Margins mostly varied within a range of -18bps to +20bps on the day, with 15 falls and 28 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -76bps), Suncorp Capital Notes 3 (SUNPH, -55bps) and Westpac Capital Notes 5 (WBCPH, +43bps) 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% | 1.28% | -0.93% | 100.20 | 8.03% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.06% | 1.14% | 100.93 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.60% | 0.47% | 101.69 | 8.21% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.19% | -0.20% | 101.90 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.62% | 0.04% | 101.43 | 7.64% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.94% | 0.43% | 103.30 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.41% | -0.02% | 102.99 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.66% | 0.18% | 104.30 | 8.66% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.66% | 0.01% | 104.00 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.32% | 0.20% | 103.12 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.34% | -0.55% | 103.10 | 7.12% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.17% | 0.28% | 104.19 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.97% | -0.02% | 101.73 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.42% | -0.76% | 96.48 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.31% | -0.06% | 104.57 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.00% | 0.03% | 102.60 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.82% | 0.01% | 103.35 | 7.94% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.47% | 0.09% | 103.55 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.19% | -0.14% | 102.14 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.25% | 0.01% | 103.81 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.17% | 0.10% | 102.74 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.48% | 0.02% | 101.45 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.60% | 0.07% | 101.24 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.47% | -0.04% | 105.21 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.41% | 0.18% | 102.20 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.99% | 0.13% | 101.75 | 7.61% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.14% | -0.22% | 109.40 | 9.99% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.37% | 0.06% | 101.50 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.15% | 0.02% | 102.50 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.52% | 0.07% | 101.21 | 7.01% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.93% | -0.01% | 102.50 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.88% | 0.05% | 103.68 | 7.77% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.64% | 0.03% | 102.35 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.47% | -0.08% | 103.80 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.67% | 0.03% | 100.70 | 7.04% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.44% | -0.05% | 102.82 | 7.14% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.83% | -0.05% | 100.95 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.61% | -0.04% | 101.25 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.94% | 0.15% | 101.72 | 7.42% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.05% | 0.12% | 101.20 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.75% | 0.03% | 101.12 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.82% | 0.07% | 103.61 | 7.31% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.74% | 0.03% | 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% | 5.10% | 0.01% | 91.17 | 9.45% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.66% | -0.01% | 105.99 | 9.02% |
** “Clean” running yield. Includes franking credits if present.