Margins mostly varied within a range of -9bps to +16bps on the day, with 16 falls and 27 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, +42bps), ANZ Bank Capital Notes 6 (AN3PI, +32bps) and NAB Capital Notes 3 (NABPF, +27bps) 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% | 6.38% | 0.56% | 99.97 | 8.11% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.73% | -0.29% | 101.25 | 8.12% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.76% | 0.05% | 101.78 | 8.26% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.43% | 0.59% | 101.90 | 8.05% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.44% | 0.01% | 101.83 | 7.67% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.96% | 0.21% | 101.65 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.27% | 0.42% | 103.45 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.51% | -0.06% | 104.73 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.44% | 0.04% | 104.70 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.99% | 0.27% | 104.01 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.51% | -0.05% | 103.05 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.18% | 0.10% | 104.42 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.87% | -0.12% | 102.21 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.83% | 0.18% | 98.00 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.06% | -0.14% | 103.50 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.09% | 0.00% | 102.68 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.76% | -0.02% | 103.82 | 7.96% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.76% | -0.05% | 105.65 | 7.77% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.48% | 0.04% | 101.60 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.30% | 0.06% | 103.99 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.08% | 0.32% | 103.25 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.93% | -0.24% | 103.48 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.42% | 0.12% | 102.11 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.24% | 0.06% | 104.32 | 7.47% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.57% | 0.03% | 101.91 | 7.18% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.99% | 0.07% | 102.07 | 7.65% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.16% | 0.02% | 109.74 | 10.04% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.44% | 0.10% | 101.48 | 7.00% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.97% | -0.11% | 103.50 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.43% | 0.11% | 101.86 | 7.03% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.99% | 0.08% | 102.60 | 7.71% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.66% | 0.04% | 104.80 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.35% | -0.02% | 103.80 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.39% | 0.08% | 102.57 | 7.12% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.69% | -0.01% | 100.87 | 7.09% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | 0.03% | 103.52 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.74% | -0.05% | 101.65 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.52% | -0.12% | 101.95 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.85% | -0.02% | 102.45 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.10% | -0.02% | 101.20 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.77% | 0.01% | 101.30 | 7.21% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.67% | 0.02% | 102.74 | 7.30% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.74% | 0.03% | 100.25 | 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% | 5.06% | 0.01% | 92.09 | 9.45% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.75% | 0.06% | 105.56 | 9.14% |
** “Clean” running yield. Includes franking credits if present.