Margins mostly varied within a range of -19bps to +8bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -59bps), Commonwealth PERLS 14 (CBAPK, -28bps) and Insurance Australia Capital Notes 2 (IAGPE, -25bps) 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% | 4.95% | 0.68% | 99.95 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.83% | 0.02% | 101.29 | 8.09% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.39% | 0.18% | 101.90 | 8.23% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.99% | 0.13% | 102.16 | 8.01% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.37% | 0.01% | 101.79 | 7.65% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.67% | -0.18% | 101.89 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.23% | -0.06% | 103.40 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.75% | -0.03% | 104.30 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.40% | -0.10% | 104.65 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.69% | -0.02% | 104.45 | 8.03% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.70% | -0.17% | 102.61 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.09% | -0.14% | 104.50 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.95% | 0.07% | 101.95 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.79% | -0.59% | 97.90 | 9.45% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.00% | -0.01% | 103.53 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.05% | 0.09% | 102.66 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.76% | 0.00% | 103.69 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.71% | -0.09% | 105.69 | 7.75% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.46% | 0.03% | 101.55 | 7.17% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.22% | -0.10% | 104.08 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.08% | -0.04% | 103.15 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.21% | -0.22% | 102.50 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.62% | -0.13% | 101.35 | 7.19% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.31% | 0.11% | 104.00 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.60% | 0.11% | 101.71 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.93% | -0.09% | 102.18 | 7.62% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.33% | -0.14% | 109.00 | 10.08% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.44% | -0.08% | 101.40 | 6.98% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.05% | 0.02% | 103.05 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.13% | -0.28% | 102.86 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.81% | -0.25% | 103.12 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.64% | -0.08% | 104.77 | 7.72% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.42% | -0.06% | 103.39 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.53% | 0.05% | 101.90 | 7.14% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.73% | 0.03% | 100.63 | 7.09% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.49% | 0.11% | 102.81 | 7.18% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.83% | 0.06% | 101.15 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.65% | -0.10% | 101.27 | 7.10% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.73% | 0.00% | 102.84 | 7.38% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.11% | 0.05% | 101.05 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.76% | -0.01% | 101.25 | 7.19% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.83% | 0.16% | 101.89 | 7.34% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | -0.03% | 100.36 | 6.97% |
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% | 5.19% | -0.01% | 90.80 | 9.57% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.75% | 0.05% | 105.51 | 9.13% |
** “Clean” running yield. Includes franking credits if present.