Margins mostly varied within a range of -12bps to +16bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of Bendigo Capital Notes (BENPH, +37bps), Westpac Capital Notes 7 (WBCPJ, +26bps) and Commonwealth PERLS 12 (CBAPI, +26bps) 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% | 9.31% | 5.68% | 100.22 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 4.11% | -0.49% | 101.25 | 8.21% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.20% | 0.45% | 102.80 | 8.27% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.27% | -0.79% | 102.85 | 8.06% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.85% | -0.33% | 102.50 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.03% | 0.05% | 102.96 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.60% | 0.22% | 104.59 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.49% | 0.23% | 104.95 | 8.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.28% | 0.11% | 105.25 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.36% | -0.06% | 105.38 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | -0.02% | 102.82 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.68% | 0.08% | 105.60 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.43% | 0.22% | 103.36 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.83% | 0.00% | 98.42 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.63% | 0.26% | 104.76 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.58% | 0.26% | 104.15 | 7.20% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.39% | 0.01% | 104.99 | 7.97% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.21% | 0.37% | 104.78 | 7.92% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.08% | -0.04% | 102.88 | 7.18% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.86% | 0.03% | 105.50 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.80% | 0.07% | 104.30 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.12% | 0.12% | 103.16 | 7.12% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.33% | -0.01% | 102.65 | 7.20% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.08% | 0.00% | 105.13 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.23% | -0.05% | 103.29 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | 0.00% | 103.30 | 7.65% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.79% | -0.14% | 108.00 | 10.31% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.35% | 0.00% | 102.01 | 7.04% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.82% | -0.08% | 104.31 | 7.80% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.33% | 0.22% | 102.48 | 7.07% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.68% | -0.01% | 103.97 | 7.69% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.54% | -0.05% | 105.50 | 7.78% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.15% | -0.08% | 104.83 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.28% | -0.02% | 103.28 | 7.15% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.52% | -0.03% | 101.78 | 7.11% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | 0.00% | 103.79 | 7.22% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.75% | -0.03% | 101.88 | 7.21% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.44% | -0.11% | 102.58 | 7.11% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.67% | -0.04% | 103.50 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.89% | -0.09% | 102.31 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.47% | -0.11% | 102.86 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.49% | -0.09% | 103.89 | 7.30% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.73% | 0.02% | 100.57 | 7.06% |
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% | 5.22% | 0.11% | 91.51 | 9.68% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.86% | 0.03% | 105.31 | 9.32% |
** “Clean” running yield. Includes franking credits if present.