Summary-
Top Trading Margin Moves (Day Change)
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Westpac WBCPH: Trading margin spiked to 18.74%, with a 9.47% intraday rise, closing at 99.85, and running yield at 7.20%.
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AMP AMPPB: Margin at 6.95%, up 4.06%, closing 100.87, yield 8.32%.
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Macquarie MBLPC: Margin 6.55%, gained 4.05%, closing 100.92, yield 8.50%.
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Challenger CGFPC: Margin 5.52%, rose 1.09%, closing 102.05, yield 8.38%.
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Bendigo BENPH: Margin 3.64%, up 1.46%, closing 102.49, yield 7.49%.
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Westpac WBCPJ: Margin 4.56%, jumped 1.40%, yield 7.24%.
Their strong intraday gains reflect heavy demand and trading momentum among high-yield capital notes.
2. General Trading Margins Across Issuers
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Most capital notes are trading with 3%–4% margins.
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Yields typically range from 6.5% to 8.5%, depending on issuer and tenure.
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Notables: MBLPC at 8.50%, LFSPA at 8.98%, JDOPA at 9.44% .
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3. Non‑Standard Hybrids (Perpetual / Step‑up)
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Nufarm NFNG: Issue margin 3.90%, trading margin 5.35%, down slightly intraday; price 87.10, running yield 9.08%.
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Ramsay RHCPA: Margin 4.85%, trading at 4.59%, price 106.32, yield 8.32%
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22/09/2025 | 3.20% | 18.74% | 9.47% | 99.85 | 7.20% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 6.95% | 4.06% | 100.87 | 8.32% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 6.55% | 4.05% | 100.92 | 8.50% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.52% | 1.09% | 102.05 | 8.38% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.02% | 2.01% | 102.119 | 7.72% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.36% | 1.91% | 100.6 | 6.80% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.76% | 1.89% | 102.501 | 7.83% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.11% | 1.20% | 101.38 | 6.50% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 9.78% | -0.16% | 97.8 | 8.98% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.56% | 1.40% | 102.171 | 7.24% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 3.15% | 1.09% | 101.7 | 6.73% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 3.87% | 0.66% | 102.95 | 7.52% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.64% | 1.46% | 102.49 | 7.49% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 3.26% | 1.06% | 101 | 6.66% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 3.15% | 0.93% | 102.9 | 7.15% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.82% | 0.81% | 102 | 6.68% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 3.01% | 0.71% | 101.6 | 6.58% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 3.21% | 1.03% | 101.25 | 6.66% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.67% | 0.71% | 103.4 | 7.15% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.93% | 0.53% | 101.86 | 6.61% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 3.28% | 0.67% | 102.58 | 7.08% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.78% | -0.10% | 111.99 | 9.44% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.75% | 0.57% | 101.399 | 6.42% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.26% | 0.37% | 103.86 | 7.22% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.67% | 0.43% | 102.3 | 6.44% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.72% | 0.85% | 103 | 7.24% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.84% | 0.42% | 105.05 | 7.19% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.71% | 0.44% | 103.66 | 6.75% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 3.03% | 0.18% | 103.5 | 6.63% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.70% | 0.42% | 101.81 | 6.44% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.65% | 0.51% | 103.5 | 6.61% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.91% | 0.44% | 101.7 | 6.52% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.65% | 0.27% | 102.71 | 6.46% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 3.11% | 0.53% | 102.73 | 6.87% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.44% | 0.53% | 102.55 | 6.96% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.64% | 0.45% | 102.85 | 6.52% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 3.04% | 0.41% | 104.39 | 6.77% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.67% | 0.37% | 101.85 | 6.35% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.35% | 0.16% | 103.32 | 6.22% |
ASX-Listed Hybrids (Non-standard)_13.06.25.csv
| COMPANY | CODE | BOND TYPE | CALL DATE | ISSUE MARGIN (inc frank) | TRADING MARGIN | ?DAY | CLOSING PRICE | RUNNING YIELD |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.35% | 0.65% | 87.1 | 9.08% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.59% | 0.14% | 106.32 | 8.32% |