Summary: Margins rise on average; rises outweigh falls by 3:2; margins of BOQPG, ANZPL, SUNPH, WBCPM largest movers over week; 3-month BBSW steady.
Click here for the latest daily trading margins, running yields and charts.
The median margin of ASX-listed hybrids to BBSW finished higher as the number of securities with wider spreads to BBSW outweighed the number of securities with narrower spreads by a ratio of 3:2. At the end of the week, the median trading margin was 2.02%, 13bps higher (adjusted for inclusion of MQGPG) than the previous week’s closing value.
Margins of the majority of hybrids varied within a range of -21bps to +30bps. Ignoring short-dated securities, the margins of Bank of Queensland Capital Notes 3 (BOQPG, +111bps), ANZ Capital Notes 9 (ANZPL, -88bps), Suncorp Capital Notes Capital Notes 3 (SUNPH, +48bps) and Westpac Capital Notes 10 (WBCPM, +42bps) had the largest (absolute) changes over the week.
Macquarie Group Capital Notes 7 (MQGPG) began trading on Tuesday and finished the day at modest premium to its issue price.
3-month BBSW finished the week steady at 4.42%. 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.
| Institution | 1 m nom | 2 m nom | 3 m nom | 4 m nom | 5 m nom | 6 m nom | 9 m nom | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ANZ | 1.25 | 1.50 | 3.25 | 3.30 | 3.40 | 3.50 | 3.90 | 4.50 | 4.00 | 4.00 | 4.00 | 4.00 |
| CBA | 1.25 | 1.50 | 3.00 | 3.30 | 3.40 | 3.55 | 4.60 | 4.60 | 3.80 | 3.60 | 3.60 | 3.60 |
| NAB | 1.25 | 1.45 | 3.25 | 3.35 | 3.45 | 3.60 | 4.00 | 4.50 | 4.00 | 3.30 | 3.30 | 3.30 |
| Westpac | 1.25 | 1.45 | 3.25 | 3.35 | 3.45 | 3.60 | 4.00 | 4.00 | 3.80 | 3.60 | 3.60 | 3.60 |
| Military Bank | 3.50 | 3.50 | 3.50 | 4.90 | 4.90 | 4.70 | 4.65 | 3.95 | ||||
| AMP Bank | 0.10 | 0.20 | 4.70 | 4.60 | 4.60 | 4.80 | 4.80 | 4.75 | 4.25 | 3.30 | 3.30 | 3.30 |
| Arab Bank Australia | 1.50 | 1.50 | 4.35 | 4.10 | 4.10 | 4.90 | 4.80 | 4.60 | 3.95 | 3.85 | 3.85 | 3.75 |
| Bank of Melbourne | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.60 | 4.00 | 4.00 | 3.80 | 3.60 | 3.60 | 3.60 |
| Bank Australia | 4.70 | 4.90 | 4.80 | 4.70 | 4.25 | 4.00 | ||||||
| BankSA | 1.25 | 1.45 | 3.25 | 3.35 | 3.45 | 3.55 | 3.95 | 3.95 | 3.95 | 3.75 | 3.55 | 3.55 |
| Bankwest | 2.00 | 2.00 | 3.75 | 3.00 | 3.00 | 4.25 | 4.00 | 4.70 | 3.90 | 3.80 | 3.80 | 3.80 |
| Bank of Sydney | 1.25 | 1.50 | 3.55 | 4.90 | 4.00 | 4.00 | 4.00 | 4.25 | ||||
| BankVic | 3.60 | 4.00 | 3.70 | 4.80 | 3.70 | 4.65 | 4.00 | 4.00 | 4.00 | 4.00 | ||
| Beyond Bank | 4.35 | 4.70 | 4.90 | 4.70 | 4.00 | 3.80 | 3.80 | 3.80 | ||||
| Bendigo Bank | 1.25 | 1.50 | 3.50 | 3.60 | 3.00 | 4.00 | 4.00 | 4.65 | 3.95 | 4.60 | 3.20 | 3.25 |
