Summary: Margins higher on average; rises outweigh falls by 2:1; margins of CBAPG, LFSPA, BOQPC largest movers over week; CBAPH to be redeemed next month; 3-month BBSW down 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 higher as the number of securities with wider spreads to BBSW outweighed the number of securities with narrower spreads by a ratio of nearly 2:1. At the end of the week, the median trading margin was 2.50%, 8bps higher than the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -15bps to +25bps. Ignoring short-dated securities, the margins of Commonwealth Bank PERLS 10 (CBAPG, +70bps), Latitude Capital Notes (LFSPA, +63ps) and Bank of Queensland Capital Notes 2 (BOQPC, +44bps) had the largest (absolute) changes over the week.
Commonwealth Bank of Australia announced it will redeem its PERLS XI Capital Notes (CBAPH) for their face value of $100 on 26 April.
ANZ Capital Notes 4 (AN3PG) will be redeemed on 20 March.
3-month BBSW finished the week 1bp lower at 4.34%. 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% | -5.72% | -5.44% | 101.19 | 7.94% |
| Bendigo Bank | BENPG | CPS 4 | 13-Jun-24 | 3.75% | 1.97% | -0.56% | 100.4 | 8.06% |
| Suncorp | SUNPG | Capital Notes 2 | 17-Jun-24 | 3.65% | -0.08% | -0.40% | 100.86 | 7.91% |
| Westpac | WBCPI | Capital Notes 6 | 30-Jul-24 | 3.70% | 0.75% | -1.62% | 101 | 7.95% |
| Bank of Queensland | BOQPE | Capital Notes | 15-Aug-24 | 3.75% | 1.56% | 0.86% | 101.5 | 8.02% |
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 1.04% | -0.31% | 102.2 | 8.16% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -1.25% | -2.23% | 104.99 | 7.75% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 0.60% | -1.08% | 102.93 | 7.52% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.67% | -0.46% | 103.95 | 7.38% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.26% | -0.29% | 103.6 | 8.52% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.52% | -0.52% | 105.13 | 8.59% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.48% | 0.00% | 104.69 | 8.57% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.69% | -0.32% | 104.66 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.07% | 0.16% | 101.9 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.07% | -0.01% | 104.75 | 8.11% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.90% | -0.17% | 102.05 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.73% | -1.48% | 93.5 | 9.84% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.90% | -0.28% | 105.79 | 7.44% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.97% | -0.34% | 102.87 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.42% | -0.26% | 104.49 | 7.84% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.63% | 0.21% | 103.35 | 7.87% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.48% | 0.13% | 101.4 | 7.14% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.17% | -0.24% | 104.22 | 7.52% |
| ANZ Banking Group | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.19% | -0.06% | 102.79 | 7.14% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.40% | -0.12% | 101.75 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.80% | 0.10% | 100.57 | 7.19% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.42% | -0.03% | 105.51 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.70% | 0.07% | 101.2 | 7.17% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.12% | 0.11% | 101.35 | 7.64% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.44% | -0.19% | 108.5 | 10.06% |
| ANZ Banking Group | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.68% | 0.00% | 100.35 | 7.01% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.94% | 0.01% | 103.05 | 7.71% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.57% | -0.19% | 101.03 | 7.02% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.90% | -0.04% | 102.69 | 7.63% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.78% | -0.01% | 104.15 | 7.72% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.59% | -0.11% | 102.54 | 7.30% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.59% | -0.20% | 103.29 | 7.13% |
| ANZ Banking Group | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.71% | -0.11% | 100.5 | 7.05% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.71% | -0.11% | 101.69 | 7.22% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.68% | -0.25% | 100.9 | 7.07% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.83% | -0.17% | 103.65 | 7.30% |
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% | 4.97% | 0.08% | 93.27 | 9.32% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.73% | -0.01% | 106.43 | 9.08% |
** “Clean” running yield. Includes franking credits if present.