Margins mostly varied within a range of -9bps to +20bps on the day, with 15 falls and 29 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, +49bps), Macquarie Bank Capital Notes 2 (MBLPC, +45bps), Judo Capital Notes (JDOPA, +29bps) 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% | 10.99% | 3.23% | 100.90 | 8.16% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 19.93% | 0.55% | 100.00 | 8.13% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 3.38% | 1.05% | 101.40 | 8.06% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.43% | 0.09% | 100.89 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.54% | 1.17% | 103.30 | 8.20% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.73% | -0.53% | 103.65 | 7.96% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.77% | 0.00% | 102.83 | 7.65% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.43% | -0.03% | 103.50 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.40% | 0.49% | 104.58 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.68% | 0.45% | 105.86 | 8.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.10% | -0.22% | 104.50 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.53% | 0.13% | 106.20 | 7.98% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.86% | -0.02% | 103.52 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.65% | 0.07% | 106.69 | 8.09% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.42% | 0.03% | 104.25 | 6.91% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.39% | 0.01% | 97.64 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.75% | -0.03% | 105.45 | 7.45% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.79% | 0.00% | 104.51 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.35% | -0.07% | 104.00 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.41% | 0.26% | 105.30 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | -0.12% | 103.99 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.89% | 0.06% | 106.34 | 7.49% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.68% | -0.13% | 105.40 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.17% | 0.15% | 103.79 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.33% | 0.07% | 103.40 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.21% | 0.01% | 105.60 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | -0.03% | 104.19 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.79% | 0.06% | 103.90 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.77% | 0.29% | 110.00 | 9.88% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.19% | 0.00% | 103.21 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.73% | 0.07% | 103.50 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.26% | 0.13% | 103.50 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.71% | -0.16% | 104.61 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.45% | -0.03% | 106.65 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.34% | 0.03% | 104.89 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.33% | 0.21% | 103.83 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.32% | 0.19% | 103.20 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.28% | -0.06% | 104.85 | 7.11% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.53% | 0.01% | 101.70 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.60% | 0.15% | 102.60 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.85% | 0.14% | 103.40 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.94% | 0.09% | 102.56 | 7.44% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.48% | -0.05% | 103.44 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.64% | 0.00% | 103.98 | 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% | 4.98% | 0.03% | 91.80 | 9.35% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.60% | 0.03% | 106.20 | 8.97% |
** “Clean” running yield. Includes franking credits if present.