Margins mostly varied within a range of -8bps to +33bps on the day, with 12 falls and 32 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, +87bps), NAB Capital Notes 3 (NABPF, +49bps), Bendigo Capital Notes (BENPH, +42bps), Latitude Capital Notes (LFSPA, +42bps) and Westpac Capital Notes 5 (WBCPH, +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** |
|---|---|---|---|---|---|---|---|---|
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 19.97% | 1.66% | 101.10 | 8.13% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 37.07% | 4.83% | 100.10 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 7.88% | -1.14% | 100.92 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.66% | -0.06% | 100.79 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.03% | -0.43% | 103.75 | 8.15% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.48% | 0.38% | 103.18 | 7.98% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.00% | 0.10% | 102.85 | 7.64% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.17% | 0.40% | 102.80 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.33% | 0.01% | 104.90 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.78% | 0.11% | 105.90 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.40% | 0.14% | 104.21 | 8.58% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.40% | 0.49% | 104.81 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.54% | 0.30% | 102.52 | 7.26% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.07% | 0.02% | 106.03 | 8.12% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.44% | 0.32% | 102.32 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.55% | 0.42% | 95.86 | 9.55% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.28% | 0.16% | 104.38 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.29% | 0.02% | 103.50 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.51% | 0.06% | 103.85 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.94% | 0.42% | 104.20 | 7.93% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.19% | -0.18% | 103.50 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.44% | 0.01% | 104.98 | 7.58% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.35% | 0.17% | 103.50 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.05% | -0.14% | 104.39 | 6.98% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.59% | -0.01% | 102.80 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.26% | 0.01% | 105.66 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.56% | 0.33% | 101.47 | 7.12% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.81% | -0.08% | 102.10 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.59% | 0.87% | 107.50 | 10.12% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.35% | -0.04% | 102.82 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.07% | -0.02% | 102.50 | 7.74% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.66% | 0.18% | 102.21 | 7.03% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.99% | 0.19% | 103.80 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.61% | -0.12% | 104.49 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.57% | 0.08% | 104.25 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.67% | 0.13% | 102.76 | 7.14% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.78% | 0.13% | 101.50 | 7.06% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.62% | 0.05% | 103.65 | 7.18% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.78% | 0.03% | 100.90 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.88% | 0.17% | 101.60 | 7.12% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.96% | -0.15% | 103.19 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.08% | 0.01% | 102.15 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.87% | 0.11% | 101.86 | 7.18% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | -0.01% | 103.80 | 7.26% |
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% | -0.01% | 91.00 | 9.41% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.62% | -0.01% | 106.06 | 8.96% |
** “Clean” running yield. Includes franking credits if present.