Margins mostly varied within a range of -15bps to +14bps on the day, with 21 falls and 22 rises. Ignoring short-dated securities, the margins of Judo Capital Notes (JDOPA, +46bps), Westpac Capital Notes 5 (WBCPH, -33bps), Suncorp Capital Notes 4 (SUNPI, +25bps), Challenger Capital Notes 4 (CGFPD, +24bps) and Latitude Capital Notes (LFSPA, -24bps) 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% | 6.43% | 0.19% | 101.00 | 8.18% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 9.88% | -2.45% | 100.48 | 8.11% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.61% | 1.02% | 101.41 | 8.09% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.72% | -0.71% | 100.71 | 8.09% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.17% | -1.36% | 103.44 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.37% | -0.21% | 103.88 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.61% | -0.08% | 103.75 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.96% | -0.33% | 103.99 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.10% | 0.02% | 104.89 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 0.99% | -0.22% | 106.79 | 8.61% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.41% | 0.07% | 106.00 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.22% | -0.06% | 106.65 | 7.97% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.59% | -0.02% | 103.90 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.71% | 0.14% | 106.42 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.29% | -0.06% | 104.40 | 6.93% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.34% | -0.24% | 97.54 | 9.42% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.71% | 0.14% | 105.41 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.55% | 0.01% | 105.00 | 7.13% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.17% | 0.02% | 104.30 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.23% | 0.03% | 105.60 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.94% | -0.16% | 103.87 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.86% | -0.06% | 106.29 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.77% | 0.00% | 105.00 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.93% | -0.09% | 104.41 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.41% | 0.25% | 103.01 | 7.17% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.98% | 0.01% | 106.24 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | 0.05% | 104.05 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.66% | -0.05% | 104.20 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.00% | 0.46% | 109.00 | 9.99% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.11% | -0.15% | 103.39 | 6.93% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.52% | 0.24% | 106.10 | 7.66% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | 0.03% | 104.01 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.67% | -0.13% | 104.65 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.42% | 0.07% | 106.61 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.18% | 0.03% | 105.40 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.17% | 0.00% | 104.34 | 7.07% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.32% | 0.01% | 103.09 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.26% | 0.05% | 104.80 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.32% | -0.04% | 103.68 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.73% | -0.11% | 103.80 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.87% | -0.01% | 102.77 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.55% | 0.02% | 103.00 | 7.15% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.59% | -0.01% | 104.08 | 7.28% |
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% | 4.94% | -0.10% | 92.44 | 9.35% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.56% | 0.01% | 106.85 | 8.97% |
** “Clean” running yield. Includes franking credits if present.