Summary: Margins significantly higher on average; rises outweigh falls by 7:1; margins of MBLPC, BOQPH, CBAPH, MBLPD largest movers over week; 3-month BBSW up 5bps.
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The median margin of ASX-listed hybrids to BBSW finished the week significantly higher as the number of securities with wider spreads to BBSW outweighed securities with narrower spreads by a ratio of around 7:1. At the end of the week, the median trading margin was 2.81%, up 22bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -4bps to +48bps. Ignoring short-dated securities, the margins of Macquarie Bank Capital Notes 2 (MBLPC, +77bps), Bank of Queensland Capital Notes (BOQPH, +60bps), Commonwealth Bank PERLS 11 (CBAPH, +43bps) and Macquarie Bank Capital Notes 3 (MBLPD, +44bps) had the largest (absolute) changes over the week.
Note: ANZ hybrids now have new codes. The “ANZ” part of each code has been replaced by “AN3”.
3-month BBSW finished the week 5bps higher at 3.69%. 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** |
|---|---|---|---|---|---|---|---|---|
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 4.52% | 1.64% | 100.49 | 8.06% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 1.89% | 0.21% | 100.75 | 8.30% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 2.13% | 1.09% | 102.55 | 8.15% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 1.44% | 0.43% | 102.55 | 7.18% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.23% | -0.22% | 101.97 | 7.27% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.37% | -0.07% | 101.64 | 7.19% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.10% | 0.05% | 102.14 | 7.20% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.22% | 0.60% | 101.46 | 7.35% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.66% | 0.33% | 102.36 | 7.49% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 2.00% | -0.05% | 103.40 | 7.21% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.31% | 0.06% | 102.27 | 6.91% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.43% | 0.05% | 101.84 | 6.73% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.41% | -0.33% | 102.89 | 7.93% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.75% | 0.77% | 104.83 | 7.97% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.68% | 0.40% | 103.21 | 8.04% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.63% | 0.20% | 104.04 | 7.36% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.59% | 0.08% | 101.39 | 6.57% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.70% | 0.16% | 104.60 | 7.48% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.68% | 0.18% | 100.55 | 6.38% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.81% | 0.36% | 93.60 | 9.09% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.92% | 0.24% | 101.80 | 6.93% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.79% | 0.32% | 101.05 | 6.59% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.19% | 0.12% | 103.00 | 7.29% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.33% | 0.32% | 102.00 | 7.32% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.74% | 0.18% | 100.90 | 6.50% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 3.04% | 0.31% | 102.10 | 7.01% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.92% | 0.38% | 100.65 | 6.62% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.90% | 0.18% | 100.25 | 6.50% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.75% | -0.18% | 101.00 | 6.50% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.93% | 0.29% | 102.30 | 6.90% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.99% | 0.44% | 100.23 | 6.56% |
| Bank of Qld | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.41% | 0.30% | 100.50 | 7.03% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.78% | 0.12% | 100.06 | 6.35% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.83% | 0.17% | 100.12 | 6.41% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.34% | 0.03% | 101.27 | 7.07% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.19% | 0.23% | 102.93 | 7.16% |
| Nat. Aust. Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.93% | 0.23% | 101.50 | 6.71% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.87% | 0.23% | 100.56 | 6.52% |
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% | 4.77% | 0.00% | 94.00 | 8.43% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.76% | 0.00% | 105.75 | 8.42% |
** “Clean” running yield. Includes franking credits if present.