Margins mostly varied within a range of -15bps to +7bps on the day, with 32 falls and 11 rises. Ignoring short-dated securities, the margins of Westpac Capital Notes 5 (WBCPH, +36bps), Bank of Queensland Capital Notes 2 (BOQPF, +31bps) and National Australia Bank Capital Notes 3 (NABPF, -21bps) 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 | 100.34 | 8.07% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.76% | -0.85% | 100.50 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -0.37% | 1.09% | 101.30 | 7.93% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.89% | -0.01% | 101.12 | 8.00% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -0.03% | -0.25% | 102.60 | 7.99% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.28% | 0.44% | 103.50 | 8.10% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.33% | 0.72% | 102.75 | 7.96% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.52% | -0.05% | 102.50 | 7.60% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.56% | 0.36% | 102.77 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.38% | 0.01% | 104.00 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.84% | 0.01% | 105.10 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.68% | -0.03% | 104.97 | 8.61% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.61% | -0.21% | 105.44 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.91% | -0.10% | 102.81 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.69% | -0.04% | 106.08 | 8.05% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.59% | -0.05% | 103.32 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.70% | -0.01% | 98.40 | 9.42% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.65% | -0.14% | 105.10 | 7.40% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.75% | -0.16% | 104.02 | 7.10% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.59% | 0.31% | 104.71 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 1.94% | -0.18% | 105.88 | 7.74% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.25% | -0.05% | 102.58 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.00% | -0.12% | 105.36 | 7.48% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.81% | -0.10% | 104.50 | 7.05% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.06% | -0.03% | 103.50 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.18% | -0.03% | 103.25 | 7.05% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.93% | -0.05% | 105.93 | 7.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.40% | -0.01% | 102.79 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.62% | -0.02% | 103.80 | 7.50% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.39% | -0.16% | 109.59 | 10.05% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.32% | -0.04% | 102.20 | 6.92% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.69% | 0.00% | 104.91 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.23% | -0.13% | 102.97 | 6.93% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.74% | -0.15% | 103.90 | 7.59% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.46% | -0.06% | 105.99 | 7.63% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.40% | 0.00% | 104.00 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.20% | -0.12% | 103.69 | 7.02% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.50% | -0.05% | 101.90 | 6.99% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.33% | -0.04% | 104.00 | 7.10% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.46% | -0.03% | 102.52 | 7.00% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.93% | 0.00% | 102.30 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.13% | -0.05% | 101.18 | 7.48% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.69% | 0.09% | 101.95 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.58% | -0.02% | 103.60 | 7.21% |
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% | 0.12% | 91.30 | 9.23% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.46% | -0.07% | 106.30 | 8.81% |
** “Clean” running yield. Includes franking credits if present.