Margins mostly varied within a range of -12bps to +11bps on the day, with 24 falls and 19 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, -35bps) and Challenger Capital Notes 3 (CGFPC, +28bps) 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% | 5.12% | -0.39% | 99.88 | 8.08% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.66% | -1.09% | 101.29 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.15% | -2.30% | 102.00 | 8.21% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.44% | 0.15% | 101.80 | 8.03% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.13% | 0.12% | 101.15 | 7.69% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.99% | -0.04% | 101.47 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.67% | -0.06% | 102.76 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.34% | -0.35% | 103.45 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.66% | 0.28% | 104.16 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.04% | -0.20% | 103.78 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.30% | -0.13% | 101.50 | 7.27% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.48% | -0.17% | 103.69 | 8.23% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.10% | -0.03% | 101.61 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.52% | -0.06% | 96.54 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.21% | 0.08% | 102.99 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.83% | -0.22% | 103.15 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.78% | 0.11% | 103.60 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.16% | -0.01% | 104.49 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.38% | -0.09% | 101.73 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.35% | 0.08% | 103.69 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.39% | -0.06% | 102.20 | 7.21% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.54% | 0.10% | 101.40 | 7.12% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.78% | 0.15% | 100.81 | 7.22% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.15% | -0.08% | 104.49 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.65% | 0.05% | 101.50 | 7.18% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.91% | -0.04% | 102.20 | 7.61% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.46% | 0.03% | 108.50 | 10.11% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.66% | 0.07% | 100.56 | 7.03% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.13% | 0.00% | 102.75 | 7.80% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.56% | 0.07% | 101.20 | 7.04% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.10% | 0.05% | 102.05 | 7.72% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.77% | -0.06% | 104.21 | 7.76% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.57% | 0.06% | 102.77 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.66% | 0.09% | 101.38 | 7.17% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.81% | 0.14% | 100.25 | 7.10% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.33% | -0.12% | 103.44 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.90% | 0.05% | 100.83 | 7.16% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.77% | -0.01% | 100.70 | 7.12% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.84% | -0.05% | 102.30 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.07% | -0.07% | 101.22 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.81% | 0.01% | 100.98 | 7.20% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.67% | -0.05% | 102.62 | 7.27% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.74% | 0.02% | 100.10 | 6.98% |
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% | 5.00% | 0.02% | 92.34 | 9.37% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.65% | -0.06% | 106.39 | 9.02% |
** “Clean” running yield. Includes franking credits if present.