Margins mostly varied within a range of -11bps to +21bps on the day, with 14 falls and 30 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, +63bps), Challenger Capital Notes 3 (CGFPC, +29bps), Macquarie Capital Notes 4 (MQGPD, -26bps) and Westpac Capital Notes 7 (WBCPJ, +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% | 10.88% | 0.35% | 101.15 | 8.13% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 25.04% | 1.38% | 100.07 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 4.25% | 0.59% | 101.36 | 8.05% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.96% | -0.95% | 100.84 | 8.04% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.98% | -0.38% | 103.11 | 8.20% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.11% | 0.21% | 103.40 | 7.96% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.58% | 0.09% | 103.09 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.60% | -0.17% | 103.38 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.86% | -0.01% | 104.03 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.74% | -0.02% | 105.85 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.28% | 0.29% | 104.28 | 8.57% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.41% | -0.06% | 106.53 | 7.94% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.98% | 0.10% | 103.41 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.77% | -0.26% | 106.52 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.72% | 0.11% | 103.70 | 6.93% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.33% | -0.09% | 96.05 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.02% | 0.25% | 104.90 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.81% | 0.00% | 104.57 | 7.11% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.45% | 0.07% | 103.85 | 7.85% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.28% | -0.17% | 105.75 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.07% | 0.01% | 103.73 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.04% | 0.07% | 106.00 | 7.50% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.77% | -0.16% | 105.20 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.08% | -0.18% | 104.19 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.47% | 0.01% | 103.05 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.27% | 0.02% | 105.50 | 7.43% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.36% | 0.04% | 102.04 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.89% | 0.05% | 103.67 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.89% | 0.63% | 109.76 | 9.89% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.25% | 0.00% | 103.05 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.06% | 0.29% | 102.40 | 7.75% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.42% | 0.14% | 103.00 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.96% | 0.12% | 103.80 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.71% | 0.21% | 105.70 | 7.71% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.47% | -0.06% | 104.50 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.60% | -0.02% | 102.91 | 7.12% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.60% | 0.04% | 102.14 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.37% | 0.01% | 104.57 | 7.11% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.70% | 0.10% | 101.10 | 7.08% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.61% | 0.09% | 102.66 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.13% | 0.16% | 102.30 | 7.47% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.07% | 0.14% | 102.10 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.69% | 0.03% | 102.59 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.74% | 0.02% | 103.60 | 7.27% |
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% | 0.06% | 91.50 | 9.34% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | -0.09% | 106.48 | 8.91% |
** “Clean” running yield. Includes franking credits if present.