Summary: Margins noticeably higher on average; rises outweigh falls by 4:1; margins of WBCPI, CBAPH, SUNPG largest movers over week; 3-month BBSW unchanged.
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The median margin of ASX-listed hybrids to BBSW finished the week noticeably higher for a second consecutive week as the number of securities with wider spreads to BBSW outweighed securities with narrower spreads by a ratio of nearly 4:1. At the end of the week, the median trading margin was 2.73%, up 17bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -11bps to +41bps. Ignoring short-dated securities, the margins of Westpac Capital Notes 6 (WBCPI, +93bps), Commonwealth Bank PERLS 11 (CBAPH, -73bps) and Suncorp Capital Notes (SUNPG, +62bps) had the largest (absolute) changes over the week.
ANZ announced plans to issue a new ASX-listed hybrid on Wednesday. The indicative margin is between 275bps and 300bps and the call date will be in March 2030. ANZ Capital Notes 3 (AN3PF) will be redeemed on 24 March.
3-month BBSW finished the week unchanged at 3.47%. 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 | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | 13.05% | 10.33% | 101.98 | 7.50% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 1.43% | -0.04% | 100.70 | 7.81% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | -2.44% | -0.26% | 102.45 | 7.98% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 2.06% | 0.25% | 104.15 | 7.95% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 1.32% | -0.73% | 104.02 | 6.98% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.54% | 0.30% | 102.88 | 7.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.32% | 0.62% | 102.92 | 7.00% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.54% | 0.93% | 102.83 | 7.05% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.52% | 0.34% | 101.90 | 7.09% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.19% | 0.13% | 104.27 | 7.24% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 2.35% | 0.27% | 104.05 | 7.07% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.06% | -0.02% | 103.93 | 6.69% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.50% | 0.26% | 102.81 | 6.56% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.68% | 0.51% | 103.60 | 7.80% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.62% | 0.31% | 106.42 | 7.76% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.26% | -0.23% | 103.75 | 7.77% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.52% | 0.30% | 105.61 | 7.16% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.68% | 0.12% | 102.18 | 6.40% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.76% | 0.32% | 105.55 | 7.30% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.43% | 0.09% | 102.29 | 6.15% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.24% | 0.02% | 94.25 | 8.77% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.66% | 0.10% | 103.80 | 6.69% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.58% | 0.14% | 102.80 | 6.36% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.90% | 0.01% | 103.43 | 7.03% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.21% | 0.24% | 103.61 | 7.10% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.84% | 0.15% | 101.42 | 6.34% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.76% | 0.16% | 104.26 | 6.76% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.76% | 0.20% | 102.32 | 6.39% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.74% | 0.20% | 102.21 | 6.27% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.93% | 0.06% | 101.30 | 6.35% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.78% | 0.10% | 104.05 | 6.67% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.71% | -0.10% | 101.00 | 6.29% |
| Bank of Qld | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.32% | 0.10% | 102.50 | 6.82% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.86% | 0.14% | 100.65 | 6.19% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.83% | 0.09% | 101.10 | 6.22% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.24% | -0.06% | 102.68 | 6.86% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.03% | 0.00% | 104.71 | 6.92% |
| Nat. Aust. Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.73% | 0.11% | 103.49 | 6.47% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.78% | 0.13% | 101.99 | 6.31% |
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% | 4.99% | 0.14% | 93.00 | 8.46% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.95% | 0.05% | 105.90 | 8.42% |
** “Clean” running yield. Includes franking credits if present.