Summary: Margins lower on average; falls outweigh rises by 3:2; margins of MQGPC, CBAPH largest movers over week; BBSW down 3bps.
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The median margin to BBSW of ASX-listed hybrids finished the week lower as the number of securities with tighter spreads to BBSW outweighed securities with wider spreads by a ratio of about 3:2. At the end of the week, the median trading margin was 3.02%, down 6bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -20bps to +7bps. Ignoring short-dated securities, the margins of Macquarie Capital Notes 3 (MQGPC, -36bps) and Commonwealth PERLS 11 (CBAPH, -33bps) had the largest (absolute) changes over the week.
3-month BBSW finished the week 3bps lower at 3.03%. 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% | 2.66% | 0.64% | 99.96 | 5.85% |
| ANZ | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | -0.46% | -0.07% | 102.25 | 7.10% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 2.91% | -0.62% | 100.63 | 7.39% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 1.06% | -1.49% | 103.10 | 7.58% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 2.02% | -0.23% | 104.65 | 7.48% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 2.00% | -0.33% | 103.46 | 6.59% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.72% | -0.14% | 102.70 | 6.69% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.10% | -0.23% | 103.39 | 6.54% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.38% | 0.11% | 103.20 | 6.60% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.82% | -0.20% | 101.60 | 6.69% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.14% | -0.36% | 104.61 | 6.80% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.80% | -0.12% | 105.37 | 6.56% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.31% | -0.07% | 103.50 | 6.29% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.61% | 0.04% | 102.51 | 6.15% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.26% | -0.11% | 104.66 | 7.29% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.67% | -0.13% | 106.56 | 7.34% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 4.04% | 0.01% | 103.49 | 7.50% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 3.02% | 0.12% | 104.20 | 6.83% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 3.18% | 0.02% | 100.58 | 6.07% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.74% | -0.30% | 105.71 | 6.87% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 3.01% | -0.07% | 100.29 | 5.83% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.10% | 0.02% | 96.78 | 8.08% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.10% | -0.06% | 102.22 | 6.36% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 3.14% | 0.00% | 100.73 | 6.06% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.57% | 0.07% | 101.12 | 6.77% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.73% | 0.07% | 101.68 | 6.81% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 3.18% | -0.01% | 100.00 | 5.99% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 3.23% | 0.01% | 102.38 | 6.46% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 3.00% | 0.03% | 101.19 | 6.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 3.52% | -0.07% | 98.66 | 6.08% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.08% | -0.12% | 102.65 | 6.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 3.20% | -0.22% | 99.90 | 6.01% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 3.04% | -0.03% | 99.60 | 5.82% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 3.08% | -0.12% | 99.70 | 5.87% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.58% | 0.09% | 102.00 | 6.68% |
| Nat. Aust. Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 3.17% | 0.11% | 101.22 | 6.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.18% | 0.02% | 99.90 | 6.00% |
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% | 5.48% | -0.06% | 88.50 | 8.53% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 5.17% | -0.02% | 103.45 | 8.22% |
** “Clean” running yield. Includes franking credits if present.