Margins mostly varied within a range of -18bps to +9bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -38bps), Suncorp Capital Notes 4 (SUNPI, -33bps) and ANZ Bank Capital Notes 6 (AN3PI, -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% | 5.81% | 0.87% | 99.94 | 8.12% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.02% | 1.19% | 101.16 | 8.13% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.71% | 0.32% | 101.78 | 8.27% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.84% | -0.15% | 102.30 | 8.03% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.43% | 0.06% | 101.79 | 7.68% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.75% | 0.08% | 101.84 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.85% | -0.38% | 103.98 | 8.58% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.57% | -0.18% | 104.60 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.40% | 0.00% | 104.71 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.72% | 0.03% | 104.44 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.56% | -0.14% | 102.91 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.07% | -0.02% | 104.58 | 8.20% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.99% | 0.04% | 101.92 | 7.03% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.65% | -0.14% | 98.25 | 9.45% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.19% | 0.20% | 103.12 | 7.57% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.09% | 0.04% | 102.62 | 7.23% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.77% | 0.01% | 103.72 | 7.98% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.81% | 0.10% | 105.48 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.45% | -0.02% | 101.65 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.24% | 0.02% | 104.09 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.76% | -0.32% | 104.18 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.18% | -0.03% | 102.65 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | -0.33% | 102.44 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.19% | -0.12% | 104.45 | 7.47% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.54% | -0.06% | 101.95 | 7.19% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.92% | 0.00% | 102.25 | 7.65% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.14% | -0.19% | 109.74 | 10.04% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.34% | -0.10% | 101.80 | 6.98% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.08% | 0.02% | 103.03 | 7.82% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.32% | 0.19% | 102.20 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.91% | 0.09% | 102.83 | 7.70% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.62% | -0.02% | 104.89 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.37% | -0.05% | 103.66 | 7.30% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.31% | -0.23% | 102.84 | 7.11% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.70% | -0.03% | 100.80 | 7.10% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.32% | -0.17% | 103.59 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.79% | -0.04% | 101.38 | 7.16% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.64% | -0.01% | 101.37 | 7.12% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.87% | 0.14% | 102.30 | 7.45% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.12% | 0.00% | 101.09 | 7.53% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.76% | 0.00% | 101.30 | 7.22% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.65% | -0.17% | 102.78 | 7.30% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.71% | 0.01% | 100.34 | 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% | 5.05% | -0.14% | 91.99 | 9.46% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.70% | -0.06% | 105.99 | 9.10% |
** “Clean” running yield. Includes franking credits if present.