Margins mostly varied within a range of -17bps to +20bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, +89bps), Westpac Capital Notes 5 (WBCPH, +34bps) and Macquarie Bank Capital Notes 2 (MBLPC, +32bps) 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% | 8.56% | 0.08% | 100.19 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 6.17% | 3.49% | 101.00 | 8.23% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.40% | 0.29% | 102.07 | 8.33% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.41% | -0.06% | 102.05 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.20% | 0.01% | 102.21 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.47% | 0.34% | 102.42 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.53% | -0.14% | 104.66 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.39% | 0.32% | 105.06 | 8.75% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.27% | 0.89% | 105.22 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.43% | -0.10% | 105.22 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | -0.01% | 102.74 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.61% | -0.17% | 105.70 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.20% | -0.18% | 103.80 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.92% | -0.04% | 98.20 | 9.55% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.81% | 0.05% | 104.30 | 7.56% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.63% | 0.13% | 104.00 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.57% | 0.21% | 104.50 | 8.00% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.85% | -0.26% | 105.65 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.11% | 0.07% | 102.79 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.06% | -0.03% | 104.90 | 7.62% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.78% | -0.14% | 104.31 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.19% | 0.03% | 102.90 | 7.14% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.30% | 0.02% | 102.70 | 7.20% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.02% | -0.02% | 105.30 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.14% | 0.02% | 103.55 | 7.15% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.77% | -0.07% | 103.06 | 7.66% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.77% | -0.05% | 108.00 | 10.30% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.46% | -0.02% | 101.60 | 7.07% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.95% | 0.00% | 103.81 | 7.84% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.32% | -0.10% | 102.48 | 7.07% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.60% | 0.00% | 104.25 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.54% | 0.00% | 105.46 | 7.78% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.24% | -0.05% | 104.46 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.35% | 0.02% | 102.95 | 7.18% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.51% | -0.03% | 101.79 | 7.11% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.41% | -0.05% | 103.50 | 7.24% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.76% | -0.01% | 101.80 | 7.21% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.56% | -0.04% | 102.00 | 7.15% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.75% | 0.20% | 103.11 | 7.47% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.96% | -0.09% | 101.97 | 7.54% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.59% | -0.04% | 102.28 | 7.22% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.60% | -0.06% | 103.35 | 7.34% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | -0.03% | 100.65 | 7.05% |
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% | 0.05% | 92.50 | 9.57% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.82% | 0.00% | 105.56 | 9.28% |
** “Clean” running yield. Includes franking credits if present.