Margins mostly varied within a range of -17bps to +16bps on the day, with 23 falls and 20 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -32bps), Macquarie Capital Notes 4 (MQGPD, -30bps), AMP Capital Notes 2 (AMPPB, -27bps), Judo Capital Notes (JDOPA, -24bps) and Commonwealth Bank PERLS 13 (CBAPJ, +22bps) 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% | 12.30% | 0.69% | 100.72 | 8.17% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 18.50% | 0.83% | 99.99 | 8.12% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.95% | -0.42% | 101.45 | 8.05% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.30% | -0.49% | 100.90 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.33% | -0.73% | 103.80 | 8.16% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.24% | -0.05% | 103.20 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.81% | 0.70% | 102.76 | 7.65% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.37% | -0.07% | 103.55 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.92% | -0.27% | 105.26 | 8.53% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.18% | 0.01% | 106.58 | 8.60% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.88% | -0.32% | 107.10 | 8.53% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.30% | 0.05% | 106.60 | 7.95% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | -0.12% | 103.60 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.56% | -0.30% | 106.85 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.27% | 0.22% | 104.54 | 6.89% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.37% | -0.10% | 97.63 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.59% | 0.11% | 105.80 | 7.42% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.63% | 0.04% | 104.90 | 7.11% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.10% | 0.05% | 104.60 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.22% | 0.08% | 105.76 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.99% | -0.01% | 103.83 | 7.07% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.72% | -0.05% | 106.81 | 7.45% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.70% | 0.01% | 105.30 | 7.06% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.94% | 0.13% | 104.50 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.27% | -0.01% | 103.55 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.83% | -0.05% | 106.89 | 7.35% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.21% | -0.02% | 104.00 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.64% | 0.05% | 104.40 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.09% | -0.24% | 112.40 | 9.67% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.03% | 0.00% | 103.75 | 6.87% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.82% | 0.12% | 105.11 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.03% | 0.02% | 104.34 | 6.90% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.65% | -0.17% | 104.80 | 7.59% |
| 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% | 2.23% | 0.01% | 105.30 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.12% | -0.04% | 104.65 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.07% | -0.17% | 104.25 | 6.89% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.29% | -0.04% | 104.80 | 7.11% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.49% | 0.10% | 103.05 | 7.03% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.61% | -0.02% | 104.45 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.84% | -0.04% | 102.99 | 7.41% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.44% | -0.02% | 103.60 | 7.08% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.59% | 0.00% | 104.19 | 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% | 0.02% | 92.30 | 9.30% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | 0.02% | 106.50 | 8.94% |
** “Clean” running yield. Includes franking credits if present.