Margins mostly varied within a range of -16bps to +10bps on the day, with 22 falls and 21 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -35bps) and NAB Capital Notes 5 (NABPH, -21bps) 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% | 5.41% | 0.49% | 100.94 | 8.16% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 7.47% | 1.15% | 100.54 | 8.09% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.23% | -0.50% | 101.64 | 8.05% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -1.38% | -2.35% | 101.25 | 8.03% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.11% | -0.54% | 104.20 | 8.13% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.17% | -0.54% | 104.00 | 7.94% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.03% | -0.11% | 104.22 | 7.56% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.04% | 0.15% | 103.80 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.19% | 0.01% | 104.65 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.27% | -0.18% | 106.29 | 8.63% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.04% | -0.35% | 106.57 | 8.57% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.21% | -0.16% | 106.57 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.75% | -0.15% | 103.50 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | -0.04% | 106.19 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.28% | -0.15% | 104.34 | 6.91% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.06% | 0.02% | 96.00 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.59% | -0.04% | 105.60 | 7.45% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.57% | 0.16% | 104.85 | 7.12% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.12% | 0.08% | 104.31 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.34% | 0.11% | 105.20 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.07% | -0.08% | 103.40 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.87% | -0.21% | 106.15 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.63% | 0.02% | 105.35 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.07% | 0.03% | 103.87 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.30% | 0.05% | 103.25 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.02% | 0.03% | 106.00 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.36% | 0.17% | 103.30 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.68% | -0.03% | 104.00 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.89% | -0.36% | 111.90 | 9.94% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.34% | 0.04% | 102.45 | 6.98% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.56% | -0.08% | 105.84 | 7.66% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.27% | 0.13% | 103.22 | 6.99% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.86% | 0.01% | 103.82 | 7.67% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.42% | -0.01% | 106.50 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.32% | 0.05% | 104.71 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.29% | 0.07% | 103.73 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.39% | -0.04% | 102.70 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.01% | 0.00% | 105.80 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.34% | 0.00% | 103.50 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.82% | -0.09% | 103.24 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | -0.16% | 102.74 | 7.44% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.47% | -0.06% | 103.30 | 7.11% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.57% | 0.09% | 104.02 | 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% | 5.02% | -0.01% | 91.50 | 9.42% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.59% | 0.02% | 106.26 | 8.99% |
** “Clean” running yield. Includes franking credits if present.