Margins mostly varied within a range of -18bps to +10bps on the day, with 25 falls and 18 rises. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, +148bps), Challenger Capital Notes 3 (CGFPC, -32bps), Westpac Capital Notes 5 (WBCPH, -31bps) and Commonwealth Bank PERLS 12 (CBAPI, -29bps) 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** |
|---|---|---|---|---|---|---|---|---|
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 7.53% | 1.70% | 100.23 | 8.15% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 5.45% | 3.36% | 100.39 | 8.03% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.14% | 0.19% | 101.15 | 8.02% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.02% | -0.02% | 101.99 | 8.06% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 0.24% | -0.19% | 103.20 | 8.15% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.80% | -0.36% | 103.30 | 7.93% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.61% | -0.07% | 102.50 | 7.62% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.47% | -0.31% | 102.99 | 7.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.35% | 0.24% | 104.16 | 8.56% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.58% | -0.26% | 105.60 | 8.62% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.15% | -0.32% | 106.09 | 8.54% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.48% | 0.01% | 105.80 | 7.95% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.81% | -0.04% | 103.12 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.77% | -0.19% | 106.00 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.50% | -0.01% | 103.60 | 6.90% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.98% | 1.48% | 96.15 | 9.67% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.60% | -0.02% | 105.32 | 7.40% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.45% | -0.29% | 104.91 | 7.05% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.33% | -0.17% | 105.49 | 7.83% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.33% | -0.18% | 104.93 | 7.83% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.18% | 102.70 | 7.10% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.99% | -0.07% | 105.50 | 7.49% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.68% | -0.14% | 105.00 | 7.04% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.12% | 0.00% | 103.42 | 7.01% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.29% | 0.00% | 103.00 | 7.09% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.08% | 0.03% | 105.50 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.39% | -0.02% | 102.94 | 7.10% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | 0.10% | 103.57 | 7.54% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.39% | 0.01% | 109.75 | 10.06% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.26% | -0.02% | 102.50 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.89% | -0.02% | 104.31 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.30% | 0.18% | 102.80 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.74% | -0.05% | 104.00 | 7.60% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.64% | 0.17% | 105.36 | 7.69% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.36% | -0.03% | 104.25 | 7.24% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.21% | -0.18% | 103.77 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.50% | 0.01% | 102.00 | 7.00% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.36% | -0.05% | 104.00 | 7.12% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.57% | 0.19% | 102.18 | 7.04% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.97% | -0.08% | 102.25 | 7.43% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.14% | -0.01% | 101.22 | 7.49% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.72% | 0.04% | 101.88 | 7.15% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.67% | 0.07% | 103.25 | 7.26% |
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% | 4.92% | 0.04% | 91.50 | 9.27% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.46% | -0.06% | 106.89 | 8.81% |
** “Clean” running yield. Includes franking credits if present.