Margins mostly varied within a range of -7bps to +13bps on the day, with 11 falls and 30 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 4 (CGFPD, -21bps) and Judo Capital Notes (JDOPA, -20bps) had the largest 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** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 4.17% | 0.82% | 100.65 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.99% | 1.71% | 100.62 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.91% | -0.05% | 101.64 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.15% | 0.21% | 102.25 | 8.70% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.07% | 0.26% | 103.19 | 8.80% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.36% | 0.07% | 104.52 | 8.66% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.83% | 0.02% | 103.95 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.46% | -0.13% | 102.99 | 7.16% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.63% | 0.07% | 104.95 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.96% | 0.18% | 102.26 | 6.97% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.90% | 0.09% | 95.75 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.03% | 0.14% | 103.60 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.98% | 0.07% | 103.11 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.38% | 0.13% | 104.77 | 7.87% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.30% | -0.04% | 104.35 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.08% | 0.01% | 102.85 | 7.06% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.10% | 0.14% | 104.65 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.98% | 0.00% | 103.60 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.11% | 0.09% | 103.25 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.28% | 0.11% | 102.91 | 7.07% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.07% | 0.04% | 105.08 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.95% | -0.12% | 104.20 | 6.98% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.39% | 0.04% | 104.45 | 7.45% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.47% | -0.20% | 115.30 | 9.56% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.09% | -0.01% | 102.97 | 6.85% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.13% | -0.21% | 106.80 | 7.51% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.12% | 0.02% | 103.40 | 6.89% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.23% | -0.05% | 105.55 | 7.46% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | 0.05% | 107.15 | 7.54% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.12% | 0.02% | 105.00 | 7.17% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.09% | 0.02% | 104.06 | 6.98% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | -0.04% | 103.30 | 6.88% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.13% | 0.04% | 104.80 | 7.04% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | 0.02% | 103.12 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.13% | -0.01% | 104.07 | 6.89% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.32% | -0.08% | 105.21 | 7.21% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.44% | 0.00% | 104.46 | 7.24% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.10% | 0.01% | 104.61 | 6.94% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.10% | 0.05% | 105.95 | 7.05% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.36% | 0.06% | 102.64 | 6.83% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | 0.06% | 103.55 | 6.73% |
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% | 4.86% | 0.06% | 93.00 | 9.17% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.52% | 0.00% | 107.28 | 8.84% |
** “Clean” running yield. Includes franking credits if present.