Margins mostly varied within a range of -13bps to +14bps on the day, with 16 falls and 27 rises. Ignoring short-dated securities, the margins of Macquarie Capital Notes 4 (MQGPD, -42bps), Latitude Capital Notes (LFSPA, +31bps) and ANZ Bank Capital Notes 6 (AN3PI, -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 | 100.26 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 5.39% | 0.59% | 100.16 | 8.12% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -0.57% | 1.08% | 101.25 | 7.92% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.59% | 0.84% | 101.07 | 7.99% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.22% | 0.16% | 102.40 | 7.99% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.31% | 0.91% | 103.45 | 8.09% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.33% | 0.81% | 102.64 | 7.95% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.28% | -0.11% | 102.59 | 7.58% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.73% | 0.13% | 102.40 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.09% | 0.05% | 104.30 | 8.51% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.86% | 0.13% | 104.94 | 8.64% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.88% | 0.05% | 104.41 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.93% | 0.11% | 104.63 | 8.00% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.12% | 0.05% | 102.25 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.39% | -0.42% | 106.60 | 8.00% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.75% | -0.16% | 102.80 | 6.92% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.53% | 0.31% | 96.55 | 9.58% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.10% | -0.05% | 103.79 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.18% | 0.01% | 102.75 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.65% | 0.02% | 104.36 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.65% | 0.15% | 103.80 | 7.88% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.22% | -0.06% | 102.51 | 7.08% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.27% | -0.02% | 104.38 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.84% | -0.24% | 104.26 | 7.06% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.35% | 0.08% | 102.40 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.34% | 0.02% | 102.53 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.28% | 0.19% | 104.55 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.39% | -0.02% | 102.70 | 7.08% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.74% | -0.01% | 103.20 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.55% | -0.02% | 108.80 | 10.09% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.51% | 0.06% | 101.37 | 6.96% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.74% | 0.20% | 104.55 | 7.66% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.44% | -0.01% | 102.00 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.78% | 0.16% | 103.60 | 7.60% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.53% | 0.01% | 105.55 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.45% | 0.04% | 103.60 | 7.26% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.38% | -0.10% | 102.81 | 7.06% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.57% | -0.09% | 101.50 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.38% | -0.17% | 103.60 | 7.11% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.63% | -0.05% | 101.60 | 7.05% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.04% | 0.00% | 101.59 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.10% | 0.01% | 101.19 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.69% | 0.00% | 101.77 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.69% | 0.01% | 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% | 4.94% | 0.05% | 94.35 | 9.28% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.55% | 0.08% | 104.55 | 8.90% |
** “Clean” running yield. Includes franking credits if present.