Margins mostly varied within a range of -32bps to +7bps on the day, with 32 falls and 10 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, -66bps), Commonwealth PERLS 13 (CBAPJ, -49bps), Macquarie Capital Notes 4 (MQGPD, -43bps) and Bendigo Capital Notes (BENPH, -37bps) 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% | 2.04% | -4.11% | 100.01 | 8.03% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.84% | -1.35% | 101.08 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.88% | -0.20% | 101.49 | 8.21% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.99% | -0.24% | 102.00 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.45% | -0.55% | 101.49 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.50% | -0.66% | 103.75 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.34% | 0.06% | 103.00 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.42% | -0.35% | 104.58 | 8.63% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.44% | 0.03% | 104.30 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.14% | 0.04% | 103.35 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.35% | -0.13% | 103.00 | 7.12% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | -0.43% | 104.89 | 8.10% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.97% | -0.49% | 101.65 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.16% | 0.33% | 95.00 | 9.68% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.44% | -0.02% | 104.17 | 7.56% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.05% | -0.29% | 102.38 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.60% | -0.23% | 103.79 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.29% | -0.37% | 103.90 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.34% | -0.02% | 101.64 | 7.12% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.19% | -0.20% | 103.90 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.21% | -0.17% | 102.55 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.37% | -0.27% | 101.70 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.63% | -0.04% | 101.05 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.51% | -0.11% | 104.99 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.46% | -0.14% | 101.95 | 7.11% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.83% | 0.04% | 102.20 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.93% | 0.01% | 110.00 | 9.92% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.21% | -0.11% | 101.99 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.12% | 0.01% | 102.49 | 7.78% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.46% | -0.20% | 101.35 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.79% | -0.11% | 102.95 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.69% | -0.08% | 104.29 | 7.71% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.54% | -0.10% | 102.63 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.66% | -0.04% | 102.95 | 7.15% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.60% | -0.15% | 100.90 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.58% | -0.14% | 102.13 | 7.18% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.86% | 0.04% | 100.75 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.68% | -0.03% | 100.85 | 7.08% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.85% | 0.07% | 102.02 | 7.39% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.95% | 0.08% | 101.54 | 7.42% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | 0.00% | 101.15 | 7.15% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.77% | -0.17% | 103.75 | 7.29% |
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% | 5.07% | -0.06% | 91.23 | 9.42% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.66% | 0.02% | 105.90 | 9.01% |
** “Clean” running yield. Includes franking credits if present.