Summary: Trading margins lower on average; falls outnumber rises by 3:1; margin of IAGPD largest mover over week.
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The median trading margin of ASX-listed hybrids finished the week lower as the number of securities with lower spreads to BBSW outnumbered securities with higher spreads by a ratio of nearly 3:1. At the end of the week, the median trading margin had declined from 2.44% to 2.36%, a reading which is below the lower bound of its “normal” ten-year trading range.
Trading margins of the majority of hybrids varied within a range of -17bps to +9bps. Ignoring short-dated securities, the margin of Inusrance Australia Capital Notes (IAGPD, -34bps) had the largest (absolute) change over the week.
3-month BBSW finished the week at 0.71%. 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 (STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Suncorp | SUNPF | Capital Notes | 17-Jun-22 | 4.10% | 2.02% | -2.34% | 100.79 | 4.79% |
| Nat. Aust. Bank | NABPD | Capital Notes 2 | 7-Jul-22 | 4.95% | -0.66% | -2.09% | 101.40 | 5.59% |
| Westpac | WBCPE | Capital Notes 2 | 23-Sep-22 | 3.05% | 1.73% | 1.25% | 100.85 | 3.74% |
| CBA | CBAPD | PERLS 7 | 15-Dec-22 | 2.80% | 2.11% | 0.54% | 100.81 | 3.49% |
| ANZ | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | 1.47% | 0.45% | 102.90 | 4.93% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 2.96% | 0.21% | 102.34 | 5.03% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 1.98% | -0.34% | 103.65 | 5.25% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 1.36% | -0.08% | 106.65 | 5.09% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 1.62% | 0.02% | 104.50 | 4.24% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.25% | -0.13% | 103.56 | 4.32% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 2.03% | -0.25% | 103.78 | 4.22% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.77% | -0.02% | 104.62 | 4.23% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.40% | -0.05% | 102.80 | 4.33% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.13% | -0.01% | 105.08 | 4.50% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.52% | -0.13% | 106.65 | 4.24% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.71% | -0.08% | 105.15 | 3.92% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.83% | -0.07% | 104.70 | 3.74% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.92% | -0.02% | 102.56 | 5.10% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.43% | -0.10% | 107.92 | 5.03% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.08% | -0.15% | 106.30 | 5.03% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | 0.02% | 107.45 | 4.40% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.60% | 0.03% | 101.95 | 3.65% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.36% | -0.11% | 107.44 | 4.54% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.24% | -0.08% | 102.49 | 3.38% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 4.83% | 0.08% | 100.00 | 5.46% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.40% | -0.01% | 104.75 | 3.93% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.35% | -0.03% | 103.30 | 3.60% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.77% | -0.03% | 104.39 | 4.31% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.06% | 0.09% | 103.85 | 4.36% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.50% | -0.17% | 102.25 | 3.54% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.54% | -0.02% | 105.15 | 4.02% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.53% | -0.02% | 102.82 | 3.62% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.83% | -0.07% | 100.90 | 3.59% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.76% | 0.03% | 101.30 | 3.57% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.48% | -0.02% | 101.72 | 3.36% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.59% | -0.16% | 101.33 | 3.42% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.51% | -0.11% | 102.80 | 3.52% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Challenger | CGFPA | Capital Notes | 25-May-22 | 3.40% | 3.51% | 0.00% | 99.01 | 4.17% |
| Crown | CWNHB | Sub Notes 2 | 23-Apr-75 | 4.00% | 4.25% | 0.02% | 97.70 | 4.84% |
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.40% | 0.19% | 87.80 | 6.11% |
| Omni Bridgeway | OBLHA | Bond | 31/01/2022 | 5.20% | 4.33% | -0.48% | 100.90 | 5.87% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 5.59% | 0.13% | 100.32 | 6.29% |
** “Clean” running yield. Includes franking credits if present.