Margins mostly varied within a range of -13bps to +20bps on the day, with 23 falls and 20 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +57bps), Suncorp Capital Notes 3 (SUNPH, +48bps) and Macquarie Bank Capital Notes 2 (MBLPC, +36bps) 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% | 4.07% | 2.79% | 99.84 | 8.06% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.14% | -1.92% | 101.29 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.80% | 0.19% | 101.60 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.59% | 0.40% | 101.61 | 8.02% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.59% | -0.03% | 101.47 | 7.64% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.75% | -0.19% | 103.55 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.70% | 0.29% | 102.60 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.01% | 0.36% | 103.80 | 8.71% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.94% | 0.28% | 103.53 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.14% | -0.18% | 103.47 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.81% | 0.48% | 102.25 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.19% | 0.02% | 104.16 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.08% | 0.11% | 101.52 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.98% | 0.57% | 95.50 | 9.65% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.31% | 0.01% | 104.57 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.95% | -0.05% | 102.73 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.84% | 0.02% | 103.31 | 7.94% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.74% | 0.27% | 102.90 | 7.92% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.35% | 0.17% | 101.70 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.23% | -0.02% | 103.90 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.20% | 0.03% | 102.65 | 7.16% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.36% | -0.12% | 101.85 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.49% | -0.10% | 101.59 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.50% | 0.03% | 105.13 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | -0.11% | 102.59 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.93% | -0.06% | 101.99 | 7.60% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.12% | -0.02% | 109.50 | 9.99% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.32% | -0.05% | 101.69 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.23% | 0.09% | 102.21 | 7.81% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.50% | -0.02% | 101.30 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.90% | -0.04% | 102.65 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.86% | -0.01% | 103.74 | 7.77% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.58% | -0.06% | 102.59 | 7.31% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.46% | 0.00% | 102.00 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.61% | -0.06% | 100.95 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.37% | -0.07% | 103.15 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.90% | 0.07% | 100.68 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.57% | -0.05% | 101.47 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.87% | -0.07% | 102.05 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.03% | -0.02% | 101.30 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | -0.02% | 101.25 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.88% | 0.06% | 103.35 | 7.33% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.74% | 0.00% | 100.00 | 6.96% |
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% | 5.13% | 0.03% | 91.14 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.75% | 0.08% | 105.31 | 9.11% |
** “Clean” running yield. Includes franking credits if present.