Margins mostly varied within a range of -18bps to +20bps on the day, with 24 falls and 19 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +76bps), Commonwealth PERLS 13 (CBAPJ, -36bps) and Suncorp Capital Notes 3 (SUNPH, -33bps) 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% | 7.37% | -0.16% | 100.66 | 8.19% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 8.08% | 0.73% | 100.40 | 8.11% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.86% | -0.13% | 101.45 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -0.61% | -1.12% | 101.00 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.74% | 0.43% | 103.95 | 8.16% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.29% | 0.68% | 104.39 | 7.92% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.86% | 0.32% | 103.41 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.24% | -0.14% | 103.50 | 7.41% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.69% | -0.04% | 105.37 | 8.53% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.51% | 0.18% | 105.88 | 8.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.46% | 0.16% | 105.75 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.71% | -0.14% | 105.58 | 8.04% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.68% | -0.33% | 103.60 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.88% | 0.17% | 105.95 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.50% | -0.36% | 103.83 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.50% | 0.76% | 95.10 | 9.64% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.66% | 0.00% | 105.39 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.73% | -0.09% | 104.40 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.18% | 0.11% | 104.12 | 7.86% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.30% | 0.17% | 105.26 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.95% | 0.08% | 103.70 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.01% | 0.04% | 105.70 | 7.55% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.66% | -0.11% | 105.25 | 7.09% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.11% | 0.07% | 103.68 | 7.06% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.07% | -0.07% | 103.95 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.07% | -0.01% | 105.79 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.29% | -0.08% | 103.52 | 7.13% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.66% | 0.02% | 104.05 | 7.58% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.41% | 0.32% | 110.00 | 10.12% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.21% | -0.05% | 102.90 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.64% | 0.01% | 105.50 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.13% | -0.01% | 103.70 | 6.96% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.82% | 0.09% | 103.92 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.39% | -0.03% | 106.60 | 7.67% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.31% | -0.05% | 104.70 | 7.28% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.13% | -0.06% | 104.35 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.38% | -0.12% | 102.70 | 7.02% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.18% | -0.04% | 105.00 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.39% | -0.06% | 103.20 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.89% | -0.14% | 102.90 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.04% | 0.00% | 101.90 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.60% | -0.07% | 102.65 | 7.17% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.43% | -0.18% | 104.70 | 7.23% |
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% | -0.05% | 91.45 | 9.44% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | -0.02% | 105.91 | 9.04% |
** “Clean” running yield. Includes franking credits if present.