Margins mostly varied within a range of -10bps to +18bps on the day, with 14 falls and 29 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 7 (WBCPJ, -36bps), Bendigo Capital Notes (BENPH, +32bps) and AMP Capital Notes 2 (AMPPB, +23bps) 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 | 100.45 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 5.83% | 0.07% | 100.43 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.09% | 0.18% | 100.91 | 7.97% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.95% | 0.43% | 101.17 | 8.00% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.03% | 2.31% | 101.95 | 8.04% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.43% | 0.01% | 103.05 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.16% | -0.35% | 102.95 | 7.94% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.69% | 0.00% | 102.40 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.78% | 0.16% | 102.54 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.10% | 0.23% | 104.50 | 8.51% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.84% | -0.12% | 105.16 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.47% | -0.18% | 105.45 | 8.58% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.46% | -0.02% | 105.79 | 7.93% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.85% | 0.17% | 103.01 | 7.17% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.95% | 0.24% | 105.57 | 8.09% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.51% | -0.16% | 103.55 | 6.89% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.50% | 0.09% | 98.90 | 9.38% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.62% | -0.36% | 105.23 | 7.39% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.73% | 0.05% | 104.13 | 7.09% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.50% | 0.17% | 105.01 | 7.85% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.52% | 0.32% | 104.41 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.05% | -0.17% | 103.19 | 7.05% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.06% | 0.13% | 105.25 | 7.49% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.82% | 0.01% | 104.51 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.12% | 0.11% | 103.40 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.28% | 0.17% | 102.97 | 7.07% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.06% | 0.14% | 105.56 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.41% | 0.12% | 102.82 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.62% | 0.02% | 103.90 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.37% | 0.07% | 109.75 | 10.04% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.28% | 0.10% | 102.40 | 6.90% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.90% | 0.15% | 104.21 | 7.70% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.12% | -0.13% | 103.48 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.80% | 0.12% | 103.76 | 7.60% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.48% | -0.01% | 106.00 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.39% | -0.07% | 104.10 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.39% | 0.21% | 103.01 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.49% | 0.04% | 102.00 | 6.98% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.40% | 0.01% | 103.75 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.38% | -0.09% | 102.99 | 6.97% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.05% | -0.02% | 101.85 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.15% | 0.02% | 101.16 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.68% | 0.01% | 102.04 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.61% | -0.03% | 103.54 | 7.22% |
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% | 4.88% | -0.02% | 91.75 | 9.22% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.51% | 0.10% | 106.06 | 8.86% |
** “Clean” running yield. Includes franking credits if present.