Margins mostly varied within a range of -15bps to +14bps on the day, with 19 falls and 24 rises. Ignoring short-dated securities, the margins of Bendigo Capital Notes (BENPH, -39bps), Westpac Capital Notes 7 (WBCPJ, -32bps), ANZ Bank Capital Notes 7 (AN3PJ, +28bps) and Westpac Capital Notes 9 (WBCPL, -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% | 6.59% | 2.52% | 99.54 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.15% | 0.01% | 101.30 | 8.06% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.62% | -0.17% | 101.70 | 8.21% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.48% | -0.10% | 101.70 | 8.01% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.82% | 0.23% | 101.30 | 7.65% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.66% | -0.08% | 101.76 | 7.41% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.74% | 0.04% | 102.56 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.96% | -0.05% | 103.89 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.97% | 0.02% | 103.51 | 8.69% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.11% | -0.03% | 103.55 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.55% | -0.26% | 102.74 | 7.16% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.27% | 0.08% | 104.01 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.20% | 0.12% | 101.30 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.00% | 0.02% | 95.50 | 9.65% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.99% | -0.32% | 103.40 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.92% | -0.03% | 102.82 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.87% | 0.03% | 103.26 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | -0.39% | 103.90 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.38% | 0.02% | 101.65 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.17% | -0.06% | 104.10 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.19% | -0.01% | 102.70 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.41% | 0.05% | 101.70 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.65% | 0.16% | 101.11 | 7.17% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.23% | -0.27% | 104.10 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.42% | 0.12% | 102.20 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.94% | 0.01% | 101.97 | 7.60% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.27% | 0.15% | 109.00 | 10.04% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.60% | 0.28% | 100.70 | 7.00% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.14% | -0.09% | 102.56 | 7.79% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.45% | -0.05% | 101.50 | 7.00% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.94% | 0.05% | 102.50 | 7.66% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.93% | 0.07% | 103.50 | 7.79% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.60% | 0.02% | 102.55 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.58% | 0.12% | 101.55 | 7.14% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.66% | 0.04% | 100.79 | 7.05% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.51% | 0.14% | 102.56 | 7.17% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.85% | -0.05% | 100.90 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.60% | 0.03% | 101.35 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.81% | -0.06% | 102.35 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.95% | -0.07% | 101.64 | 7.43% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.79% | 0.06% | 100.99 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.67% | -0.21% | 102.48 | 7.26% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.70% | -0.04% | 100.21 | 6.95% |
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% | 5.17% | 0.05% | 90.66 | 9.53% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.69% | -0.06% | 105.90 | 9.05% |
** “Clean” running yield. Includes franking credits if present.