Summary:
Australian hybrids inched up over the course of the week. There was a degree of ebb and flow, with yields declining slightly during the first half of the week before backing up slightly during the second half post the CPI release. The dynamic matched both moves in the cash and bond markets.
By week’s end, notable notes included:
Judo Capital’s Capital Notes (JDOPA) offering the highest running yield of 9.50%, an high 6.50% margin, trading well above par at $111.99. And there is a reason after its poor earnings result during the week.
Latitude Financial (LFSPA) presents a unique value opportunity, trading at a discount ($96.01) while still offering an impressive 9.26% yield, supported by a 4.75% margin.
Macquarie Bank’s Capital Notes 2 (MBLPC) boasts a 4.70% margin with an attractive 8.51% yield.
Click here for the latest daily trading margins, running yields and charts.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 8.77% | 0.65% | 101.02 | 7.16% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.27% | 0.02% | 102 | 8.25% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.14% | -0.28% | 102.67 | 8.38% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.05% | 0.59% | 103.5 | 8.28% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | -0.34% | 103.3 | 7.66% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.37% | 0.10% | 101.83 | 6.77% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.19% | -0.03% | 103.8 | 7.77% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.04% | -0.22% | 102.11 | 6.50% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.56% | -0.18% | 96.85 | 9.09% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.30% | -0.20% | 103.38 | 7.19% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.21% | 0.02% | 102.63 | 6.71% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.67% | 0.30% | 102.45 | 7.58% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.74% | 0.13% | 103.4 | 7.45% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.08% | 102.48 | 6.61% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.23% | -0.05% | 104.25 | 7.10% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.19% | 0.21% | 103.02 | 6.67% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.24% | -0.02% | 102.9 | 6.55% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.42% | 0.04% | 102.59 | 6.62% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.91% | -0.05% | 104.7 | 7.10% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.23% | 0.17% | 103.35 | 6.57% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.47% | -0.22% | 104.22 | 7.00% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 4.03% | 0.63% | 110.29 | 9.58% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.20% | -0.07% | 102.62 | 6.40% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.38% | 0.04% | 105.95 | 7.11% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.16% | -0.02% | 103.3 | 6.42% |
| Insurance Australia | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.06% | -0.18% | 104.45 | 7.19% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.34% | 0.00% | 106.15 | 7.16% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.24% | 0.06% | 104.6 | 6.73% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.75% | -0.03% | 103.729 | 6.66% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.20% | -0.03% | 103.19 | 6.41% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.04% | -0.02% | 105.23 | 6.55% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.51% | 0.01% | 102.55 | 6.52% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.18% | -0.04% | 103.95 | 6.43% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.59% | 0.08% | 104.15 | 6.82% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.91% | -0.02% | 104.1 | 6.90% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.20% | -0.01% | 104.23 | 6.49% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.64% | -0.05% | 105.47 | 6.75% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.20% | -0.08% | 103.5 | 6.31% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.13% | 0.10% | 103.75 | 6.25% |
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% | 4.61% | -0.01% | 92.35 | 8.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.34% | -0.01% | 106.87 | 8.16% |