Summary: Margins lower on average; falls outweigh rises by 7:3; margins of WBCPI, CBAPG largest movers over week; 3-month BBSW up 9bps.
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The median margin of ASX-listed hybrids to BBSW finished the week lower as the number of securities with narrower spreads to BBSW outweighed securities with wider spreads by a ratio of about 7:3. At the end of the week, the median trading margin was 3.01%, down 9bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -45bps to +13bps. Ignoring short-dated securities, the margins of Westpac Capital Notes 6 (WBCPI, -107bps) and Commonwealth Bank PERLS 10 (CBAPG, -63bps) had the largest (absolute) changes over the week.
Commonwealth Bank PERLS 16 (CBAPM) began trading on Tuesday at a modest premium. Insurance Australia Capital Notes (IAGPD) were redeemed on 15 June.
3-month BBSW finished the week 9bps higher at 4.30%. Add the trading margin from the above chart or from the tables to this figure for an estimate of the gross return per annum in the absence of BBSW rate changes. The gross return may contain imputation credits. BBSW typically is around 15bps (average since 1990) more than the RBA rate.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group | AN3PG | Capital Notes 4 | 20-Mar-24 | 4.70% | 2.30% | 0.28% | 101.80 | 8.77% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 2.38% | -0.52% | 101.23 | 7.84% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 1.63% | -1.14% | 102.20 | 7.82% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.47% | -0.07% | 101.20 | 7.79% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.07% | -1.07% | 101.81 | 7.79% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.68% | -0.35% | 100.91 | 7.97% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.63% | -0.26% | 102.11 | 8.07% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 2.55% | -0.25% | 102.13 | 7.86% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.25% | -0.63% | 102.13 | 7.48% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.72% | -0.33% | 101.10 | 7.35% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.41% | 0.17% | 102.66 | 8.51% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.86% | 0.08% | 104.19 | 8.57% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.25% | -0.05% | 104.15 | 8.52% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.82% | -0.31% | 103.25 | 7.97% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 3.02% | -0.20% | 100.22 | 7.22% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 3.00% | 0.02% | 103.50 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.91% | 0.04% | 99.91 | 6.99% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 11.14% | -0.37% | 87.01 | 10.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.93% | -0.22% | 101.69 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.91% | -0.18% | 100.67 | 7.19% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.62% | 0.03% | 101.70 | 7.95% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.44% | -0.08% | 101.60 | 7.91% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 3.01% | -0.01% | 100.00 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 3.05% | -0.10% | 101.97 | 7.58% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.87% | -0.22% | 100.86 | 7.17% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 3.05% | -0.03% | 99.75 | 7.11% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 3.25% | -0.17% | 99.15 | 7.19% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.01% | -0.16% | 101.90 | 7.49% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 3.06% | 0.03% | 100.00 | 7.15% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.54% | -0.23% | 100.03 | 7.64% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.99% | -0.15% | 99.24 | 6.98% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.55% | -0.07% | 100.82 | 7.77% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 3.16% | 0.01% | 98.81 | 7.07% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.41% | -0.09% | 101.00 | 7.66% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.12% | -0.16% | 103.15 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.97% | -0.07% | 101.28 | 7.29% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.08% | 0.21% | 99.70 | 7.15% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 3.18% | 0.07% | 98.55 | 7.08% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 3.11% | 0.11% | 100.20 | 7.23% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.11% | -0.06% | 91.60 | 9.34% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.93% | 0.05% | 103.85 | 9.16% |
** “Clean” running yield. Includes franking credits if present.