Margins mostly varied within a range of -19bps to +33bps on the day, with 18 falls and 24 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +73bps), Westpac Capital Notes 5 (WBCPH, 60bps), Challenger Capital Notes 4 (CGFPD, +55bps) and Suncorp Capital Notes 3 (SUNPH, -47bps) 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% | 6.15% | -1.61% | 101.40 | 8.08% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.19% | 2.04% | 100.80 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 1.08% | 0.75% | 103.22 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.23% | -0.18% | 103.46 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.00% | 0.18% | 102.97 | 7.66% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.16% | 0.60% | 102.93 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.28% | -0.40% | 105.10 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.77% | 0.27% | 104.05 | 8.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.41% | -0.22% | 104.33 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.11% | -0.24% | 103.40 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.47% | -0.47% | 102.75 | 7.14% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.21% | 0.73% | 104.00 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.46% | 0.30% | 102.40 | 7.05% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.83% | -0.27% | 95.55 | 9.62% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.46% | 0.18% | 104.10 | 7.56% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.34% | -0.03% | 103.51 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.82% | 0.43% | 103.21 | 7.94% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.66% | 0.23% | 105.05 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.37% | 0.25% | 101.56 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.39% | -0.20% | 103.31 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.38% | 0.10% | 103.50 | 7.19% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.64% | 0.16% | 102.65 | 7.13% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.66% | -0.03% | 100.92 | 7.17% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.62% | 0.12% | 104.60 | 7.53% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.59% | 0.04% | 101.46 | 7.15% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.79% | -0.01% | 102.33 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.92% | 0.01% | 110.00 | 9.92% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.33% | 0.01% | 102.99 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.11% | 0.55% | 102.52 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.65% | 0.44% | 102.39 | 7.05% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.90% | -0.19% | 102.52 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.78% | -0.08% | 103.95 | 7.74% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.65% | -0.07% | 102.21 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.70% | 0.10% | 102.77 | 7.16% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.75% | 0.14% | 101.71 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.71% | 0.08% | 103.38 | 7.23% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.82% | -0.04% | 100.90 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.71% | -0.04% | 100.71 | 7.09% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.78% | -0.11% | 102.30 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.87% | 0.10% | 101.90 | 7.40% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | -0.07% | 102.60 | 7.16% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.94% | 0.11% | 102.93 | 7.35% |
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% | 5.14% | 0.11% | 90.70 | 9.49% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.64% | -0.01% | 106.16 | 8.99% |
** “Clean” running yield. Includes franking credits if present.