Margins mostly varied within a range of -22bps to +10bps on the day, with 26 falls and 17 rises. Ignoring short-dated securities, the margins of Latitude Capital Capital Notes (LFSPA, -57bps), Macquarie Capital Notes 4 (MQGPD, -53bps), Bendigo Capital Notes (BENPH, -31bps) and Westpac Capital Notes 5 (WBCPH, -24bps) 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 | 100.30 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.29% | -1.16% | 100.44 | 8.10% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -1.10% | 1.68% | 101.39 | 7.92% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.77% | 0.36% | 101.06 | 7.99% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | -0.49% | -1.86% | 102.70 | 7.97% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.38% | 0.48% | 102.99 | 8.13% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.24% | 0.14% | 102.76 | 7.95% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.33% | -0.14% | 102.59 | 7.58% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.51% | -0.24% | 102.75 | 7.36% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.52% | -0.08% | 105.25 | 8.44% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.85% | -0.10% | 105.00 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.82% | -0.05% | 104.58 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.85% | -0.12% | 104.85 | 7.99% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.11% | 0.19% | 102.32 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.36% | -0.53% | 106.72 | 8.00% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.73% | -0.24% | 102.90 | 6.92% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.81% | -0.57% | 96.10 | 9.64% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.98% | -0.02% | 104.15 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.04% | 0.01% | 103.18 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.63% | -0.14% | 104.48 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.34% | -0.31% | 104.69 | 7.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.27% | -0.07% | 102.42 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.14% | -0.03% | 104.83 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.64% | -0.08% | 104.97 | 7.01% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.27% | -0.12% | 102.71 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | 0.02% | 102.75 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.17% | 0.09% | 105.00 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.36% | -0.05% | 102.85 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.74% | 0.10% | 103.27 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.37% | -0.10% | 109.49 | 10.04% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.43% | 0.00% | 101.70 | 6.94% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.87% | -0.12% | 104.11 | 7.69% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.46% | -0.05% | 102.00 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.95% | -0.02% | 103.00 | 7.64% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.64% | 0.19% | 105.17 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.37% | 0.05% | 104.00 | 7.23% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.46% | 0.09% | 102.55 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.60% | 0.03% | 101.40 | 7.01% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.45% | -0.03% | 103.35 | 7.14% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.64% | 0.02% | 101.61 | 7.06% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.99% | 0.04% | 101.90 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.11% | -0.01% | 101.18 | 7.47% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.70% | 0.00% | 101.80 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.66% | -0.01% | 103.09 | 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% | 4.95% | 0.03% | 90.31 | 9.30% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.49% | -0.03% | 105.60 | 8.83% |
** “Clean” running yield. Includes franking credits if present.