Margins mostly varied within a range of -18bps to +7bps on the day, with 28 falls and 15 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -30bps), NAB Capital Notes 3 (NABPF, -30bps) and Judo Capital Notes (JDOPA, -24bps) 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% | 7.26% | 0.48% | 100.55 | 8.24% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 3.43% | -0.94% | 100.91 | 8.10% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.79% | 0.31% | 101.40 | 8.11% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.71% | -2.65% | 100.55 | 8.12% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.02% | -0.36% | 103.43 | 8.24% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.51% | -0.02% | 102.76 | 8.08% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.25% | -0.15% | 102.99 | 7.69% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.68% | 0.13% | 102.86 | 7.49% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.77% | -0.30% | 105.19 | 8.58% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.46% | 0.04% | 105.91 | 8.70% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.46% | 0.20% | 105.68 | 8.68% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.89% | 0.02% | 105.16 | 8.10% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.88% | -0.30% | 103.15 | 7.28% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.87% | -0.11% | 105.90 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.85% | -0.20% | 103.00 | 7.05% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.97% | -0.14% | 96.00 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.73% | -0.17% | 105.15 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.80% | 0.03% | 104.14 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.27% | -0.01% | 103.81 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.11% | -0.09% | 105.69 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.22% | -0.01% | 102.90 | 7.19% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.11% | -0.09% | 105.30 | 7.61% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.87% | 0.01% | 104.50 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.17% | -0.18% | 103.43 | 7.11% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.41% | 0.18% | 102.76 | 7.21% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.33% | 0.09% | 104.80 | 7.54% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.30% | 0.05% | 103.40 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.71% | 0.00% | 103.78 | 7.63% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.84% | -0.24% | 111.90 | 9.97% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.27% | -0.09% | 102.60 | 7.01% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | -0.30% | 105.50 | 7.73% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.37% | 0.00% | 102.70 | 7.07% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.72% | -0.06% | 104.23 | 7.68% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.44% | -0.15% | 106.32 | 7.73% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.51% | 0.06% | 103.85 | 7.38% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.27% | 0.05% | 103.70 | 7.14% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.52% | -0.07% | 102.05 | 7.10% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.17% | -0.13% | 104.99 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.50% | -0.02% | 102.65 | 7.12% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.00% | -0.03% | 102.30 | 7.54% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.02% | -0.05% | 101.91 | 7.54% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.62% | -0.11% | 102.49 | 7.21% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.62% | -0.06% | 103.70 | 7.33% |
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% | 5.06% | 0.05% | 90.80 | 9.51% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.60% | 0.04% | 105.76 | 9.05% |
** “Clean” running yield. Includes franking credits if present.