Margins mostly varied within a range of -18bps to +19bps on the day, with 19 falls and 25 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -53bps), Macquarie Capital Notes 4 (MQGPD, +36bps), Bendigo Capital Notes 2 (BENPI, +30bps), Commonwealth PERLS 13 (CBAPJ, -27bps), Latitude Capital Notes (LFSPA, -27bps) and Judo Capital Notes (JDOPA, -26bps) 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% | 9.89% | 1.06% | 101.13 | 8.13% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 23.01% | 2.92% | 100.05 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.53% | 0.17% | 101.65 | 8.02% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.93% | 2.49% | 100.34 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 1.38% | 0.99% | 102.86 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.06% | 0.32% | 103.42 | 7.96% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.55% | -0.20% | 103.09 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.60% | 0.16% | 103.35 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.07% | -0.53% | 105.13 | 8.53% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.70% | 0.01% | 105.88 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.30% | 0.19% | 104.22 | 8.57% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.65% | 0.03% | 106.05 | 7.98% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.03% | 0.28% | 103.28 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.03% | 0.36% | 105.96 | 8.12% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.51% | -0.27% | 104.13 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.44% | -0.27% | 97.65 | 9.36% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.72% | -0.18% | 105.60 | 7.42% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.69% | -0.01% | 104.83 | 7.09% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.29% | -0.12% | 104.22 | 7.82% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.13% | -0.02% | 106.11 | 7.78% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.10% | 0.09% | 103.61 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.91% | -0.18% | 106.35 | 7.47% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.92% | 0.22% | 104.69 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.15% | -0.11% | 103.90 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.46% | 0.07% | 103.07 | 7.12% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.25% | -0.12% | 105.55 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | -0.03% | 103.80 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.81% | 0.01% | 103.92 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.25% | -0.26% | 112.00 | 9.69% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.26% | 0.00% | 103.00 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | -0.06% | 103.80 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.28% | 0.14% | 103.50 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.89% | 0.07% | 104.00 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.60% | 0.11% | 106.10 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.48% | 0.14% | 104.42 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.58% | 0.05% | 102.95 | 7.12% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.53% | 0.13% | 102.40 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.56% | 0.21% | 103.75 | 7.17% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.60% | -0.01% | 101.48 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.48% | -0.04% | 103.20 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.96% | 0.30% | 103.00 | 7.42% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.87% | -0.02% | 102.95 | 7.39% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.60% | 0.05% | 102.94 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.65% | -0.09% | 103.99 | 7.24% |
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% | 4.93% | -0.06% | 92.40 | 9.27% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.64% | -0.04% | 105.80 | 8.99% |
** “Clean” running yield. Includes franking credits if present.