Margins mostly varied within a range of -20bps to +7bps on the day, with 31 falls and 12 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, -49bps), Westpac Capital Notes 7 (WBCPJ, -44bps) and Commonwealth PERLS 12 (CBAPI, *31bps) 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% | 3.64% | -4.92% | 100.50 | 8.16% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 4.59% | -1.58% | 101.18 | 8.22% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.66% | -2.05% | 103.00 | 8.25% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.06% | -0.35% | 102.30 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.18% | -0.02% | 102.24 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.98% | -0.49% | 103.00 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.38% | -0.15% | 104.88 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.26% | -0.13% | 105.25 | 8.74% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.17% | -0.10% | 105.41 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.42% | -0.01% | 105.26 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | 0.00% | 102.76 | 7.30% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.60% | -0.02% | 105.75 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.20% | 0.01% | 103.80 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.82% | -0.10% | 98.40 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.37% | -0.44% | 105.35 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.32% | -0.31% | 104.76 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.38% | -0.20% | 104.99 | 7.97% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.84% | -0.01% | 105.70 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.12% | 0.02% | 102.76 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.83% | -0.22% | 105.56 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.73% | -0.06% | 104.50 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.00% | -0.19% | 103.52 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.34% | 0.04% | 102.60 | 7.21% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.08% | 0.06% | 105.11 | 7.51% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.28% | 0.14% | 103.10 | 7.18% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | -0.06% | 103.28 | 7.65% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.93% | 0.16% | 107.50 | 10.36% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.35% | -0.11% | 101.99 | 7.04% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.90% | -0.05% | 104.00 | 7.82% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | -0.21% | 103.30 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.69% | 0.10% | 103.91 | 7.70% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.58% | 0.05% | 105.30 | 7.79% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.23% | 0.00% | 104.49 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.29% | -0.06% | 103.19 | 7.16% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.54% | 0.04% | 101.66 | 7.12% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | -0.05% | 103.75 | 7.23% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.78% | 0.02% | 101.75 | 7.22% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.55% | -0.02% | 102.10 | 7.15% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.72% | -0.04% | 103.30 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.98% | 0.01% | 101.92 | 7.54% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.58% | -0.01% | 102.35 | 7.22% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.58% | -0.01% | 103.44 | 7.34% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.71% | 0.01% | 100.64 | 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% | 5.11% | 0.01% | 92.35 | 9.58% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.82% | 0.00% | 105.50 | 9.28% |
** “Clean” running yield. Includes franking credits if present.