Margins mostly varied within a range of -8bps to +22bps on the day, with 12 falls and 32 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +45bps), NAB Capital Notes 3 (NABPF, +40bps), Westpac Capital Notes 5 (WBCPH, +39bps) and Bank of Queensland Capital Notes 2 (BOQPF, -30bps) 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% | 11.62% | -2.69% | 101.32 | 8.12% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 30.23% | 5.31% | 100.20 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 7.55% | 1.15% | 100.91 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.15% | 0.44% | 100.65 | 8.06% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.06% | -0.90% | 103.75 | 8.15% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.30% | 0.92% | 103.30 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.68% | 0.02% | 103.09 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.75% | 0.39% | 103.28 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.42% | -0.19% | 104.74 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.65% | 0.00% | 106.05 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.24% | -0.06% | 104.45 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.99% | 0.40% | 105.53 | 8.03% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.03% | 0.06% | 103.40 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.59% | -0.07% | 106.98 | 8.05% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.95% | 0.29% | 103.30 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.02% | 0.45% | 96.76 | 9.46% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.10% | 0.12% | 104.79 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.87% | 0.04% | 104.51 | 7.12% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.16% | -0.30% | 104.68 | 7.80% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.18% | -0.02% | 106.09 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.02% | -0.01% | 103.94 | 7.05% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.20% | 0.23% | 105.65 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.93% | 0.24% | 104.75 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.10% | -0.12% | 104.20 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.55% | 0.07% | 102.91 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.21% | 0.05% | 105.81 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.21% | 0.12% | 102.64 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.97% | 0.05% | 103.52 | 7.59% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.33% | 0.06% | 111.88 | 9.72% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.31% | 0.13% | 102.90 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.95% | 0.02% | 102.91 | 7.72% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.40% | 0.04% | 103.16 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.95% | 0.11% | 103.90 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.65% | -0.05% | 104.30 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.44% | -0.02% | 104.70 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.52% | 0.02% | 103.29 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.68% | 0.11% | 101.85 | 7.04% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.53% | 0.03% | 104.00 | 7.16% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.71% | 0.03% | 101.16 | 7.08% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.78% | 0.17% | 102.02 | 7.09% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.16% | 0.13% | 102.30 | 7.48% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.12% | 0.08% | 101.94 | 7.47% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.72% | 0.01% | 102.50 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.72% | -0.01% | 103.78 | 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% | 4.96% | -0.04% | 92.15 | 9.30% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | -0.04% | 106.67 | 8.91% |
** “Clean” running yield. Includes franking credits if present.