Margins mostly varied within a range of -17bps to +3bps on the day, with 29 falls and 11 rises. Ignoring short-dated securities, the margins of AMP Capital Notes 2 (AMPPB, -31bps) and Macquarie Bank Capital Notes 2 (MBLPC, -23bps) 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 | 100.04 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.26% | 0.06% | 100.10 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 0.35% | 0.37% | 100.90 | 7.93% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 0.86% | -1.00% | 101.14 | 7.97% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.31% | 0.16% | 101.81 | 8.02% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.16% | -0.15% | 103.00 | 8.12% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.02% | 0.05% | 102.80 | 7.93% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.24% | -0.11% | 102.45 | 7.58% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.53% | -0.20% | 102.47 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.09% | -0.31% | 104.10 | 8.51% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.95% | -0.23% | 104.61 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.76% | 0.12% | 104.41 | 8.62% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.86% | -0.11% | 104.56 | 7.99% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.00% | -0.08% | 102.26 | 7.19% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.05% | -0.11% | 105.00 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.20% | -0.04% | 101.61 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.47% | 0.07% | 94.40 | 9.78% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.21% | -0.03% | 103.30 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.06% | 0.01% | 102.85 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.67% | -0.21% | 104.08 | 7.89% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.58% | -0.20% | 103.74 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.44% | -0.11% | 101.70 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.32% | 0.00% | 104.01 | 7.55% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.34% | -0.03% | 102.50 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.35% | -0.20% | 102.19 | 7.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.56% | 0.01% | 101.59 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.34% | -0.22% | 104.10 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.59% | -0.12% | 101.78 | 7.14% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.00% | -0.09% | 102.05 | 7.60% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.40% | 0.01% | 109.00 | 10.05% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.65% | -0.04% | 100.65 | 7.01% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.82% | 0.00% | 103.50 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.58% | -0.01% | 101.24 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.98% | -0.02% | 102.61 | 7.66% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.67% | 0.05% | 104.80 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.54% | -0.08% | 103.00 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.50% | -0.11% | 102.11 | 7.10% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.77% | -0.05% | 100.44 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.73% | -0.01% | 101.84 | 7.23% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.75% | 0.00% | 100.86 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.74% | -0.08% | 102.40 | 7.27% |
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% | 93.80 | 9.30% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.71% | -0.01% | 107.01 | 9.06% |
** “Clean” running yield. Includes franking credits if present.