Summary-
On 22nd May 2025, ASX-listed hybrids saw a mixed performance, with a slight bias toward price declines. Sixteen securities posted gains, led by Westpac (WBCPH) and Challenger (CGFPC), both rising by 0.27%. In contrast, 20 securities declined in value, with Bendigo Bank (BENPH) experiencing the largest drop at 0.39%, followed by CBA (CBAPJ) and ANZ (AN3PI), each down 0.31%. Despite the downward pressure, the average trading margin remained healthy at approximately 2.97%, while the average running yield stood at a strong 6.94%.
Judo Capital (JDOPA) continued to offer the highest running yield at 9.50%, supported by a 6.50% margin including credits and a trading margin of 3.81%. Latitude (LFSPA) also stood out with a 9.12% yield, driven by its discounted price of 96.56 and an elevated trading margin of 10.17%
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22/09/2025 | 3.20% | 9.79% | 0.51% | 101.2 | 7.08% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 2.75% | -0.14% | 102.55 | 8.15% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 2.25% | -0.25% | 102.8 | 8.32% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 4.79% | 0.36% | 102.16 | 8.34% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 2.03% | 0.02% | 103.65 | 7.58% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 2.21% | -0.24% | 102.25 | 6.68% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 2.53% | 0.66% | 103.6 | 7.73% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 1.88% | -0.04% | 102.571 | 6.41% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 10.10% | 0.16% | 96.7 | 9.05% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 3.23% | 0.06% | 103.8 | 7.11% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 1.92% | -0.14% | 103.39 | 6.60% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 3.47% | 0.26% | 103.12 | 7.48% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 2.37% | 0.18% | 104.35 | 7.33% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.34% | 0.13% | 102.5 | 6.55% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 2.18% | -0.04% | 104.63 | 7.02% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 1.88% | -0.12% | 103.95 | 6.55% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.30% | 0.01% | 103 | 6.48% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 2.30% | 0.12% | 103.15 | 6.52% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 2.94% | -0.02% | 104.9 | 7.03% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.78% | 0.38% | 101.96 | 6.60% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 2.60% | -0.01% | 104.1 | 6.95% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.87% | -0.01% | 111.15 | 9.47% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.23% | 0.05% | 102.7 | 6.33% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 2.97% | 0.08% | 104.32 | 7.17% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.22% | -0.02% | 103.37 | 6.36% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 2.95% | 0.08% | 105.05 | 7.09% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.41% | 0.00% | 106.13 | 7.10% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.32% | 0.06% | 104.571 | 6.68% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 2.85% | 0.00% | 103.68 | 6.60% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.23% | -0.05% | 103.25 | 6.34% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.28% | 0.13% | 104.55 | 6.53% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.43% | -0.04% | 103.12 | 6.42% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.27% | -0.12% | 103.85 | 6.38% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.68% | 0.10% | 104.06 | 6.76% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 2.99% | 0.08% | 104 | 6.85% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.24% | 0.06% | 104.24 | 6.43% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.65% | 0.01% | 105.72 | 6.67% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.42% | 0.12% | 102.66 | 6.29% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.09% | -0.10% | 104.2 | 6.16% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | BOND TYPE | CALL DATE | ISSUE MARGIN (inc frank) | TRADING MARGIN | ?DAY | CLOSING PRICE | RUNNING YIELD |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.38% | 0.68% | 85 | 9.12% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.43% | -0.02% | 106.3 | 8.17% |