Margins mostly varied within a range of -26bps to +15bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, +49bps), Latitude Capital Notes (LFSPA, -46bps), Westpac Capital Notes 5 (WBCPH, -35bps) and NAB Capital Notes 3 (NABPF, -34bps) 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% | 4.93% | -2.45% | 100.97 | 8.17% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 6.32% | -1.77% | 100.65 | 8.08% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.72% | -0.13% | 101.50 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.97% | 1.58% | 100.54 | 8.09% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.57% | 0.17% | 103.85 | 8.17% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.71% | 1.00% | 103.52 | 7.99% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.14% | -0.72% | 104.10 | 7.57% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 0.89% | -0.35% | 103.98 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.18% | 0.49% | 104.65 | 8.59% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.45% | -0.07% | 106.00 | 8.66% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.39% | -0.07% | 105.90 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.37% | -0.34% | 106.25 | 7.99% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.89% | 0.22% | 103.20 | 7.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.81% | -0.06% | 106.10 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.42% | -0.07% | 104.00 | 6.94% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.04% | -0.46% | 96.00 | 9.55% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.63% | -0.03% | 105.48 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.40% | -0.33% | 105.25 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.04% | -0.14% | 104.50 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.23% | -0.08% | 105.48 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.15% | 0.20% | 103.15 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.08% | 0.07% | 105.51 | 7.56% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.61% | -0.04% | 105.40 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.03% | -0.08% | 103.96 | 7.04% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.25% | 0.17% | 103.40 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.99% | -0.08% | 106.08 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.18% | -0.10% | 103.90 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | 0.06% | 103.87 | 7.59% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.25% | -0.16% | 110.60 | 10.07% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.29% | 0.08% | 102.60 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.65% | 0.01% | 105.50 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | 0.00% | 103.70 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.85% | 0.02% | 103.85 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.43% | 0.04% | 106.45 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.27% | -0.05% | 104.90 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.22% | 0.09% | 104.01 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.43% | 0.05% | 102.50 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.01% | -0.17% | 105.79 | 7.06% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.33% | -0.06% | 103.50 | 7.02% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.91% | 0.03% | 102.80 | 7.47% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.02% | -0.02% | 102.00 | 7.50% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.53% | -0.07% | 103.00 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.48% | 0.05% | 104.45 | 7.24% |
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% | 5.03% | 0.00% | 91.50 | 9.44% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.57% | -0.06% | 106.60 | 8.98% |
** “Clean” running yield. Includes franking credits if present.