Summary: Margins higher again; rises outweigh falls by 9:1; margins of BENPG, BOQPE largest movers over week; BBSW up 5bps.
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The median margin to BBSW of ASX-listed hybrids again finished the week higher as the number of securities with wider spreads to BBSW outweighed securities with lower spreads by a ratio of nearly 9:1. At the end of the week, the median trading margin was 3.10%, up 18bps from the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -1bp to +38bps. Ignoring short-dated securities, the margins of Bendigo CPS 4 (BENPG, +79bps) and Bank of Queensland Capital Notes (BOQPE, +49bps) had the largest (absolute) changes over the week.
Bank of Queensland announced a new ASX-listed hybrid on Monday and the issue margin of 340bps was fixed via a bookbuild a day later. The call date will be in December 2028.
3-month BBSW finished the week 5bps higher at 3.11%. 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 | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPD | PERLS 7 | 15-Dec-22 | 2.80% | 5.25% | 1.05% | 100.35 | 5.87% |
| ANZ | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | -0.60% | -0.69% | 102.31 | 7.08% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 4.06% | 0.49% | 101.50 | 7.44% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 1.45% | 0.29% | 102.77 | 7.60% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 2.25% | 0.01% | 104.15 | 7.50% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 2.17% | 0.29% | 103.03 | 6.60% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 3.38% | -0.23% | 101.51 | 6.76% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.29% | 0.21% | 102.90 | 6.56% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 2.46% | 0.16% | 102.86 | 6.61% |
| Bank of Qld. | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.88% | -0.19% | 101.30 | 6.70% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.22% | -0.16% | 104.20 | 6.81% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.67% | -0.26% | 105.45 | 6.54% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 2.16% | -0.07% | 103.64 | 6.27% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.68% | 0.09% | 102.00 | 6.16% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.47% | 0.06% | 103.85 | 7.33% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.63% | -0.01% | 106.40 | 7.33% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 4.17% | 0.22% | 102.85 | 7.53% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 3.01% | 0.08% | 104.00 | 6.83% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 3.29% | 0.22% | 100.03 | 6.09% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 3.18% | 0.17% | 104.02 | 6.97% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 3.04% | 0.04% | 100.00 | 5.84% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 5.92% | 0.01% | 97.00 | 8.05% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.08% | 0.06% | 101.95 | 6.36% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 3.09% | 0.01% | 100.70 | 6.05% |
| Bank of Qld. | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.50% | 0.16% | 101.15 | 6.76% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.48% | 0.09% | 102.30 | 6.75% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 3.11% | -0.04% | 99.98 | 5.98% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 3.24% | 0.08% | 102.10 | 6.46% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 3.08% | 0.05% | 100.66 | 6.05% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 3.45% | 0.10% | 98.70 | 6.07% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.08% | 0.03% | 102.20 | 6.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 3.10% | 0.08% | 100.00 | 5.98% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 3.13% | 0.13% | 99.00 | 5.85% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 3.18% | 0.11% | 99.02 | 5.90% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 3.60% | 0.03% | 101.41 | 6.69% |
| Nat. Aust. Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 3.17% | 0.10% | 100.99 | 6.18% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.13% | 0.13% | 99.90 | 6.00% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.55% | -0.06% | 87.50 | 8.60% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 5.16% | 0.00% | 103.20 | 8.21% |
** “Clean” running yield. Includes franking credits if present.