Margins mostly varied within a range of -19bps to +18bps on the day, with 18 falls and 25 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +57bps), Suncorp Capital Notes 3 (SUNPH, -41bps), Bendigo Capital Notes (BENPH, -39bps), Westpac Capital Notes 7 (WBCPJ, -37bps) and Westpac Capital Notes 5 (WBCPH, -33bps) 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% | 7.22% | 0.52% | 100.05 | 8.17% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.18% | 0.36% | 101.40 | 8.17% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.90% | 0.28% | 101.77 | 8.33% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.70% | -0.58% | 102.47 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.16% | -0.29% | 102.13 | 7.71% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.47% | -0.33% | 102.30 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.75% | -0.10% | 104.25 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.77% | 0.02% | 104.44 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.56% | 0.02% | 104.60 | 8.72% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.74% | 0.01% | 104.56 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.17% | -0.41% | 103.75 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.95% | 0.04% | 104.94 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.12% | 0.03% | 101.80 | 7.09% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.48% | 0.57% | 97.00 | 9.64% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.83% | -0.37% | 104.13 | 7.55% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.75% | -0.02% | 103.59 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.59% | -0.15% | 104.33 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.94% | -0.39% | 105.30 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.16% | 102.33 | 7.20% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.20% | 0.01% | 104.35 | 7.64% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.02% | 0.23% | 103.50 | 7.21% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.26% | 0.07% | 102.54 | 7.14% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.45% | 0.08% | 102.11 | 7.22% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.37% | 0.09% | 104.01 | 7.56% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.40% | -0.01% | 102.56 | 7.20% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.99% | -0.08% | 102.18 | 7.71% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.71% | 0.01% | 108.00 | 10.27% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.54% | 0.08% | 101.20 | 7.08% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.11% | -0.01% | 103.10 | 7.87% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.45% | 0.10% | 101.85 | 7.09% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.04% | 0.22% | 102.50 | 7.78% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.67% | 0.02% | 104.85 | 7.80% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.54% | 0.17% | 103.15 | 7.39% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.59% | 0.18% | 101.91 | 7.23% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.58% | -0.09% | 101.40 | 7.11% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.21% | -0.15% | 104.20 | 7.17% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.73% | -0.01% | 101.80 | 7.19% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.69% | -0.03% | 101.31 | 7.18% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.56% | 0.00% | 103.85 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.12% | -0.02% | 101.20 | 7.57% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.67% | -0.07% | 101.84 | 7.23% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.67% | 0.01% | 102.88 | 7.35% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.73% | 0.02% | 100.40 | 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% | -0.01% | 92.24 | 9.55% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.72% | -0.08% | 106.48 | 9.16% |
** “Clean” running yield. Includes franking credits if present.