Margins mostly varied within a range of -27bps to +9bps on the day, with 32 falls and 11 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, +51bps), Bendigo Capital Notes (BENPH, -50bps), Commonwealth PERLS 12 (CBAPI, -46bps), Macquarie Bank Capital Notes 3 (MBLPD, +37bps) and Westpac Capital Notes 8 (WBCPK, -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% | 5.93% | -0.43% | 100.01 | 8.11% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -2.08% | -3.56% | 101.78 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.51% | 2.47% | 101.90 | 8.26% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.29% | -0.34% | 102.00 | 8.05% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.49% | -0.33% | 101.79 | 7.68% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.25% | -0.51% | 102.48 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.20% | 0.02% | 103.55 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.33% | 0.00% | 104.99 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.55% | -0.16% | 104.51 | 8.67% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.60% | -0.23% | 104.71 | 8.04% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.54% | 0.16% | 103.00 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.96% | -0.25% | 104.85 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.79% | -0.24% | 102.39 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.53% | 0.12% | 96.76 | 9.60% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.86% | -0.12% | 103.96 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.54% | -0.46% | 104.00 | 7.13% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.68% | -0.07% | 104.00 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.84% | -0.50% | 105.45 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.20% | -0.04% | 102.34 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.10% | -0.23% | 104.55 | 7.57% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.11% | 0.06% | 103.15 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.26% | -0.04% | 102.45 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.42% | 0.18% | 102.10 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.11% | -0.11% | 104.78 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.34% | 0.37% | 102.70 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.96% | 0.08% | 102.20 | 7.65% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.53% | -0.01% | 108.50 | 10.16% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.31% | -0.20% | 101.95 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.83% | -0.01% | 103.98 | 7.74% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.37% | -0.05% | 102.07 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.74% | -0.18% | 103.50 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.65% | -0.01% | 104.82 | 7.75% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.24% | -0.26% | 104.24 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.97% | -0.32% | 104.24 | 7.01% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.66% | -0.01% | 100.99 | 7.09% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.24% | 0.01% | 103.97 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.71% | 0.03% | 101.76 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.45% | -0.17% | 102.27 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.87% | 0.03% | 102.35 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.09% | 0.00% | 101.24 | 7.52% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.64% | -0.09% | 101.90 | 7.17% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.62% | -0.11% | 102.99 | 7.28% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | -0.01% | 100.47 | 6.99% |
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% | 5.09% | 0.00% | 91.98 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | 0.01% | 105.59 | 9.16% |
** “Clean” running yield. Includes franking credits if present.