Margins mostly varied within a range of -21bps to +26bps on the day, with 12 falls and 31 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -109bps), Macquarie Capital Notes 4 (MQGPD, +56bps), Macquarie Bank Capital Notes 2 (MBLPC, +47bps) and Challenger Capital Notes 3 (CGFPC, -46bps) 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% | 5.51% | 0.44% | 99.81 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.75% | 0.38% | 101.10 | 8.09% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.45% | 0.92% | 100.85 | 8.30% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.29% | -0.45% | 101.90 | 8.02% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.01% | 0.09% | 101.23 | 7.68% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.03% | 0.18% | 101.41 | 7.46% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.73% | -0.03% | 102.66 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.68% | 0.47% | 102.95 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.38% | -0.46% | 104.63 | 8.62% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.24% | -0.06% | 103.40 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.43% | 0.29% | 101.26 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.65% | 0.56% | 103.35 | 8.26% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.12% | 0.05% | 101.54 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.58% | -1.09% | 96.40 | 9.59% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.13% | 0.09% | 103.17 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.05% | -0.04% | 102.59 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.67% | 0.01% | 103.85 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.17% | -0.15% | 104.45 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.48% | 0.00% | 101.47 | 7.17% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.27% | 0.06% | 103.90 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.45% | 0.13% | 102.00 | 7.22% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.44% | 0.04% | 101.70 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.64% | 0.01% | 101.25 | 7.18% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.23% | 0.08% | 104.20 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.60% | -0.01% | 101.65 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.95% | -0.07% | 102.05 | 7.62% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.43% | 0.02% | 108.59 | 10.10% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.60% | 0.01% | 100.78 | 7.01% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.13% | -0.01% | 102.72 | 7.80% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.49% | 0.16% | 101.45 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.05% | 0.08% | 102.20 | 7.70% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.84% | 0.04% | 103.95 | 7.77% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.51% | 0.00% | 102.99 | 7.30% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.57% | -0.02% | 101.70 | 7.15% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.67% | 0.00% | 100.79 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.45% | 0.02% | 102.90 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.85% | 0.02% | 101.00 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.78% | 0.13% | 100.65 | 7.13% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.90% | 0.19% | 102.04 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.14% | 0.09% | 100.90 | 7.50% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.80% | 0.05% | 101.00 | 7.20% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.72% | 0.05% | 102.36 | 7.29% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.73% | 0.01% | 100.16 | 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% | 4.98% | -0.12% | 92.40 | 9.35% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.71% | 0.01% | 105.56 | 9.08% |
** “Clean” running yield. Includes franking credits if present.