Margins mostly varied within a range of -13bps to +14bps on the day, with 17 falls and 26 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, +26bps), Westpac Capital Notes 9 (WBCPL, -24bps), Insurance Australia Capital Notes 2 (IAGPE, +21bps) and Commonwealth Bank PERLS 13 (CBAPJ, -21bps) 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% | 11.61% | 3.41% | 100.73 | 8.18% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 17.67% | 2.53% | 100.00 | 8.13% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 3.37% | 1.35% | 101.34 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.78% | 0.67% | 100.76 | 8.07% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.41% | 1.09% | 103.35 | 8.20% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.29% | 1.60% | 103.15 | 8.01% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.11% | 0.41% | 103.37 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.44% | 0.15% | 103.45 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.18% | 0.20% | 104.85 | 8.57% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.17% | -0.15% | 106.58 | 8.61% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.19% | -0.02% | 106.50 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.25% | -0.02% | 106.68 | 7.95% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.93% | 0.15% | 103.35 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.86% | 0.26% | 106.20 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.05% | -0.21% | 105.00 | 6.87% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.47% | 0.09% | 97.42 | 9.41% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.49% | 0.04% | 106.05 | 7.41% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.58% | 0.02% | 104.99 | 7.11% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.05% | 0.00% | 104.70 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.14% | 0.04% | 105.95 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.99% | -0.01% | 103.80 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.77% | 0.02% | 106.64 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.69% | -0.10% | 105.33 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.81% | -0.11% | 104.90 | 6.97% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | -0.15% | 103.49 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.88% | -0.24% | 106.69 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.23% | 0.04% | 103.91 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.59% | 0.00% | 104.55 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.33% | -0.12% | 111.50 | 9.75% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.03% | -0.08% | 103.75 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.70% | 0.16% | 105.55 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.01% | -0.09% | 104.39 | 6.91% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.82% | 0.21% | 104.15 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.47% | 0.06% | 106.52 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.21% | 0.00% | 105.34 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.16% | -0.08% | 104.46 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.24% | -0.02% | 103.50 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.33% | 0.04% | 104.60 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.38% | -0.02% | 103.49 | 7.01% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.63% | 0.00% | 104.35 | 7.35% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.88% | 0.03% | 102.80 | 7.43% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.46% | -0.12% | 103.50 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.58% | -0.11% | 104.19 | 7.25% |
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% | 4.91% | -0.02% | 92.40 | 9.29% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.55% | 0.02% | 106.61 | 8.93% |
** “Clean” running yield. Includes franking credits if present.