Summary: Margins fall modestly on average; falls outweigh rises by 2:1; margins of WBCPL, WHCPH largest movers over week; 3-month BBSW down 3bps.
Click here for the latest daily trading margins, running yields and charts. The median margin of ASX-listed hybrids to BBSW finished modestly lower as the number of securities with narrower spreads to BBSW outweighed the number of securities with wider spreads by ratio of about 2:1. At the end of the week, the median trading margin was 1.99%, 4bps lower than the previous week’s closing value. Margins of the majority of hybrids varied within a range of -25bps to +10bps. Ignoring short-dated securities, the margins of Westpac Capital Notes 9 (WBCPL, -55bps) and Westpac Capital Notes 5 (WBCPH, +42bps) had the largest changes over the week.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -29.52% | -35.19% | 101.23 | 7.81% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.36% | -1.78% | 99.701 | 7.53% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.33% | -0.26% | 102.11 | 7.28% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.77% | -0.47% | 101.95 | 8.44% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.97% | 1.25% | 101.14 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.73% | 0.71% | 102.55 | 8.52% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.90% | -0.26% | 102.45 | 7.91% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.10% | -0.10% | 101.01 | 7.03% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.12% | -1.18% | 102.96 | 8.03% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.77% | -0.16% | 101.43 | 6.76% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 5.64% | -1.83% | 99.98 | 8.96% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.78% | -0.04% | 104.8 | 7.29% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.84% | -0.08% | 102.2 | 6.95% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.23% | 1.72% | 103.71 | 7.67% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.41% | -0.09% | 102.81 | 7.69% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.16% | -0.08% | 101.93 | 6.89% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.93% | -0.25% | 103.8 | 7.33% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.67% | -0.19% | 103.5 | 6.87% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.86% | -0.15% | 102.8 | 6.77% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.38% | 0.03% | 101.52 | 6.90% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.06% | 0.14% | 105.87 | 7.21% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.13% | 0.07% | 102.7 | 6.84% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.50% | -0.48% | 102.9 | 7.29% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 1.76% | 0.31% | 115.88 | 9.21% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.94% | -0.01% | 102.6 | 6.63% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.60% | 0.29% | 103.95 | 7.44% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.83% | -0.17% | 103.28 | 6.64% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.17% | 0.65% | 103 | 7.51% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.24% | 0.47% | 105.43 | 7.41% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.90% | -0.11% | 104.61 | 6.94% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.03% | -0.05% | 105 | 6.78% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.12% | 0.13% | 102.64 | 6.68% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.93% | -0.10% | 104.5 | 6.80% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.39% | 0.12% | 101.87 | 6.78% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.13% | 0.05% | 103 | 6.71% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.57% | -0.22% | 103.02 | 7.10% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.99% | 0.41% | 102.76 | 7.22% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.95% | -0.13% | 104.46 | 6.71% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.96% | -0.12% | 107.4 | 6.82% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.35% | -0.33% | 101.76 | 6.64% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.11% | 0.04% | 102.71 | 6.53% |
| 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% | 4.70% | 0.00% | 94.39 | 8.82% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | 0.09% | 106.15 | 8.75% |
** “Clean” running yield. Includes franking credits if present.