Margins mostly varied within a range of -25bps to +7bps on the day, with 28 falls and 15 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 5 (MQGPE, -34bps), Westpac Capital Notes 5 (WBCPH, -30bps) and Suncorp Capital Notes 4 (SUNPI, -27bps) 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% | 7.53% | 0.28% | 100.61 | 8.20% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 7.35% | 3.93% | 100.46 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.99% | 0.19% | 101.40 | 8.07% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.51% | -0.20% | 100.65 | 8.08% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.17% | -1.18% | 104.22 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -0.97% | -2.48% | 104.99 | 7.88% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.54% | -0.71% | 103.70 | 7.60% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.38% | -0.30% | 103.30 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.73% | -0.04% | 105.30 | 8.54% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.33% | -0.13% | 106.15 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.31% | -0.15% | 106.02 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.85% | -0.04% | 105.29 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.00% | 0.13% | 102.96 | 7.26% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.71% | -0.16% | 106.29 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.86% | 0.01% | 103.03 | 7.01% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.75% | -0.22% | 96.50 | 9.49% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.66% | -0.07% | 105.38 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.82% | 0.02% | 104.15 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.07% | -0.20% | 104.38 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.13% | 0.02% | 105.70 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.88% | -0.34% | 103.90 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.97% | -0.15% | 105.80 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.76% | -0.11% | 104.90 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.04% | -0.13% | 103.90 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.14% | -0.27% | 103.70 | 7.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.08% | -0.26% | 105.74 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.36% | 0.06% | 103.23 | 7.15% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.64% | -0.07% | 104.10 | 7.57% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.09% | 0.25% | 111.10 | 10.02% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.25% | -0.02% | 102.71 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.63% | 0.02% | 105.50 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.14% | -0.24% | 103.66 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.73% | 0.01% | 104.25 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.42% | -0.02% | 106.45 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.36% | -0.15% | 104.49 | 7.30% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.19% | -0.09% | 104.10 | 7.08% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.51% | -0.02% | 102.16 | 7.05% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.22% | 0.06% | 104.80 | 7.13% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.45% | -0.05% | 102.91 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.03% | 0.03% | 102.25 | 7.51% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.04% | 0.01% | 101.89 | 7.51% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.67% | 0.05% | 102.30 | 7.19% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.61% | -0.01% | 103.80 | 7.29% |
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% | 5.08% | 0.02% | 91.00 | 9.50% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.65% | 0.05% | 105.71 | 9.06% |
** “Clean” running yield. Includes franking credits if present.