Summary: Margins considerably lower; falls outweigh rises by 3:1; margins of BOQPG, WBCPM, CBAPM, ANZPL, CGFPD largest movers over week; 3-month BBSW up
2bps.
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The median margin of ASX-listed hybrids to BBSW finished considerably lower as the number of securities with tighter spreads to BBSW outweighed the number of securities with wider spreads by a ratio of 3:1. At the end of the week, the median trading margin was 1.86%, 35bps lower than the previous week’s closing value and a new series low.
Margins of the majority of hybrids varied within a range of -52bps to +19bps. Ignoring short-dated
securities, the margins of Bank of Queensland Capital Notes 3 (BOQPG, -126bps), Westpac Capital Notes 10 (WBCPM, -86bps), Commonwealth PERLS 16 (CBAPM, -68bps), ANZ Capital Notes 9 (ANZPL, -67bps) and Challenger Capital Notes 4 (CGFPD, -56bps) had the largest (absolute) changes over the week. 
3-month BBSW finished the week 2bps higher at 4.42%. 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.
| 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% | 5.11% | -0.13% | 92.49 | 9.53% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.76% | 0.03% | 106.4 | 9.18% |
| 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% | 5.11% | -0.13% | 92.49 | 9.53% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.76% | 0.03% | 106.4 | 9.18% |
** “Clean” running yield. Includes franking credits if present.