Margins mostly varied within a range of -10bps to +9bps on the day, with 21 falls and 22 rises. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, +31bps) and Judo Capital Notes (JDOPA, -27bps) 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% | 8.20% | 0.91% | 100.90 | 8.16% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 15.14% | 2.31% | 100.06 | 8.12% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.02% | 0.21% | 101.58 | 8.04% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.12% | 0.73% | 100.90 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.68% | 0.03% | 103.98 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.31% | -0.66% | 104.48 | 7.90% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.70% | -0.01% | 103.70 | 7.59% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.28% | -0.10% | 103.60 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.98% | -0.09% | 105.10 | 8.54% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.33% | 0.31% | 106.30 | 8.63% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.22% | 0.02% | 106.40 | 8.58% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.27% | -0.04% | 106.60 | 7.95% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | 0.00% | 103.57 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.61% | 0.09% | 106.66 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.26% | 0.01% | 104.50 | 6.89% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.38% | 0.03% | 97.52 | 9.39% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.45% | -0.19% | 106.10 | 7.40% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.56% | 0.01% | 105.00 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.05% | -0.05% | 104.65 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.09% | -0.03% | 106.01 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.01% | -0.04% | 103.70 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.75% | -0.06% | 106.65 | 7.47% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.79% | 0.06% | 104.97 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.92% | 0.00% | 104.50 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.44% | 0.02% | 102.95 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.12% | 0.09% | 105.80 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.20% | 0.12% | 103.99 | 7.07% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.59% | -0.14% | 104.50 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.45% | -0.27% | 111.00 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.11% | 0.01% | 103.40 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.54% | 0.04% | 106.08 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.10% | -0.05% | 104.00 | 6.92% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.61% | -0.09% | 104.90 | 7.58% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.40% | -0.02% | 106.70 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.21% | -0.01% | 105.30 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.24% | 0.06% | 104.10 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.26% | -0.01% | 103.39 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.29% | -0.06% | 104.71 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.40% | 0.10% | 103.35 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.62% | 0.00% | 104.30 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.85% | -0.01% | 102.90 | 7.42% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.58% | 0.00% | 102.90 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.69% | 0.12% | 103.60 | 7.29% |
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% | 92.40 | 9.30% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.53% | -0.04% | 106.99 | 8.91% |
** “Clean” running yield. Includes franking credits if present.