Margins mostly varied within a range of -14bps to +26bps on the day, with 15 falls and 28 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +90bps), Macquarie Capital Notes 4 (MQGPD, +46bps) and AMP Capital Notes 2 (AMPPB, -43bps) 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 | 100.28 | 8.05% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 5.53% | 0.14% | 100.16 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -3.53% | -2.95% | 101.90 | 7.87% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.66% | 0.08% | 101.06 | 7.98% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.52% | 0.30% | 102.30 | 7.99% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.76% | 1.07% | 102.70 | 8.15% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.38% | 0.04% | 102.61 | 7.95% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.35% | 0.07% | 102.54 | 7.58% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.99% | 0.26% | 102.06 | 7.41% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.66% | -0.43% | 104.99 | 8.45% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.89% | 0.03% | 104.90 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.79% | -0.09% | 104.60 | 8.62% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.96% | 0.02% | 104.60 | 8.00% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.03% | -0.09% | 102.44 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.85% | 0.46% | 105.62 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.05% | 0.30% | 102.16 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.42% | 0.90% | 94.89 | 9.75% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.12% | 0.01% | 103.78 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.26% | 0.08% | 102.56 | 7.18% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.75% | 0.10% | 104.13 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.62% | -0.03% | 103.89 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.34% | 0.11% | 102.20 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.30% | 0.03% | 104.30 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.74% | -0.10% | 104.60 | 7.03% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.46% | 0.11% | 102.05 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.34% | 0.00% | 102.55 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.28% | 0.01% | 104.55 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.31% | -0.08% | 103.00 | 7.06% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.73% | -0.01% | 103.25 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.50% | -0.05% | 109.00 | 10.07% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.55% | 0.04% | 101.23 | 6.97% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.00% | 0.26% | 103.60 | 7.72% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.55% | 0.11% | 101.60 | 7.00% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.74% | -0.04% | 103.78 | 7.58% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.72% | 0.19% | 104.81 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.42% | -0.03% | 103.76 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.34% | -0.04% | 103.00 | 7.05% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.56% | 0.00% | 101.53 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.50% | 0.12% | 103.10 | 7.15% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.70% | 0.07% | 101.30 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.96% | -0.08% | 101.97 | 7.41% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.11% | 0.01% | 101.14 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.73% | 0.04% | 101.60 | 7.14% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.69% | 0.00% | 102.88 | 7.25% |
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% | 4.92% | -0.02% | 94.70 | 9.26% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.52% | -0.04% | 105.20 | 8.86% |
** “Clean” running yield. Includes franking credits if present.