Margins mostly varied within a range of -10bps to +12bps on the day, with 19 falls and 24 rises. Ignoring short-dated securities, the margins of Latitude Capital Capital Notes (LFSPA, -136bps) and AMP Capital Notes 2 (AMPPB, +41bps) 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 | 100.37 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 6.14% | 1.84% | 100.13 | 8.14% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -0.87% | 0.24% | 101.35 | 7.93% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.85% | 0.08% | 101.05 | 8.00% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.88% | 2.37% | 101.85 | 8.05% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 1.10% | 0.72% | 102.50 | 8.19% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.22% | -0.02% | 102.79 | 7.96% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.33% | 0.01% | 102.60 | 7.59% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.54% | 0.03% | 102.72 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.93% | 0.41% | 104.62 | 8.50% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.80% | -0.05% | 105.10 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.86% | 0.04% | 104.52 | 8.65% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.78% | -0.07% | 105.00 | 7.99% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.10% | -0.01% | 102.36 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.60% | 0.24% | 106.20 | 8.05% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.69% | -0.04% | 103.00 | 6.93% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.45% | -1.36% | 98.75 | 9.39% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.88% | -0.11% | 104.44 | 7.45% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.19% | 0.16% | 102.80 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.65% | 0.02% | 104.46 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | 0.01% | 104.68 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | -0.03% | 102.52 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.17% | 0.03% | 104.77 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.83% | 0.20% | 104.35 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.20% | -0.07% | 102.95 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.30% | 0.01% | 102.75 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.17% | 0.01% | 105.00 | 7.41% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.32% | -0.04% | 103.00 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.75% | 0.01% | 103.25 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.38% | 0.00% | 109.50 | 10.05% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.46% | 0.03% | 101.60 | 6.96% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | -0.20% | 104.90 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.37% | -0.09% | 102.36 | 6.97% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.93% | -0.02% | 103.10 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.61% | -0.03% | 105.30 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.47% | 0.10% | 103.60 | 7.27% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.48% | 0.02% | 102.50 | 7.10% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.53% | -0.07% | 101.70 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.35% | -0.10% | 103.80 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.60% | -0.05% | 101.84 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.97% | -0.01% | 101.99 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.13% | 0.02% | 101.10 | 7.49% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.69% | -0.01% | 101.85 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.68% | 0.02% | 103.00 | 7.26% |
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% | 4.94% | -0.02% | 90.50 | 9.29% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.47% | -0.02% | 105.90 | 8.82% |
** “Clean” running yield. Includes franking credits if present.