Margins mostly varied within a range of -6bps to +22bps on the day, with 11 falls and 33 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, +45bps), Judo Capital Notes (JDOPA, +39bps), Westpac Capital Notes 9 (WBCPL, +37bps) and Bank of Queensland Capital Notes 2 (BOQPF, +32bps) had the largest (absolute) changes on the day.
Suncorp Capital Notes 5 (SUNPJ) began trading today and closed at 1.75% premium.
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% | 7.76% | -4.54% | 101.10 | 8.14% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 19.39% | 0.89% | 99.98 | 8.13% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.33% | -0.62% | 101.60 | 8.04% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.35% | 0.05% | 100.90 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.63% | -0.30% | 103.99 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.26% | 0.01% | 103.20 | 8.00% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.77% | -0.04% | 102.81 | 7.65% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.47% | 0.10% | 103.44 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.91% | 0.00% | 105.28 | 8.53% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.23% | 0.05% | 106.52 | 8.61% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.32% | 0.45% | 106.30 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.40% | 0.10% | 106.43 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.89% | 0.08% | 103.46 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.58% | 0.02% | 106.82 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.39% | 0.12% | 104.30 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.38% | 0.01% | 97.64 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.78% | 0.19% | 105.35 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.79% | 0.17% | 104.50 | 7.13% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.42% | 0.32% | 103.80 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.15% | -0.07% | 105.95 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.06% | 0.08% | 103.63 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.83% | 0.11% | 106.50 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.81% | 0.11% | 104.97 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.02% | 0.08% | 104.25 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.26% | -0.01% | 103.61 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.20% | 0.37% | 105.62 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.19% | -0.02% | 104.09 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.74% | 0.10% | 104.08 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.49% | 0.39% | 111.00 | 9.79% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.18% | 0.15% | 103.21 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | -0.15% | 105.70 | 7.66% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.13% | 0.10% | 103.99 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.87% | 0.22% | 104.00 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.47% | 0.00% | 106.53 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.31% | 0.08% | 105.00 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | 0.00% | 104.65 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.13% | 0.06% | 103.99 | 6.91% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | 0.06% | 104.55 | 7.13% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.52% | -0.28% | 101.75 | 7.05% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.45% | -0.04% | 103.25 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.71% | 0.10% | 104.00 | 7.37% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | 0.01% | 102.94 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.53% | 0.09% | 103.18 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.64% | 0.06% | 103.94 | 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% | 4.96% | 0.03% | 92.00 | 9.33% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | 0.00% | 106.50 | 8.94% |
** “Clean” running yield. Includes franking credits if present.