AUSTRALIAN HYBRIDS
The hybrid securities in the table show a mix of performance across various companies, with notable changes in trading margins and yields. ANZ Bank’s Capital Notes 5 (AN3PH) saw a strong increase of 2.18%, closing at 100.90 with a yield of 8.10%, reflecting solid investor confidence. On the other hand, CBA PERLS 10 (CBAPG) had a 3.38% gain, closing at 100.66 with a yield of 7.73%, benefiting from a higher trading margin of 5.17%. Westpac’s Capital Notes 5 (WBCPH), while maintaining a slight change of 0.02%, closed at 101.71 with a lower yield of 7.44%. AMP Group’s Capital Notes 2 (AMPPB) experienced a 0.57% increase, closing at 103.00, offering an attractive yield of 8.64%. Macquarie’s Capital Notes 2 (MBLPC) saw a small dip of -0.30%, closing at 103.41, with a yield of 8.79%, and similarly, Challenger’s Capital Notes 3 (CGFPC) had a 1.27% gain with a yield of 8.76%. Other companies such as Suncorp (SUNPH) and Macquarie Group (MQGPE) showed minor declines, but their yields remain stable at 7.18% and 7.09%, respectively. These figures suggest a mixed outlook, with some securities seeing gains and others remaining relatively flat or slightly declining in price. Nufarm (NFNG) saw a slight decline of 0.37% this week, closing at 93 with a solid running yield of 9.06%. Ramsay Health Care (RHCPA) also dropped by 0.28%, ending at 107.45, with an 8.73% yield. Both securities maintain strong margins but showed minor weekly dips. Investors should monitor trading margins for potential changes in performance.
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% | 2.67% | 2.18% | 100.90 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 5.17% | 3.38% | 100.66 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.92% | 0.02% | 101.71 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.32% | 0.57% | 103.00 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.87% | -0.30% | 103.41 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.32% | 1.27% | 103.41 | 8.76% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.86% | 0.11% | 103.96 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.69% | -0.33% | 102.75 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.43% | -0.33% | 105.29 | 8.12% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.90% | -0.06% | 102.40 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.52% | -0.37% | 96.37 | 9.41% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.93% | 0.07% | 103.87 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.04% | -0.06% | 103.04 | 7.16% |
| 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% | 2.26% | -0.09% | 104.50 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.31% | 103.60 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.02% | -0.02% | 104.90 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | 0.00% | 103.70 | 7.09% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.93% | -0.15% | 103.79 | 6.96% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.09% | -0.13% | 103.50 | 7.03% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.86% | -0.06% | 105.79 | 7.35% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.49% | -0.53% | 104.15 | 6.88% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.22% | -0.06% | 105.02 | 7.41% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.51% | 0.43% | 112.00 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.93% | -0.04% | 103.52 | 6.81% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.73% | 0.48% | 104.82 | 7.65% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.83% | -0.35% | 104.43 | 6.82% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.28% | -0.01% | 105.40 | 7.47% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.72% | -0.36% | 108.50 | 7.45% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.88% | -0.34% | 105.90 | 7.11% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.00% | -0.15% | 104.46 | 6.96% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.98% | -0.20% | 104.06 | 6.83% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.85% | -0.30% | 106.00 | 6.96% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.29% | -0.01% | 103.38 | 6.94% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.82% | -0.49% | 105.44 | 6.80% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.03% | -0.39% | 106.53 | 7.12% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.56% | 0.05% | 104.00 | 7.28% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.84% | -0.13% | 105.82 | 6.86% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.92% | -0.19% | 106.87 | 6.99% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.19% | -0.34% | 103.50 | 6.78% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.04% | -0.15% | 104.17 | 6.69% |
| 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% | 4.42% | -0.28% | 107.45 | 8.73% |
** “Clean” running yield. Includes franking credits if present.