Margins mostly varied within a range of -25bps to +20bps on the day, with 22 falls and 21 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -104bps), Bendigo Capital Notes (BENPH, +46bps), Latitude Capital Notes (LFSPA, -31bps), Judo Capital Notes (JDOPA, -29bps) and Bendigo Capital Notes 2 (BENPI, -28bps) 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% | 6.25% | 0.32% | 100.01 | 8.18% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.53% | 5.60% | 101.03 | 8.20% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.91% | 0.40% | 101.72 | 8.33% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.24% | -0.05% | 102.05 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.67% | 0.18% | 101.67 | 7.75% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.45% | 0.20% | 102.26 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.16% | -1.04% | 105.00 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.40% | 0.07% | 104.90 | 8.74% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.69% | 0.13% | 104.30 | 8.75% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.72% | 0.12% | 104.52 | 8.11% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.55% | 0.01% | 103.00 | 7.26% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.89% | -0.07% | 105.00 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.82% | 0.03% | 102.35 | 7.06% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.22% | -0.31% | 97.35 | 9.61% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.00% | 0.14% | 103.66 | 7.59% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.43% | -0.11% | 104.28 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.56% | -0.12% | 104.32 | 7.99% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.30% | 0.46% | 104.31 | 7.94% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.14% | -0.06% | 102.52 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.09% | -0.01% | 104.61 | 7.62% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | -0.27% | 104.00 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.35% | 0.09% | 102.18 | 7.17% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.36% | -0.06% | 102.30 | 7.21% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | -0.07% | 105.05 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.34% | 0.01% | 102.70 | 7.19% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.99% | 0.04% | 102.10 | 7.71% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.24% | -0.29% | 109.49 | 10.13% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.41% | 0.10% | 101.60 | 7.05% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.07% | 0.23% | 103.16 | 7.86% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | -0.03% | 102.19 | 7.07% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.76% | 0.02% | 103.45 | 7.71% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.59% | -0.06% | 105.06 | 7.79% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.18% | -0.06% | 104.49 | 7.30% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.21% | 0.25% | 103.28 | 7.13% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.62% | -0.04% | 101.19 | 7.13% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.04% | -0.20% | 104.87 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.72% | 0.01% | 101.75 | 7.20% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.45% | 0.00% | 102.30 | 7.11% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.59% | -0.28% | 103.60 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.09% | 0.00% | 101.28 | 7.57% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.62% | -0.02% | 102.00 | 7.22% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.64% | 0.02% | 102.90 | 7.35% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.67% | -0.02% | 100.62 | 7.04% |
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% | 5.17% | 0.08% | 91.75 | 9.63% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.77% | 0.00% | 106.00 | 9.22% |
** “Clean” running yield. Includes franking credits if present.