Summary: Margins decline on average; rises outweigh falls by 9:1; margins of BENPG, MBLPD largest movers over week; BBSW down 7bps.
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The median margin to BBSW of ASX-listed hybrids finished the week slightly lower even as the number of securities with wider spreads to BBSW outweighed securities with lower spreads by a ratio of nearly 3:2. At the end of the week, the median trading margin was 3.08%, down 2bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -23bps to +30bps. Ignoring short-dated securities, the margins of Bendigo CPS 4 (BENPG, -52bps) and Macquarie Bank Capital Notes 3 (MBLPD, +32bps) had the largest (absolute) changes over the week.
3-month BBSW finished the week 7bps lower at 3.04%. 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% | 2.02% | -3.23% | 99.930 | 5.85% |
| ANZ | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | -0.38% | 0.21% | 102.230 | 7.12% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 3.53% | -0.53% | 101.900 | 7.42% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 2.55% | 1.10% | 102.150 | 7.65% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 2.25% | 0.00% | 104.250 | 7.51% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 2.33% | 0.16% | 102.910 | 6.62% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.86% | -0.52% | 102.390 | 6.71% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.33% | 0.04% | 102.940 | 6.57% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.26% | -0.20% | 103.280 | 6.59% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 3.01% | 0.14% | 101.180 | 6.71% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.50% | 0.28% | 103.840 | 6.85% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.92% | 0.25% | 105.010 | 6.58% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.38% | 0.22% | 103.250 | 6.30% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.57% | -0.11% | 102.500 | 6.15% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.37% | -0.10% | 104.250 | 7.32% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.80% | 0.17% | 106.110 | 7.36% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 4.03% | -0.14% | 103.390 | 7.50% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.91% | -0.11% | 104.440 | 6.81% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 3.16% | -0.13% | 100.520 | 6.07% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 3.04% | -0.14% | 104.660 | 6.94% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 3.08% | 0.05% | 99.960 | 5.85% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.08% | 0.16% | 96.690 | 8.09% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.16% | 0.08% | 101.900 | 6.38% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 3.14% | 0.05% | 100.620 | 6.07% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.50% | 0.00% | 101.260 | 6.76% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.66% | 0.18% | 101.800 | 6.79% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 3.19% | 0.09% | 99.850 | 6.00% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 3.22% | -0.02% | 102.300 | 6.46% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.97% | -0.11% | 101.199 | 6.03% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 3.59% | 0.14% | 98.260 | 6.11% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.21% | 0.13% | 102.000 | 6.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 3.42% | 0.32% | 98.870 | 6.07% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 3.08% | -0.05% | 99.340 | 5.83% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 3.20% | 0.02% | 99.030 | 5.91% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.49% | -0.11% | 102.300 | 6.65% |
| Nat. Aust. Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 3.06% | -0.11% | 101.650 | 6.15% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.15% | 0.02% | 99.900 | 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% | 5.54% | -0.01% | 88.00 | 8.59% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 5.19% | 0.03% | 103.30 | 8.24% |
** “Clean” running yield. Includes franking credits if present.