Margins mostly varied within a range of -12bps to +12bps on the day, with 24 falls and 19 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, +43bps), Judo Capital Notes (JDOPA, -27bps), Challenger Capital Notes 3 (CGFPC, -22bps) and Suncorp Capital Notes 3 (SUNPH, +19bps) 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% | 7.28% | 0.85% | 100.95 | 8.15% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 12.82% | 2.94% | 100.23 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.81% | -0.80% | 101.61 | 8.04% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -0.61% | -1.33% | 101.09 | 8.03% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.71% | -0.88% | 103.99 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.35% | -0.01% | 103.90 | 7.94% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.70% | 0.09% | 103.68 | 7.59% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.39% | 0.43% | 103.45 | 7.40% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.07% | -0.03% | 104.95 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.01% | 0.02% | 106.77 | 8.59% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.20% | -0.22% | 106.42 | 8.58% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.31% | 0.09% | 106.50 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | 0.19% | 103.55 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.52% | -0.19% | 106.84 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.25% | -0.04% | 104.50 | 6.89% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.35% | 0.01% | 97.54 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.64% | -0.07% | 105.60 | 7.44% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.55% | 0.00% | 105.02 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.10% | -0.07% | 104.50 | 7.82% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.13% | -0.11% | 105.90 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.04% | 0.11% | 103.58 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.81% | -0.05% | 106.45 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.72% | -0.05% | 105.16 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.92% | -0.01% | 104.47 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.41% | 0.01% | 103.00 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.03% | 0.04% | 106.11 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.08% | -0.09% | 104.39 | 7.04% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | 0.06% | 104.00 | 7.56% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.72% | -0.27% | 110.00 | 9.87% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.10% | -0.01% | 103.44 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.50% | -0.02% | 106.20 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.15% | 0.06% | 103.80 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.70% | 0.03% | 104.55 | 7.61% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.42% | 0.01% | 106.60 | 7.66% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.22% | 0.05% | 105.23 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.18% | 0.01% | 104.31 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.26% | -0.06% | 103.35 | 6.95% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | 0.09% | 104.42 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.30% | -0.02% | 103.80 | 6.98% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.62% | -0.11% | 104.30 | 7.34% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | -0.01% | 102.84 | 7.42% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.58% | 0.02% | 102.90 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.57% | -0.02% | 104.19 | 7.24% |
| 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% | -0.03% | 92.45 | 9.29% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | 0.02% | 106.40 | 8.95% |
** “Clean” running yield. Includes franking credits if present.