Summary: Trading margins a touch lower on average; falls balanced by rises; margins of IAGPD, CGFPB largest movers over week.
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The median trading margin of ASX-listed hybrids finished the week a touch lower as the number of securities with lower spreads to BBSW was almost balanced by securities with higher spreads. At the end of the week, the median trading margin had slipped from 2.39% to 2.38%, 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 -24bps to +17bps. Ignoring short-dated securities, the margins of Insurance Australia Capital Notes (IAGPD, +57bps) and Challenger Capital Notes 2 (CGFPB, -44bps)had the largest (absolute) changes over the week.
3-month BBSW finished the week at 0.31%. 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% | 0.78% | 2.25% | 100.91 | 4.38% |
| Nat. Aust. Bank | NABPD | Capital Notes 2 | 7-Jul-22 | 4.95% | 1.13% | 0.07% | 101.00 | 5.21% |
| Westpac | WBCPE | Capital Notes 2 | 23-Sep-22 | 3.05% | 0.53% | -1.10% | 101.32 | 3.32% |
| CBA | CBAPD | PERLS 7 | 15-Dec-22 | 2.80% | 1.77% | 0.06% | 100.93 | 3.09% |
| ANZ | ANZPF | Capital Notes 3 | 24-Mar-23 | 3.60% | 1.16% | -0.79% | 103.00 | 4.35% |
| Challenger | CGFPB | Capital Notes 2 | 22-May-23 | 4.40% | 2.47% | -0.44% | 102.75 | 4.61% |
| Insurance Australia | IAGPD | Capital Notes | 15-Jun-23 | 4.70% | 2.34% | 0.57% | 103.12 | 4.88% |
| ANZ | ANZPG | Capital Notes 4 | 20-Mar-24 | 4.70% | 1.49% | -0.27% | 106.34 | 4.73% |
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 1.50% | -0.11% | 104.65 | 3.84% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 2.27% | 0.00% | 103.41 | 3.94% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 1.92% | -0.01% | 103.91 | 3.82% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.66% | -0.03% | 104.80 | 3.84% |
| Bank of Qld | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 2.38% | 0.00% | 103.68 | 3.94% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 2.15% | -0.16% | 104.98 | 4.12% |
| ANZ | ANZPH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.50% | -0.11% | 106.65 | 3.86% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.89% | 0.12% | 104.58 | 3.56% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.90% | -0.09% | 104.39 | 3.37% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.88% | 0.16% | 102.50 | 4.71% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.50% | -0.02% | 107.64 | 4.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.16% | -0.01% | 105.90 | 4.66% |
| Nat. Aust. Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | 0.11% | 107.40 | 4.03% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.46% | 0.01% | 102.34 | 3.24% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.38% | -0.08% | 107.35 | 4.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.31% | 0.03% | 102.10 | 3.00% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 4.90% | 0.15% | 99.51 | 5.08% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.43% | 0.00% | 104.50 | 3.56% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.28% | -0.11% | 103.54 | 3.21% |
| Bank of Qld | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.85% | 0.03% | 104.89 | 3.94% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.08% | -0.02% | 103.60 | 3.98% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.62% | 0.01% | 101.60 | 3.17% |
| Nat. Aust. Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.50% | 0.02% | 105.25 | 3.63% |
| ANZ | ANZPI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.59% | 0.08% | 102.38 | 3.24% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.84% | -0.06% | 100.65 | 3.20% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.81% | 0.08% | 100.87 | 3.19% |
| ANZ | ANZPJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.46% | -0.01% | 101.69 | 2.97% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.60% | -0.15% | 101.16 | 3.03% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.61% | -0.01% | 102.12 | 3.15% |
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% | 3.44% | 0.00% | 100.41 | 3.71% |
| Crown | CWNHB | Sub Notes 2 | 23-Apr-75 | 4.00% | 4.23% | -0.01% | 97.41 | 4.44% |
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.02% | -0.08% | 89.50 | 5.33% |
| Omni Bridgeway | OBLHA | Bond | 31/01/2022 | 5.20% | 4.94% | 0.03% | 100.31 | 5.50% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 5.13% | 0.05% | 105.00 | 5.44% |
** “Clean” running yield. Includes franking credits if present.