Margins mostly varied within a range of -15bps to +15bps on the day. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -76bps) and Macquarie Bank Capital Notes 2 (MBLPC, +27bps) 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 | 100.00 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.20% | 0.96% | 100.09 | 8.10% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -0.02% | -0.27% | 100.98 | 7.92% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.86% | 0.02% | 100.76 | 7.99% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.15% | 0.33% | 101.86 | 8.01% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.31% | -0.63% | 102.88 | 8.12% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.97% | 0.12% | 102.84 | 7.92% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.35% | 0.01% | 102.32 | 7.58% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.73% | 0.07% | 102.17 | 7.39% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.40% | -0.11% | 103.59 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.18% | 0.27% | 104.23 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.65% | -0.05% | 104.61 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.96% | -0.06% | 104.33 | 8.01% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.09% | -0.02% | 102.08 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.15% | 0.08% | 104.75 | 8.13% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.23% | -0.09% | 101.51 | 7.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.40% | -0.76% | 94.50 | 9.76% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.24% | 0.07% | 103.21 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.05% | -0.10% | 102.87 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.88% | 0.08% | 103.52 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.78% | -0.01% | 103.20 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.55% | 0.08% | 101.38 | 7.15% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.31% | 0.00% | 104.00 | 7.55% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.37% | 0.01% | 102.40 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.54% | 0.06% | 101.52 | 7.10% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.55% | -0.06% | 101.60 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.56% | 0.09% | 103.31 | 7.50% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.71% | 0.05% | 101.35 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.09% | 0.01% | 101.71 | 7.63% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.39% | 0.15% | 109.00 | 10.04% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.69% | 0.07% | 100.48 | 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% | 2.59% | 0.02% | 101.20 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.00% | 0.04% | 102.53 | 7.66% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.62% | 0.00% | 104.99 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.63% | -0.01% | 102.65 | 7.31% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.61% | -0.03% | 101.64 | 7.13% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.83% | 0.06% | 100.21 | 7.08% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.74% | 0.03% | 101.79 | 7.23% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.75% | 0.12% | 100.83 | 7.09% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.81% | -0.02% | 102.01 | 7.30% |
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% | -0.11% | 93.70 | 9.31% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.66% | 0.00% | 107.50 | 9.02% |
** “Clean” running yield. Includes franking credits if present.