Summary:
The hybrid market yield cooled circa 10-13 bps during the week, based on predominantly tenure. In short, it tracked the Australian bond market which means directionally it tracked the US treasury market. And during the week it was comments from two Fed officials about the playoff between declining growth / employment risk versus stagflation risk. The takeaway was the expectation that the former would likely predominate the latter. In short, the message was dovish. The US market is now pricing in a rate cut in June, and multiple thereafter.
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ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 7.70% | 0.06% | 100.9 | 7.24% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.30% | 0.20% | 101.7 | 8.35% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.75% | 0.06% | 102.071 | 8.50% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.02% | 0.16% | 103.22 | 8.37% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.32% | 0.24% | 102.82 | 7.77% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.66% | 0.22% | 101.25 | 6.88% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.33% | 0.00% | 103.4 | 7.87% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.04% | -0.03% | 101.86 | 6.59% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 10.01% | -0.11% | 95.81 | 9.26% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.28% | -0.26% | 103.1 | 7.29% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | -0.24% | 103.15 | 6.76% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.42% | -0.21% | 104.37 | 7.51% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.53% | -0.01% | 103.5 | 7.52% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.01% | -0.26% | 102.75 | 6.68% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.22% | -0.05% | 104 | 7.19% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | 0.19% | 103.39 | 6.73% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.08% | 0.16% | 103.05 | 6.62% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | -0.13% | 102.97 | 6.67% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.79% | 0.03% | 104.72 | 7.17% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.22% | -0.09% | 103.15 | 6.66% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.69% | 0.19% | 103.25 | 7.14% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.74% | 0.10% | 110.76 | 9.58% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.12% | -0.23% | 102.68 | 6.48% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | -0.06% | 104.85 | 7.26% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | 0.28% | 103.2 | 6.51% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.14% | -0.03% | 103.95 | 7.30% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.03% | -0.25% | 107 | 7.17% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.16% | -0.16% | 104.6 | 6.81% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.69% | -0.21% | 103.65 | 6.74% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.26% | -0.13% | 102.76 | 6.52% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.23% | 0.20% | 104.2 | 6.69% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.50% | 0.11% | 102.3 | 6.61% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.21% | -0.02% | 103.54 | 6.54% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.50% | -0.06% | 104.25 | 6.88% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.68% | -0.29% | 104.8 | 6.94% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.24% | -0.16% | 103.84 | 6.60% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.65% | -0.15% | 105.12 | 6.84% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.24% | -0.18% | 103.06 | 6.41% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.05% | 0.07% | 103.85 | 6.32% |
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% | 4.67% | -0.03% | 92 | 8.59% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.38% | 0.08% | 106.5 | 8.30% |