Margins mostly varied within a range of -27bps to +23bps on the day, with 25 falls and 17 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +88bps), Commonwealth PERLS 14 (CBAPK, -49bps), Bendigo Capital Notes (BENPH, -44bps), Macquarie Capital Notes 4 (MQGPD, -43bps) and Macquarie Bank Capital Notes 3 (MBLPD, +40bps) 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% | 7.76% | 0.10% | 101.10 | 8.10% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.15% | 0.07% | 101.18 | 8.04% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.33% | -0.86% | 103.60 | 8.18% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.40% | 0.06% | 103.30 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.81% | 0.37% | 103.09 | 7.64% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.56% | -0.19% | 103.63 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.68% | -0.21% | 104.50 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.50% | -0.26% | 106.38 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.63% | 0.29% | 103.90 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.35% | 0.03% | 105.00 | 8.09% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.95% | -0.03% | 101.85 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.49% | -0.43% | 105.45 | 8.05% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.16% | -0.02% | 102.99 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.11% | 0.88% | 95.00 | 9.67% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.28% | -0.14% | 104.49 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.37% | -0.01% | 103.40 | 7.22% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.39% | -0.17% | 104.24 | 7.85% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.43% | -0.44% | 105.59 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.12% | -0.23% | 102.20 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.59% | -0.05% | 104.65 | 7.62% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.29% | -0.10% | 103.76 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.48% | 0.16% | 103.11 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.69% | 0.01% | 100.79 | 7.17% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.50% | -0.02% | 104.95 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.56% | 0.40% | 101.55 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.80% | 0.02% | 102.25 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.91% | -0.26% | 110.00 | 9.91% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.32% | -0.09% | 102.99 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.56% | -0.05% | 104.51 | 7.62% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.21% | -0.49% | 104.00 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.09% | 0.18% | 103.51 | 7.69% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.86% | 0.12% | 103.60 | 7.76% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.72% | 0.07% | 103.77 | 7.34% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.61% | -0.01% | 103.10 | 7.13% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.61% | -0.07% | 102.26 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.63% | -0.02% | 103.69 | 7.20% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.86% | 0.12% | 100.68 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.74% | -0.04% | 102.30 | 7.09% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.89% | 0.09% | 103.65 | 7.40% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.77% | -0.26% | 102.30 | 7.36% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.80% | -0.01% | 102.25 | 7.17% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.83% | 0.01% | 103.40 | 7.31% |
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% | 5.03% | -0.10% | 91.82 | 9.38% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.65% | 0.00% | 106.12 | 9.00% |
** “Clean” running yield. Includes franking credits if present.