Summary: Margins again lower on average; falls outweigh rises by over 5:1; margins of CBAPG, BENPG, WBCPI largest movers over week; BBSW down 5bps.
Click here for the latest daily trading margins, running yields and charts.
The median margin of ASX-listed hybrids to BBSW again finished the week lower as the number of securities with tighter spreads to BBSW outweighed securities with wider spreads by a ratio of over 5:1. At the end of the week, the median trading margin was 2.65%, down 24bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -47bps to -2bps. Ignoring short-dated securities, the margins of Commonwealth PERLS 10 (CBAPG, -90bps), Bendigo CPS4 (BENPG, -53bps) and Westpac Capital Notes 6 (WBCPI, -48bps) had the largest (absolute) changes over the week.
3-month BBSW finished the week 5bps lower at 3.06%. 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** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPD | PERLS 7 | 15-Dec-22 | 2.80% | 6.77% | 1.44% | 100.20 | 5.86% |
| ANZ | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | -0.14% | 1.71% | 102.10 | 7.01% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 2.08% | -0.27% | 101.35 | 7.37% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 1.79% | -0.11% | 102.85 | 7.64% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 0.97% | -1.15% | 106.30 | 7.41% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 0.72% | -1.15% | 105.50 | 6.49% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.34% | -0.27% | 102.00 | 6.66% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.10% | 0.51% | 102.10 | 6.55% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.89% | -0.36% | 104.30 | 6.56% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.28% | -0.25% | 102.79 | 6.64% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.06% | 0.35% | 105.04 | 6.80% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.82% | -0.15% | 105.66 | 6.58% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.60% | -0.59% | 105.36 | 6.21% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.84% | -0.56% | 104.79 | 6.04% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.29% | 0.07% | 105.00 | 7.31% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.02% | -0.44% | 107.00 | 7.23% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.55% | -0.27% | 103.53 | 7.41% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.44% | -0.31% | 106.35 | 6.73% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.34% | -0.26% | 102.00 | 5.92% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.35% | -0.04% | 105.80 | 6.80% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.51% | -0.38% | 102.25 | 5.75% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.93% | 0.07% | 95.01 | 8.28% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.67% | -0.34% | 104.10 | 6.28% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.61% | -0.20% | 102.96 | 5.96% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.09% | -0.38% | 103.20 | 6.67% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.27% | -0.18% | 103.70 | 6.71% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.70% | -0.20% | 100.90 | 5.89% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.84% | -0.16% | 104.29 | 6.37% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.76% | -0.20% | 102.55 | 5.98% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.68% | -0.17% | 101.00 | 5.84% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 3.07% | -0.24% | 99.46 | 5.98% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.83% | -0.13% | 104.15 | 6.28% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.91% | -0.07% | 100.30 | 5.94% |
| Bank of Qld | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.44% | 0.01% | 100.50 | 6.44% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.79% | -0.15% | 101.14 | 5.76% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.82% | -0.20% | 101.30 | 5.80% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.05% | -0.14% | 103.48 | 6.52% |
| Nat. Aust. Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.86% | -0.15% | 103.10 | 6.09% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.76% | -0.24% | 102.30 | 5.89% |
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% | 5.22% | -0.04% | 89.95 | 8.28% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 5.02% | -0.04% | 104.02 | 8.08% |
** “Clean” running yield. Includes franking credits if present.