Margins mostly varied within a range of -18bps to +16bps on the day, with 19 falls and 24 rises. Ignoring short-dated securities, the margins of Judo Capital Notes 3 (JDOPA, -49bps), Westpac Capital Notes 5 (WBCPH, +39bps), Latitude Capital Notes (LFSPA, -35bps) and ANZ Bank Capital Notes 6 (AN3PI, +22bps) and 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% | 5.11% | -0.31% | 101.00 | 8.17% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 8.34% | 0.87% | 100.47 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.10% | 0.88% | 101.44 | 8.08% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.41% | 1.79% | 100.73 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.34% | 1.45% | 103.29 | 8.22% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.66% | 0.49% | 103.58 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.42% | 0.40% | 103.86 | 7.59% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.43% | 0.39% | 103.30 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.26% | 0.06% | 104.57 | 8.61% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.10% | -0.17% | 106.56 | 8.62% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.06% | 0.02% | 106.55 | 8.59% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.23% | 0.02% | 106.55 | 7.97% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.76% | 0.01% | 103.50 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.92% | 0.14% | 105.90 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.26% | -0.02% | 104.40 | 6.92% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.70% | -0.35% | 96.70 | 9.48% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.61% | 0.02% | 105.57 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.40% | -0.17% | 105.30 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.12% | 0.00% | 104.32 | 7.85% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.29% | -0.05% | 105.35 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.97% | -0.10% | 103.70 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.96% | 0.09% | 105.90 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.86% | 0.22% | 104.65 | 7.13% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.96% | -0.11% | 104.25 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | -0.01% | 103.30 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.16% | 0.14% | 105.54 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | -0.05% | 103.50 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | 0.03% | 103.93 | 7.59% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.40% | -0.49% | 111.00 | 9.80% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.26% | -0.08% | 102.75 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.69% | 0.13% | 105.36 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.16% | -0.11% | 103.65 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.81% | -0.04% | 104.00 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.44% | 0.02% | 106.45 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.23% | -0.09% | 105.10 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.23% | -0.07% | 104.01 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.32% | -0.07% | 103.00 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.09% | 0.07% | 105.49 | 7.09% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.36% | 0.02% | 103.41 | 7.03% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.45% | -0.37% | 104.95 | 7.32% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.87% | 0.01% | 102.69 | 7.45% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.47% | 0.00% | 103.30 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.56% | -0.02% | 104.12 | 7.27% |
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% | 5.04% | 0.02% | 91.30 | 9.45% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.60% | 0.01% | 106.11 | 9.01% |
** “Clean” running yield. Includes franking credits if present.