Margins of the majority of hybrids varied within a range of -7bps to +13bps on the day. Ignoring short-dated securities, the margins of Bendigo Capital Notes (BENPH, +29bps), Commonwealth Bank PERLS 13 (CBAPJ, +22bps) and Bank of Queensland Capital Notes 2 (BOQPF, +20bps) 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 | 100.01 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 3.24% | -1.15% | 100.29 | 8.09% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 0.25% | 0.05% | 100.90 | 7.93% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.84% | 0.10% | 100.75 | 8.00% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 0.82% | -0.45% | 101.98 | 8.00% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.94% | -0.01% | 102.40 | 8.16% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.85% | -0.03% | 102.95 | 7.92% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.35% | 0.05% | 102.31 | 7.59% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.67% | -0.17% | 102.25 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.51% | 0.07% | 103.40 | 8.56% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.91% | 0.09% | 104.65 | 8.65% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.69% | 0.04% | 104.50 | 8.61% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.02% | 0.09% | 104.20 | 8.02% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.10% | 0.08% | 102.03 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.08% | 0.01% | 104.90 | 8.12% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.32% | 0.22% | 101.30 | 7.02% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.16% | -0.07% | 93.06 | 9.92% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.16% | 0.05% | 103.38 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.15% | 0.08% | 102.60 | 7.17% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.80% | 0.20% | 103.70 | 7.92% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.79% | 0.29% | 103.15 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.47% | -0.10% | 101.60 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.31% | -0.02% | 103.99 | 7.55% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.35% | 0.16% | 102.43 | 7.18% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.48% | -0.01% | 101.70 | 7.09% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.61% | -0.03% | 101.39 | 7.16% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.47% | 0.12% | 103.59 | 7.48% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.66% | 0.03% | 101.50 | 7.16% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.08% | -0.05% | 101.72 | 7.63% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.24% | 0.01% | 109.50 | 10.00% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.62% | -0.01% | 100.74 | 7.00% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.81% | -0.08% | 103.52 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.57% | -0.03% | 101.26 | 7.02% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.96% | 0.00% | 102.68 | 7.65% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.62% | -0.02% | 104.98 | 7.68% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.64% | 0.08% | 102.59 | 7.32% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.64% | 0.02% | 101.50 | 7.14% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.77% | -0.06% | 100.44 | 7.07% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.72% | -0.03% | 101.88 | 7.22% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.63% | -0.11% | 101.34 | 7.06% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.83% | 0.00% | 101.91 | 7.31% |
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.