Margins mostly varied within a range of -17bps to +13bps on the day, with 22 falls and 21 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -51bps), Westpac Capital Notes 7 (WBCPJ, +34bps), Latitude Capital Notes (LFSPA, -29bps), Bank of Queensland Capital Notes 2 (BOQPF, +26bps) and Bendigo Capital Notes (BENPH, -26bps) 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 | 100.33 | 8.07% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 5.76% | 1.00% | 100.36 | 8.12% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 1.91% | 2.28% | 100.89 | 7.97% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.52% | -0.37% | 101.25 | 7.99% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -0.28% | -0.25% | 102.70 | 7.98% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.42% | 0.70% | 103.03 | 8.14% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.50% | 0.18% | 102.60 | 7.97% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.69% | 0.17% | 102.35 | 7.61% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.63% | 0.06% | 102.70 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.88% | -0.51% | 104.80 | 8.49% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.96% | 0.12% | 104.93 | 8.66% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.65% | -0.03% | 105.05 | 8.61% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.49% | -0.12% | 105.69 | 7.94% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.68% | -0.23% | 103.28 | 7.15% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.71% | 0.03% | 106.04 | 8.06% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.67% | 0.08% | 103.15 | 6.91% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.41% | -0.29% | 99.00 | 9.37% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.99% | 0.34% | 104.26 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.69% | -0.06% | 104.20 | 7.09% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.33% | -0.26% | 105.40 | 7.82% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.20% | 0.26% | 105.20 | 7.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.23% | -0.02% | 102.65 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.93% | -0.07% | 105.60 | 7.47% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.81% | 0.00% | 104.50 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.01% | -0.05% | 103.70 | 6.97% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.12% | -0.06% | 103.47 | 7.04% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.92% | -0.01% | 106.00 | 7.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.29% | -0.11% | 103.20 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.60% | -0.02% | 103.90 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.31% | -0.08% | 109.90 | 10.02% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.18% | -0.14% | 102.73 | 6.88% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.75% | 0.06% | 104.72 | 7.66% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.25% | 0.02% | 102.91 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.67% | -0.07% | 104.18 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.49% | 0.03% | 105.90 | 7.64% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.46% | 0.06% | 103.78 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.18% | -0.03% | 103.81 | 7.01% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.45% | -0.05% | 102.14 | 6.97% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.39% | 0.06% | 103.75 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.47% | 0.01% | 102.51 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.07% | 0.14% | 101.70 | 7.45% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.13% | 0.00% | 101.19 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.66% | -0.02% | 102.06 | 7.12% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.64% | 0.06% | 103.31 | 7.24% |
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% | 4.90% | 0.01% | 91.30 | 9.24% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.41% | -0.05% | 106.99 | 8.76% |
** “Clean” running yield. Includes franking credits if present.