Summary-
The latest Yield Report highlights key trends in ASX-listed hybrid securities, showing shifts in trading margins, running yields, and issue margins.
Key Market Changes:
- Higher Trading Margins: Westpac’s WBCPH Capital Notes 5 saw a trading margin of 11.45%, reflecting increased investor demand or risk perception.
- Yield Variations: Running yields range from 6% to 9%, with Judo Capital’s JDOPA Capital Notes standing out at 9.5%, indicating a higher issue margin.
- Upcoming Call Dates: Several securities have call dates within the next 2–3 years, suggesting potential refinancing or redemption activity.
ASX Listed Hybrids
| COMPANY | CODE | BOND TYPE | CALL DATE | ISSUE MARGIN (inc frank) | TRADING MARGIN | ?DAY | CLOSING PRICE | RUNNING YIELD |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 18.62% | 9.35% | 99.82 | 7.21% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 6.92% | 4.02% | 100.86 | 8.33% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 6.58% | 4.08% | 100.88 | 8.51% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 5.31% | 0.89% | 102.2 | 8.37% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 4.25% | 2.24% | 101.88 | 7.74% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 4.27% | 1.82% | 100.66 | 6.81% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 3.96% | 2.09% | 102.25 | 7.85% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 3.24% | 1.33% | 101.2 | 6.52% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 10.48% | 0.54% | 97 | 9.07% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 4.48% | 1.31% | 102.28 | 7.24% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.96% | 0.91% | 101.99 | 6.72% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.71% | 0.51% | 103.18 | 7.51% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 3.73% | 1.55% | 102.31 | 7.51% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 3.09% | 0.89% | 101.31 | 6.65% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 3.18% | 0.96% | 102.82 | 7.17% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.82% | 0.81% | 101.98 | 6.69% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 3.04% | 0.74% | 101.51 | 6.60% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 3.10% | 0.92% | 101.5 | 6.65% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.66% | 0.70% | 103.4 | 7.16% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 07-Dec-28 | 2.90% | 2.94% | 0.55% | 101.81 | 6.62% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 3.27% | 0.67% | 102.57 | 7.08% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.76% | -0.11% | 112 | 9.44% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.84% | 0.65% | 101.14 | 6.44% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.30% | 0.41% | 103.7 | 7.24% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.64% | 0.41% | 102.35 | 6.44% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.66% | 0.79% | 103.17 | 7.24% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.88% | 0.46% | 104.9 | 7.21% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.75% | 0.48% | 103.51 | 6.77% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.21% | 0.36% | 102.9 | 6.68% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.74% | 0.45% | 101.68 | 6.46% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.66% | 0.52% | 103.45 | 6.62% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.90% | 0.43% | 101.72 | 6.53% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.58% | 0.19% | 102.98 | 6.45% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 3.10% | 0.52% | 102.75 | 6.87% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.52% | 0.62% | 102.2 | 6.99% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.66% | 0.48% | 102.72 | 6.54% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 3.08% | 0.44% | 104.2 | 6.79% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.75% | 0.45% | 101.45 | 6.39% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.50% | 0.31% | 102.59 | 6.27% |
ASX 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% | 5.27% | 0.57% | 87.72 | 9.00% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | 0.18% | 105.6 | 8.37% |