89 | 9.49% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.41% | -0.22% | 105.30 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.40% | -0.18% | 104.60 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.40% | 0.01% | 104.99 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.01% | -0.20% | 105.30 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | -0.14% | 103.27 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.62% | -0.24% | 106.20 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.57% | -0.22% | 104.99 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.81% | -0.31% | 104.15 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.14% | -0.19% | 103.25 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.92% | -0.16% | 105.68 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.16% | -0.07% | 103.55 | 7.15% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.79% | 0.08% | 103.05 | 7.66% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.91% | 0.13% | 107.61 | 10.35% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.17% | -0.17% | 102.65 | 7.00% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.80% | -0.02% | 104.40 | 7.79% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.25% | -0.08% | 102.80 | 7.04% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.54% | -0.14% | 104.50 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.49% | -0.05% | 105.70 | 7.76% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.13% | -0.03% | 104.95 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.15% | -0.13% | 103.80 | 7.12% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.37% | -0.15% | 102.39 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.26% | -0.09% | 104.20 | 7.19% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.73% | -0.02% | 102.00 | 7.20% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.35% | -0.09% | 103.00 | 7.08% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.50% | -0.18% | 104.30 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.88% | -0.01% | 102.35 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.48% | 0.01% | 102.83 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.02% | 103.80 | 7.31% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.64% | -0.08% | 100.99 | 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% | 5.23% | 0.00% | 91.52 | 9.68% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | -0.09% | 106.39 | 9.22% |
** “Clean” running yield. Includes franking credits if present.