Margins mostly varied within a range of -15bps to +18bps on the day, with 21 falls and 22 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +73bps), NAB Capital Notes 7 (NABPJ, +25bps), Bendigo Capital Notes (BENPH, +21bps), Macquarie Capital Notes 5 (MQGPE, +20bps) and Westpac Capital Notes 5 (WBCPH, -20bps) 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** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | n/m | n/m | 100.50 | 8.07% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 6.99% | 1.16% | 100.28 | 8.14% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.95% | 0.87% | 100.78 | 7.99% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.22% | 0.27% | 101.11 | 8.02% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.24% | 0.20% | 101.90 | 8.06% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.45% | 0.02% | 103.05 | 8.16% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.84% | -0.32% | 103.25 | 7.94% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.75% | 0.07% | 102.35 | 7.63% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.58% | -0.20% | 102.83 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.15% | 0.04% | 104.45 | 8.53% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.69% | -0.15% | 105.41 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.71% | 0.25% | 105.01 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.43% | -0.04% | 105.88 | 7.94% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.86% | 0.01% | 103.00 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.82% | -0.13% | 105.87 | 8.09% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.47% | -0.04% | 103.65 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.23% | 0.73% | 97.53 | 9.53% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.64% | 0.02% | 105.20 | 7.41% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.71% | -0.02% | 104.20 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.38% | -0.12% | 105.34 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.31% | -0.21% | 104.98 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.25% | 0.20% | 102.64 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.09% | 0.02% | 105.20 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.62% | -0.21% | 105.19 | 7.02% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.10% | -0.02% | 103.48 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.16% | -0.13% | 103.41 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.01% | -0.05% | 105.76 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.37% | -0.04% | 102.99 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.59% | -0.02% | 104.00 | 7.51% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.45% | 0.08% | 109.50 | 10.08% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.27% | -0.01% | 102.45 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.88% | -0.02% | 104.30 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.25% | 0.13% | 103.00 | 6.94% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.70% | -0.09% | 104.13 | 7.59% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.63% | 0.15% | 105.40 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.33% | -0.06% | 104.35 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.42% | 0.03% | 102.90 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.47% | -0.02% | 102.10 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | -0.05% | 103.99 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.62% | 0.25% | 101.90 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.05% | 0.01% | 101.85 | 7.46% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.18% | 0.02% | 101.07 | 7.50% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.77% | 0.09% | 101.65 | 7.17% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.70% | 0.09% | 103.10 | 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% | 4.87% | -0.01% | 91.80 | 9.22% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.46% | -0.05% | 106.58 | 8.82% |
** “Clean” running yield. Includes franking credits if present.