Margins mostly varied within a range of -9bps to +9bps on the day, with 20 falls and 23 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +103bps) and AMP Capital Notes (AMPPB, +45bps) 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 | 8.05% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.80% | 0.12% | 100.15 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -1.65% | -1.82% | 101.45 | 7.90% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 0.74% | 0.21% | 101.28 | 7.96% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.06% | 0.79% | 102.40 | 7.98% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -1.22% | -0.91% | 104.08 | 8.04% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.52% | -0.89% | 103.36 | 7.89% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.39% | 0.01% | 102.40 | 7.58% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.59% | 0.12% | 102.50 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.04% | 0.45% | 104.30 | 8.50% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.73% | -0.10% | 105.08 | 8.62% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.82% | 0.14% | 104.41 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.83% | -0.07% | 104.75 | 7.98% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.07% | -0.07% | 102.25 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.82% | -0.08% | 105.60 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.92% | 0.05% | 102.35 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.21% | 1.03% | 97.00 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.16% | 0.06% | 103.56 | 7.49% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.17% | -0.06% | 102.69 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.63% | 0.04% | 104.31 | 7.88% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.50% | 0.04% | 104.10 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.29% | 0.05% | 102.25 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.29% | 0.05% | 104.23 | 7.54% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.09% | -0.01% | 103.41 | 7.11% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.26% | -0.01% | 102.59 | 7.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.33% | -0.02% | 102.49 | 7.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.09% | 0.17% | 105.12 | 7.38% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.41% | 0.02% | 102.57 | 7.09% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.75% | 0.11% | 103.05 | 7.53% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.56% | 0.12% | 108.60 | 10.10% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.45% | 0.00% | 101.50 | 6.95% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.55% | -0.31% | 105.20 | 7.60% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.45% | -0.07% | 101.86 | 6.98% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.62% | -0.03% | 104.12 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.53% | 0.04% | 105.49 | 7.65% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.41% | -0.14% | 103.68 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.48% | -0.02% | 102.31 | 7.09% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.65% | 0.00% | 101.06 | 7.03% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.55% | 0.06% | 102.75 | 7.16% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.69% | -0.01% | 101.26 | 7.07% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.04% | 0.03% | 101.50 | 7.44% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.09% | 0.01% | 101.17 | 7.46% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.69% | 0.00% | 101.69 | 7.13% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.68% | -0.03% | 102.84 | 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% | 4.89% | 0.03% | 94.75 | 9.23% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.48% | -0.06% | 105.40 | 8.82% |
** “Clean” running yield. Includes franking credits if present.