| Bank of Queensland | 0.75 | 0.80 | 2.25 | 4.80 | 1.25 | 4.80 | 4.70 | 4.65 | 4.65 | 3.30 | 3.30 | |
| BOQ Specialist | 4.60 | 4.80 | 4.80 | 4.70 | 4.65 | 4.30 | 3.50 | 3.50 | 3.50 | |||
| Great Southern Bank | 1.30 | 1.60 | 4.65 | 2.95 | 4.70 | 4.55 | 4.45 | 4.45 | 4.20 | 3.80 | 3.80 | 3.80 |
| Defence Bank | 4.25 | 3.60 | 3.70 | 4.45 | 4.00 | |||||||
| Greater Bank | 1.00 | 1.00 | 4.00 | 4.00 | 4.00 | 4.90 | 4.00 | 4.75 | 4.00 | 4.00 | 4.00 | 4.00 |
| Heritage Bank | 1.25 | 1.50 | 3.95 | 3.60 | 3.60 | 4.90 | 4.60 | 4.55 | 4.20 | 4.00 | 4.00 | 4.00 |
| Horizon Credit Union | 1.25 | 1.50 | 3.90 | 3.70 | 4.30 | 4.70 | 4.50 | 3.80 | 3.70 | |||
| HSBC | 1.85 | 2.00 | 4.50 | 3.75 | 3.75 | 4.40 | 4.30 | 4.20 | 4.10 | 4.00 | 4.00 | 4.00 |
| IMB | 4.20 | 4.85 | 4.80 | 4.00 | 4.00 | 4.00 | 4.00 | |||||
| ING Direct | 4.85 | 4.85 | 4.95 | 4.65 | 4.95 | 4.40 | ||||||
| in1bank | 4.00 | 4.10 | 4.35 | 4.43 | 4.48 | 4.61 | 4.56 | 4.50 | 4.40 | |||
| Judo Bank | 4.90 | 5.00 | 4.90 | 4.90 | 4.65 | 4.55 | 4.55 | 4.55 | ||||
| Macquarie Bank | 0.05 | 0.85 | 4.95 | 4.90 | 4.90 | 4.70 | 4.65 | 3.90 | 3.80 | 3.80 | 3.80 | |
| ME Bank | 0.75 | 0.80 | 2.25 | 4.80 | 1.25 | 4.80 | 4.70 | 4.65 | 2.00 | 2.00 | 2.00 | 2.00 |
| MyState | 0.50 | 0.50 | 4.00 | 4.20 | 4.50 | 4.60 | 4.75 | 4.75 | 3.95 | |||
| Newcastle Permanent | 1.00 | 1.00 | 4.00 | 4.00 | 4.00 | 4.90 | 4.00 | 4.75 | 3.90 | 3.90 | 3.90 | 3.90 |
| People's Choice Credit Union | 1.50 | 3.95 | 3.60 | 3.60 | 4.90 | 4.60 | 4.55 | 4.20 | 4.00 | 4.00 | 4.00 | |
| Police Bank | 4.10 | 3.75 | 3.00 | 4.00 | 5.00 | 4.75 | ||||||
| P&N Bank | 1.75 | 4.30 | 4.00 | 4.90 | 4.40 | 4.00 | 3.80 | 3.80 | 3.70 | 3.70 | 3.70 | |
| RACQ Bank | 0.55 | 1.60 | 4.80 | 3.50 | 3.50 | 4.85 | 4.75 | 4.75 | 4.20 | 3.95 | 3.95 | 3.95 |
| Rabobank Australia | 2.00 | 2.10 | 4.85 | 4.50 | 4.50 | 4.80 | 4.70 | 4.60 | 4.25 | 4.25 | 4.50 | 4.60 |
| Rural Bank | 1.25 | 1.50 | 3.50 | 3.60 | 3.00 | 4.00 | 4.00 | 4.65 | 3.30 | 3.30 | 3.30 | 3.30 |
| St. George Bank - Except VIC | 1.25 | 1.45 | 3.55 | 3.60 | 3.70 | 3.80 | 3.60 | 4.00 | 3.80 | 3.60 | 3.60 | 3.60 |
| Suncorp Bank | 1.30 | 1.90 | 4.60 | 4.70 | 3.45 | 3.70 | 3.90 | 4.15 | 3.95 | 3.95 | 3.95 | |
| Teachers Mutual Bank | 4.80 | 4.80 | 4.80 | 4.95 | 4.05 | 4.75 | 4.00 | 4.00 | ||||
| The Capricornian | 3.00 | 3.25 | 4.00 | 4.00 | ||||||||
| Bank First | 0.75 | 1.00 | 4.70 | 4.70 | 4.85 | 4.75 | 4.75 | 4.00 | 4.00 | 4.00 | 4.00 |
| 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% | 5.17% | 0.06% | 92.25 | 9.59% |
| Ramsay Health Care | RHCPA | Perpetual PS | Perpetual | 4.85% | 4.79% | 0.03% | 106.50 | 9.20% |
** “Clean” running yield. Includes franking credits if present.