Margins mostly varied within a range of -25bps to +10bps on the day, with 31 falls and 13 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -76bps), Judo Capital Notes (JDOPA, -62bps), AMP Capital Notes 2 (AMPPB, -25bps) and Westpac Capital Notes 5 (WBCPH, -24bps) 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% | 14.32% | 3.44% | 101.01 | 8.13% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 24.92% | -0.12% | 100.15 | 8.09% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 6.40% | 2.15% | 100.99 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.71% | 0.75% | 100.68 | 8.04% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.84% | -0.14% | 103.20 | 8.18% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.38% | -0.72% | 104.00 | 7.91% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.66% | 0.08% | 103.04 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.36% | -0.24% | 103.70 | 7.36% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.61% | -0.25% | 104.40 | 8.58% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.65% | -0.09% | 106.00 | 8.63% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.31% | 0.02% | 104.26 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.59% | 0.18% | 106.21 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.98% | 0.00% | 103.43 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.66% | -0.11% | 106.77 | 8.06% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.66% | -0.06% | 103.85 | 6.91% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.57% | -0.76% | 97.49 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.98% | -0.04% | 105.01 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.83% | 0.01% | 104.55 | 7.11% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.46% | 0.01% | 103.85 | 7.85% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.20% | -0.08% | 105.97 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.03% | -0.04% | 103.85 | 7.04% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.97% | -0.07% | 106.24 | 7.47% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.69% | -0.07% | 105.45 | 7.03% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.22% | 0.15% | 103.73 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.48% | 0.01% | 103.05 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.16% | -0.11% | 105.91 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.09% | -0.27% | 103.00 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.92% | 0.03% | 103.60 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.27% | -0.62% | 111.99 | 9.69% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.18% | -0.07% | 103.32 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.93% | -0.13% | 102.90 | 7.70% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.36% | -0.06% | 103.24 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.84% | -0.12% | 104.25 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.70% | -0.01% | 105.76 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.46% | -0.01% | 104.55 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.50% | -0.09% | 103.30 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.57% | -0.02% | 102.25 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.50% | 0.12% | 104.05 | 7.14% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.68% | -0.02% | 101.20 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.61% | 0.00% | 102.69 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.02% | -0.11% | 102.79 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.04% | -0.03% | 102.25 | 7.44% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.71% | 0.02% | 102.49 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | -0.01% | 103.65 | 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% | 5.00% | 0.00% | 91.50 | 9.34% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.61% | 0.04% | 106.00 | 8.94% |
** “Clean” running yield. Includes franking credits if present.