Hybrids

Summary: Margins fall modestly on average; falls outweigh rises by 2:1; margins of WBCPL, WHCPH largest movers over week; 3-month BBSW down 3bps. 

Click here for the latest daily trading margins, running yields and charts.

The median margin of ASX-listed hybrids to BBSW finished modestly lower as the number of securities with narrower spreads to BBSW outweighed the number of securities with wider spreads by ratio of about 2:1. At the end of the week, the median trading margin was 1.99%, 4bps lower than the previous week’s closing value.

Margins of the majority of hybrids varied within a range of -25bps to +10bps. Ignoring short-dated securities, the margins of Westpac Capital Notes 9 (WBCPL, -55bps) and Westpac Capital Notes 5 (WBCPH, +42bps) had the largest changes over the week.

3-month BBSW finished the week 3bps lower at 4.41%. 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 Bank	AN3PH	Capital Notes 5	20-Mar-25	3.80%	5.67%	5.18%	101.08	7.91%
CBA	CBAPG	PERLS 10	15-Apr-25	3.40%	6.14%	4.35%	101.20	7.53%
Westpac	WBCPH	Capital Notes 5	22-Sep-25	3.20%	2.59%	0.68%	101.80	7.27%
AMP Group	AMPPB	Capital Notes 2	16-Dec-25	4.50%	2.24%	0.48%	103.50	8.44%
Macquarie Bank	MBLPC	Capital Notes 2	22-Dec-25	4.70%	1.72%	-0.45%	103.90	8.59%
Challenger	CGFPC	Capital Notes 3	25-May-26	4.60%	2.02%	-0.03%	103.20	8.43%
Nat Aust Bank	NABPF	Capital Notes 3	17-Jun-26	4.00%	2.16%	0.41%	104.05	7.91%
Suncorp	SUNPH	Capital Notes 3	17-Jun-26	3.00%	2.20%	0.19%	102.56	7.02%
Macquarie Group	MQGPD	Capital Notes 4	10-Sep-26	4.15%	3.30%	1.54%	103.00	8.14%
CBA	CBAPJ	PERLS 13	20-Oct-26	2.75%	1.93%	-0.03%	102.80	6.76%
Latitude	LFSPA	Capital Notes	27-Oct-26	4.75%	7.47%	-0.42%	97.20	9.17%
Westpac	WBCPJ	Capital Notes 7	22-Mar-27	3.40%	1.82%	-0.04%	104.56	7.27%
CBA	CBAPI	PERLS 12	20-Apr-27	3.00%	1.92%	-0.18%	103.73	6.94%
Bank of Queensland	BOQPF	Capital Notes 2	14-May-27	3.80%	0.51%	-1.32%	107.00	7.40%
Bendigo Bank	BENPH	Capital Notes	15-Jun-27	3.80%	2.50%	0.15%	104.51	7.68%
Macquarie Group	MQGPE	Capital Notes 5	20-Sep-27	2.90%	2.24%	0.31%	103.40	6.88%
Nat Aust Bank	NABPH	Capital Notes 5	17-Dec-27	3.50%	2.18%	0.15%	104.99	7.35%
ANZ Bank	AN3PI	Capital Notes 6	20-Mar-28	3.00%	1.86%	-0.10%	104.30	6.88%
CBA	CBAPL	PERLS 15	15-Jun-28	2.85%	2.01%	-0.07%	104.05	6.77%
Suncorp	SUNPI	Capital Notes 4	17-Jun-28	2.90%	2.35%	0.13%	103.25	6.88%
Westpac	WBCPL	Capital Notes 9	22-Sep-28	3.40%	1.92%	0.00%	106.10	7.17%
Macquarie Bank	MBLPD	Capital Notes 3	7-Dec-28	2.90%	2.06%	0.04%	102.75	6.80%
Bank of Queensland	BOQPG	Capital Notes 3	15-Dec-28	3.40%	2.98%	0.69%	103.21	7.38%
Judo Capital	JDOPA	Capital Notes	16-Feb-29	6.50%	1.45%	-1.63%	116.75	9.10%
ANZ Bank	AN3PJ	Capital Notes 7	20-Mar-29	2.70%	1.95%	-0.02%	103.80	6.62%
Challenger	CGFPD	Capital Notes 4	25-May-29	3.60%	2.31%	0.06%	104.73	7.35%
CBA	CBAPK	PERLS 14	15-Jun-29	2.75%	2.00%	-0.18%	104.31	6.66%
IAG	IAGPE	Capital Notes 2	15-Jun-29	3.50%	2.52%	0.23%	105.02	7.33%
Macquarie Group	MQGPF	Capital Notes 6	12-Sep-29	3.70%	1.77%	-0.31%	106.99	7.27%
Nat Aust Bank	NABPI	Capital Notes 6	17-Sep-29	3.15%	2.01%	-0.21%	105.94	6.94%
Westpac	WBCPK	Capital Notes 8	21-Sep-29	2.90%	2.08%	-0.07%	104.66	6.78%
ANZ Bank	AN3PK	Capital Notes 8	20-Mar-30	2.75%	1.99%	-0.19%	104.39	6.63%
CBA	CBAPM	PERLS 16	17-Jun-30	3.00%	2.03%	-0.12%	105.75	6.81%
Suncorp	SUNPJ	Capital Notes 5	17-Jun-30	2.80%	2.27%	-0.03%	103.95	6.73%
Nat Aust Bank	NABPJ	Capital Notes 7	17-Sep-30	2.80%	2.08%	-0.23%	104.83	6.67%
Bendigo Bank	BENPi	Capital Notes 2	13-Dec-30	3.20%	2.79%	0.37%	103.81	7.14%
Insurance Australia	IAGPF	Capital Notes 3	15-Dec-30	3.20%	2.58%	0.08%	104.31	7.08%
ANZ Bank	AN3PL	Capital Notes 9	20-Mar-31	2.90%	2.08%	0.10%	105.13	6.73%
Westpac	WBCPM	Capital Notes 10	22-Sep-31	3.10%	2.08%	-0.03%	106.63	6.84%
Macquarie Group	MQGPG	Capital Notes 7	15-Dec-31	2.65%	2.68%	0.15%	101.60	6.72%
Nat Aust Bank	NABPK	Capital Notes 8	17-Mar-32	2.60%	2.07%	-0.12%	104.50	6.50%

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%	4.70%	-0.42%	94.48	8.80%
Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.54%	-0.16%	107.37	8.64%

^{** “Clean” running yield. Includes franking credits if present.}