Summary-
On February 28, 2025, the market saw mixed performance in the hybrid securities space.
- Judo Capital (JDOPA) – With a 9.10% running yield, Judo Capital’s hybrid remains highly attractive despite a slight weekly drop of -1.63%. It offers solid income potential, making it appealing for yield-focused investors.
- Latitude (LFSPA) – Latitude’s 9.17% running yield stands out, despite a small decline of -0.42% this week. It remains one of the top choices for those seeking high returns in the hybrid market.
- Macquarie Bank (MBLPC) – Macquarie’s Capital Notes 2 provide an 8.59% running yield, making it attractive despite a slight weekly dip of -0.45%. It remains a reliable high-yield option for investors.
Nufarm’s (NFNG) step-up perpetual hybrid closed the week at 94.48, down by 0.42%, with a trading margin of 4.70%, reflecting a modest dip in price but maintaining an attractive running yield of 8.80%.
Ramsay Health Care’s (RHCPA) perpetual preference shares also saw a slight decline of 0.16%, closing at 107.37, with a trading margin of 4.54% and a running yield of 8.64%.
Despite the minor weekly drops, both securities remain appealing for yield-seeking investors.
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% | 5.67% | 5.18% | 101.08 | 7.91% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 6.14% | 4.35% | 101.20 | 7.53% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.59% | 0.68% | 101.80 | 7.27% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.24% | 0.48% | 103.50 | 8.44% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.72% | -0.45% | 103.90 | 8.59% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.02% | -0.03% | 103.20 | 8.43% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.16% | 0.41% | 104.05 | 7.91% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.20% | 0.19% | 102.56 | 7.02% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 3.30% | 1.54% | 103.00 | 8.14% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.93% | -0.03% | 102.80 | 6.76% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.47% | -0.42% | 97.20 | 9.17% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.82% | -0.04% | 104.56 | 7.27% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.92% | -0.18% | 103.73 | 6.94% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 0.51% | -1.32% | 107.00 | 7.40% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.50% | 0.15% | 104.51 | 7.68% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.31% | 103.40 | 6.88% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.18% | 0.15% | 104.99 | 7.35% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.86% | -0.10% | 104.30 | 6.88% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.01% | -0.07% | 104.05 | 6.77% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.35% | 0.13% | 103.25 | 6.88% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.92% | 0.00% | 106.10 | 7.17% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.06% | 0.04% | 102.75 | 6.80% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.98% | 0.69% | 103.21 | 7.38% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 1.45% | -1.63% | 116.75 | 9.10% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.95% | -0.02% | 103.80 | 6.62% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.31% | 0.06% | 104.73 | 7.35% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.00% | -0.18% | 104.31 | 6.66% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.52% | 0.23% | 105.02 | 7.33% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.77% | -0.31% | 106.99 | 7.27% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.01% | -0.21% | 105.94 | 6.94% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.08% | -0.07% | 104.66 | 6.78% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.99% | -0.19% | 104.39 | 6.63% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.03% | -0.12% | 105.75 | 6.81% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.27% | -0.03% | 103.95 | 6.73% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.08% | -0.23% | 104.83 | 6.67% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.79% | 0.37% | 103.81 | 7.14% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.58% | 0.08% | 104.31 | 7.08% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.08% | 0.10% | 105.13 | 6.73% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | -0.03% | 106.63 | 6.84% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.68% | 0.15% | 101.60 | 6.72% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.07% | -0.12% | 104.50 | 6.50% |
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% | 4.70% | -0.42% | 94.48 | 8.80% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.54% | -0.16% | 107.37 | 8.64% |