Margins mostly varied within a range of -10bps to +18bps on the day, with 17 falls and 26 rises. Ignoring short-dated securities, the margins of Suncorp Capital Notes 3 (SUNPH, +54bps) and Judo Capital Notes (JDOPA, +43bps) had the largest (absolute) changes on the day.
NAB Capital Notes 8 (NABPK) began trading today and it closed at a slight premium to its issue price.
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% | 2.22% | 0.18% | 100.00 | 8.03% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.91% | 0.07% | 101.08 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.13% | -0.75% | 101.90 | 8.17% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.39% | 0.40% | 101.70 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.57% | 0.13% | 101.40 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.51% | 0.01% | 103.75 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.43% | 0.09% | 102.89 | 8.58% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.48% | 0.06% | 104.50 | 8.63% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.66% | 0.22% | 103.93 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | -0.02% | 103.40 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.89% | 0.54% | 102.02 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.88% | 0.10% | 104.70 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.00% | 0.03% | 101.61 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.18% | 0.02% | 95.00 | 9.67% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.37% | -0.07% | 104.35 | 7.54% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.97% | -0.08% | 102.60 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.80% | 0.21% | 103.30 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.38% | 0.09% | 103.70 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.32% | -0.02% | 101.70 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.24% | 0.05% | 103.76 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.07% | -0.14% | 103.00 | 7.12% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.45% | 0.08% | 101.45 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.53% | -0.10% | 101.38 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.51% | 0.00% | 105.01 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.23% | -0.23% | 102.75 | 7.05% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.86% | 0.03% | 102.10 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.35% | 0.43% | 108.55 | 10.05% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.31% | 0.10% | 101.65 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.13% | 0.00% | 102.50 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.45% | -0.01% | 101.40 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.94% | 0.15% | 102.41 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.83% | 0.13% | 103.80 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.62% | 0.07% | 102.37 | 7.31% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.55% | -0.11% | 103.40 | 7.11% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.64% | 0.04% | 100.75 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.49% | -0.09% | 102.52 | 7.15% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.88% | 0.02% | 100.68 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.65% | -0.03% | 101.00 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.79% | -0.06% | 102.30 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.93% | -0.02% | 101.65 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | 0.00% | 101.18 | 7.15% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.75% | -0.02% | 103.85 | 7.28% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.71% | 0.11% | 100.09 | 6.94% |
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% | 5.08% | 0.01% | 91.36 | 9.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | 0.01% | 106.00 | 9.02% |
** “Clean” running yield. Includes franking credits if present.