Margins mostly varied within a range of -17bps to +8bps on the day, with 21 falls and 22 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, -45bps), Macquarie Capital Notes 4 (MQGPD, -30bps) and Macquarie Bank Capital Notes 2 (MBLPC, -26bps) 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% | 6.85% | 1.74% | 100.90 | 8.18% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 10.68% | 2.34% | 100.32 | 8.12% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.69% | -0.41% | 101.59 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.26% | 0.85% | 100.53 | 8.10% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.53% | 0.19% | 103.20 | 8.23% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.79% | 0.13% | 103.50 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.10% | -0.32% | 104.20 | 7.57% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.98% | -0.45% | 103.94 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.14% | -0.12% | 104.80 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 0.84% | -0.26% | 107.00 | 8.59% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.05% | -0.01% | 106.63 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.14% | -0.09% | 106.78 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.78% | 0.02% | 103.51 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.62% | -0.30% | 106.58 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.35% | 0.09% | 104.24 | 6.93% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.70% | -0.01% | 96.80 | 9.48% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.58% | -0.03% | 105.70 | 7.45% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.35% | -0.05% | 105.48 | 7.09% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.08% | -0.05% | 104.50 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | 0.06% | 105.26 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.97% | 0.00% | 103.75 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.98% | 0.02% | 105.90 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.89% | 0.03% | 104.60 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.95% | -0.01% | 104.32 | 7.02% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.12% | -0.16% | 103.89 | 7.10% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.15% | 0.00% | 105.61 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.16% | -0.14% | 104.05 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.65% | -0.06% | 104.20 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.42% | 0.02% | 111.00 | 9.80% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.27% | 0.01% | 102.75 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.71% | 0.02% | 105.36 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.16% | 0.00% | 103.69 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.67% | -0.14% | 104.59 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.50% | 0.06% | 106.26 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.19% | -0.04% | 105.30 | 7.25% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.24% | 0.02% | 104.00 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.33% | 0.01% | 103.00 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.21% | 0.12% | 105.00 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.40% | 0.04% | 103.30 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.50% | 0.05% | 104.80 | 7.33% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.88% | 0.01% | 102.70 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.46% | -0.01% | 103.40 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.59% | 0.03% | 104.02 | 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% | 5.02% | -0.02% | 91.33 | 9.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.55% | -0.05% | 106.64 | 8.95% |
** “Clean” running yield. Includes franking credits if present.