Margins mostly varied within a range of -21bps to +24bps on the day, with 28 falls and 15 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 3 (MBLPD, -60bps), Bendigo Capital Notes (BENPH, +58bps), Latitude Capital Notes (LFSPA, +57bps) and Commonwealth PERLS 15 (CBAPL, -36bps) 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% | 6.36% | -0.01% | 100.00 | 8.12% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.48% | -0.25% | 101.30 | 8.12% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.96% | -2.72% | 103.10 | 8.17% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.63% | 0.20% | 101.77 | 8.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.82% | 0.38% | 101.55 | 7.70% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.76% | -0.20% | 101.90 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.18% | -0.10% | 103.60 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.33% | -0.18% | 105.00 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.72% | 0.27% | 104.25 | 8.70% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.83% | -0.16% | 104.32 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.38% | -0.13% | 103.30 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.21% | 0.03% | 104.37 | 8.22% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.03% | 0.16% | 101.91 | 7.03% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.40% | 0.57% | 97.01 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.98% | -0.07% | 103.69 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.00% | -0.09% | 102.91 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.75% | -0.01% | 103.86 | 7.97% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.34% | 0.58% | 104.20 | 7.89% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | -0.24% | 102.26 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.34% | 0.04% | 103.90 | 7.62% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.05% | -0.03% | 103.35 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.29% | 0.36% | 102.35 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.24% | -0.18% | 102.70 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.21% | -0.03% | 104.44 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.97% | -0.60% | 104.00 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.88% | -0.12% | 102.49 | 7.63% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.53% | 0.37% | 108.50 | 10.17% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.51% | 0.07% | 101.25 | 7.02% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.84% | -0.12% | 103.97 | 7.75% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.42% | -0.01% | 101.90 | 7.03% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.92% | -0.06% | 102.85 | 7.70% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.66% | 0.00% | 104.80 | 7.75% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.50% | 0.15% | 103.24 | 7.33% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.29% | -0.10% | 102.98 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.67% | -0.02% | 100.95 | 7.09% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.23% | -0.12% | 104.04 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.69% | -0.05% | 101.90 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.62% | 0.09% | 101.56 | 7.11% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.84% | -0.01% | 102.50 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.09% | -0.01% | 101.24 | 7.52% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | -0.04% | 101.50 | 7.20% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | 0.06% | 102.49 | 7.32% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.71% | -0.04% | 100.45 | 7.00% |
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% | 0.02% | 91.90 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.76% | 0.00% | 105.56 | 9.16% |
** “Clean” running yield. Includes franking credits if present.