On February 4, 2025, Australian hybrid securities exhibited varied performance. Latitude Capital Notes (LFSPA) experienced a margin increase of +44bps, reaching 8.07%. Conversely, Judo Capital Notes (JDOPA) saw a decrease of -19bps, settling at 9.67%. Macquarie Group Capital Notes 5 (MQGPE) rose by +49bps to 2.42%.
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% | 4.82% | 4.32% | 100.62 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 5.47% | 3.68% | 100.60 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.13% | 0.23% | 101.58 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.79% | 1.03% | 102.61 | 8.67% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.93% | -0.24% | 103.36 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.25% | 0.20% | 104.72 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.60% | -0.15% | 104.30 | 8.05% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.61% | -0.41% | 102.85 | 7.17% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.78% | 0.02% | 104.77 | 8.16% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.84% | -0.12% | 102.50 | 6.95% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.41% | 0.53% | 95.13 | 9.53% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.87% | 0.01% | 104.00 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.88% | -0.22% | 103.36 | 7.14% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.90% | 0.06% | 103.70 | 7.79% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.33% | -0.02% | 104.35 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.50% | 0.56% | 103.02 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.93% | -0.11% | 105.13 | 7.50% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.95% | -0.01% | 103.72 | 7.09% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.09% | 0.01% | 103.34 | 6.99% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.03% | -0.18% | 103.65 | 7.02% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.01% | 0.08% | 105.35 | 7.38% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.47% | -0.54% | 104.20 | 6.88% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.36% | 0.07% | 104.61 | 7.44% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.89% | -0.19% | 114.00 | 9.67% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.01% | 0.04% | 103.25 | 6.83% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.24% | -0.01% | 106.47 | 7.53% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.06% | -0.12% | 103.64 | 6.87% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.20% | -0.09% | 105.70 | 7.45% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.98% | -0.10% | 107.53 | 7.52% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.99% | -0.23% | 105.50 | 7.13% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.04% | -0.11% | 104.30 | 6.97% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.12% | -0.06% | 103.52 | 6.86% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.02% | -0.13% | 105.30 | 7.00% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.27% | -0.03% | 103.49 | 6.93% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.19% | -0.12% | 103.90 | 6.90% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.21% | -0.21% | 105.75 | 7.17% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.38% | -0.12% | 104.75 | 7.22% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.09% | 0.11% | 104.73 | 6.93% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.16% | 0.05% | 105.74 | 7.06% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.23% | -0.31% | 103.33 | 6.79% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.20% | 0.02% | 103.36 | 6.74% |
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% | 4.75% | -0.37% | 93 | 9.06% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.45% | -0.26% | 107.15 | 8.76% |
** “Clean” running yield. Includes franking credits if present.