Margins mostly varied within a range of -9bps to +18bps on the day, with 12 falls and 32 rises. Ignoring short-dated securities, the margins of Commonwealth PERLS 13 (CBAPJ, +36bps), Latitude Capital Notes (LFSPA, +33bps), Judo Capital Notes (JDOPA, -27bps) and Bendigo Capital Notes (BENPH, -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% | 8.83% | -2.16% | 101.09 | 8.13% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 20.10% | 0.16% | 100.05 | 8.11% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.36% | -1.02% | 101.63 | 8.03% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.44% | 0.01% | 100.90 | 8.04% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.39% | -0.15% | 103.40 | 8.18% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.74% | 0.01% | 103.65 | 7.95% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.74% | -0.03% | 102.87 | 7.63% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.45% | 0.01% | 103.50 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.61% | 0.20% | 104.30 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.69% | 0.02% | 105.85 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.11% | 0.01% | 104.50 | 8.55% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.62% | 0.09% | 106.05 | 7.98% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.75% | -0.11% | 103.75 | 7.17% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.68% | 0.03% | 106.65 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.78% | 0.36% | 103.50 | 6.94% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.72% | 0.33% | 97.05 | 9.42% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.90% | 0.15% | 105.10 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.71% | -0.09% | 104.75 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.41% | 0.07% | 103.85 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.15% | -0.26% | 105.99 | 7.80% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.01% | 0.07% | 103.82 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.09% | 0.20% | 105.76 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.70% | 0.02% | 105.35 | 7.04% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.26% | 0.09% | 103.50 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.38% | 0.05% | 103.25 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.36% | 0.15% | 105.10 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.33% | 0.16% | 103.64 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.80% | 0.01% | 103.90 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.50% | -0.27% | 111.00 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.26% | 0.07% | 102.95 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.74% | 0.01% | 103.50 | 7.67% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | -0.12% | 103.99 | 6.91% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.82% | 0.11% | 104.20 | 7.62% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.49% | 0.05% | 106.48 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.34% | 0.00% | 104.90 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.52% | 0.19% | 103.10 | 7.11% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.40% | 0.08% | 102.89 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | 0.06% | 104.59 | 7.12% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.61% | 0.07% | 101.40 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.52% | -0.08% | 102.98 | 7.03% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.66% | -0.20% | 104.30 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.89% | -0.05% | 102.80 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.55% | 0.07% | 103.15 | 7.10% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.74% | 0.10% | 103.50 | 7.28% |
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% | 4.99% | 0.03% | 91.8 | 9.34% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | 0.11% | 105.27 | 9.04% |
** “Clean” running yield. Includes franking credits if present.