Summary: Margins a touch higher on average; rises balanced falls; margins of LFSPA, BOQPG largest movers over week; AN3PL begin trading; CBAPH to be redeemed next month; 3-month BBSW up 1bp.
Click here for the latest daily trading margins, running yields and charts.
The median margin of ASX-listed hybrids to BBSW finished the week a touch higher as the number of securities with wider spreads to BBSW was roughly balanced by the number of securities with narrower spreads. At the end of the week, the median trading margin was 2.52%, 3bps higher than the previous week’s closing value (adjusted for addition of AN3PL).
Margins of the majority of hybrids varied within a range of -13bps to +14bps. Ignoring short-dated securities, the margins of Latitude Capital Notes (LFSPA, -249ps) and Bank of Queensland Capital Notes 3 (BOQPG, -36bps) had the largest (absolute) changes over the week.
ANZ Bank Capital Notes (AN3PL) began trading on Thursday at a modest premium.
CBA will redeem its PERLS XI Capital Notes (CBAPH) on 26 April.
3-month BBSW finished the week 1bp higher at 4.35%. 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** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPH | PERLS 11 | 26-Apr-24 | 3.70% | 4.44% | 1.53% | 100.10 | 8.06% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 4.14% | 0.66% | 100.15 | 8.11% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | 0.20% | 0.13% | 100.95 | 7.93% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 1.15% | -0.54% | 101.05 | 7.98% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.12% | 0.25% | 101.90 | 8.01% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | -0.36% | -1.41% | 103.40 | 8.09% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.82% | 0.11% | 103.01 | 7.92% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.49% | 0.19% | 102.21 | 7.60% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.59% | 0.08% | 102.40 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.32% | -0.09% | 103.75 | 8.54% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.71% | 0.04% | 105.02 | 8.62% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.78% | 0.11% | 104.40 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.93% | 0.23% | 104.44 | 8.00% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.15% | 0.11% | 102.00 | 7.21% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.04% | 0.01% | 105.03 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.06% | -0.02% | 101.92 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 6.87% | -2.49% | 97.49 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.00% | 0.04% | 103.84 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.06% | -0.04% | 102.87 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.85% | 0.00% | 103.62 | 7.93% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.72% | 0.22% | 103.40 | 7.90% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.48% | -0.17% | 101.61 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.32% | 0.12% | 104.03 | 7.55% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.24% | -0.01% | 102.83 | 7.15% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.46% | 0.00% | 101.84 | 7.08% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.56% | -0.11% | 101.60 | 7.14% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.35% | 0.01% | 104.10 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.68% | 0.12% | 101.50 | 7.16% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.76% | -0.36% | 102.90 | 7.55% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.40% | 0.19% | 109.00 | 10.05% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.62% | -0.06% | 100.80 | 7.00% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.69% | -0.23% | 104.00 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.70% | 0.11% | 100.82 | 7.05% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.89% | -0.05% | 103.00 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.67% | -0.01% | 104.81 | 7.70% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.60% | 0.11% | 102.80 | 7.30% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.47% | -0.17% | 102.23 | 7.10% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.79% | 0.03% | 100.40 | 7.08% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.59% | -0.17% | 102.50 | 7.18% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.66% | -0.06% | 101.27 | 7.07% |
| ANZ Banking Group | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.85% | -0.05% | 100.85 | 7.19% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | -0.02% | 102.44 | 7.28% |
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% | 4.84% | -0.23% | 94.90 | 9.19% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.63% | -0.08% | 107.99 | 8.98% |
** “Clean” running yield. Includes franking credits if present.