Margins mostly varied within a range of -10bps to +12bps on the day, with 17 falls and 27 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -28bps) and Judo Capital Notes (JDOPA, +25bps) 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% | 10.50% | -3.81% | 101.25 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 26.11% | 1.19% | 100.16 | 8.09% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 6.45% | 0.05% | 101.01 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.83% | 1.13% | 100.44 | 8.07% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.97% | 0.13% | 103.14 | 8.19% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.89% | 0.50% | 103.60 | 7.94% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.76% | 0.10% | 102.97 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.23% | -0.13% | 103.88 | 7.34% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.73% | 0.12% | 104.25 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.47% | -0.18% | 106.28 | 8.61% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.02% | -0.28% | 104.79 | 8.52% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.86% | 0.27% | 105.72 | 8.00% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.95% | -0.03% | 103.50 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.67% | 0.01% | 106.77 | 8.06% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.72% | 0.05% | 103.75 | 6.92% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.60% | 0.03% | 97.46 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.01% | 0.03% | 104.96 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | -0.05% | 104.70 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.37% | -0.09% | 104.10 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.16% | -0.04% | 106.09 | 7.78% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.08% | 0.05% | 103.73 | 7.05% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | -0.06% | 106.45 | 7.46% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.80% | 0.11% | 105.11 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.07% | -0.16% | 104.26 | 6.98% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.49% | 0.01% | 103.04 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.16% | 0.01% | 105.91 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.32% | 0.23% | 102.20 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.87% | -0.05% | 103.80 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.52% | 0.25% | 111.10 | 9.77% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.19% | 0.00% | 103.32 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.92% | -0.01% | 102.95 | 7.70% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | -0.02% | 103.35 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.85% | 0.02% | 104.21 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.67% | -0.03% | 104.15 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.47% | 0.01% | 104.54 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.41% | -0.09% | 103.66 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.57% | 0.00% | 102.26 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.46% | -0.04% | 104.25 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.74% | 0.05% | 101.00 | 7.08% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.65% | 0.05% | 102.50 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.09% | 0.07% | 102.52 | 7.45% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.07% | 0.04% | 102.10 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.71% | 0.00% | 102.50 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.71% | -0.02% | 103.79 | 7.25% |
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% | 5.04% | 0.04% | 91.25 | 9.37% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.62% | 0.01% | 106.00 | 8.95% |
** “Clean” running yield. Includes franking credits if present.