Summary-
The hybrid market saw a standout session on 20 June, with Westpac’s WBCPH leading the charge. The note surged 10.53% on the day, closing just shy of par at 99.97. Its trading margin ballooned to 20.10%, and the running yield hit 7.17%, reflecting heightened investor appetite for near-term callable securities with elevated margins.
Judo Capital’s JDOPA, despite being the sole decliner (-0.05%), retained its crown as the highest-yielding hybrid with a running yield of 9.43%. Its premium pricing at 112 suggests investors continue to value its generous 6.50% issue margin, even amid modest price softening.
In the perpetual space, Nufarm’s NFNG and Ramsay’s RHCPA remained yield-heavy stalwarts, offering 9.04% and 8.36% respectively. Notably, RHCPA continues to trade above par, underscoring its appeal as a defensive income play.
Among the majors:
- AMP’s AMPPB and Macquarie’s MBLPC posted solid gains, both yielding above 8.25%.
- Latitude’s LFSPA, trading at a discount (96.5), offered a compelling 9.09% running yield, making it attractive for yield-seeking investors willing to accept higher volatility.
- CBA’s PERLS series (CBAPJ, CBAPI, CBAPL) maintained steady performance, with yields ranging from 6.49% to 6.69%, reflecting their consistent demand and lower risk profile.
The broader trend suggests a rotation toward higher-margin, shorter-dated hybrids, particularly those nearing call dates. This is likely driven by expectations of refinancing activity and a search for enhanced yield in a still-uncertain rate environment.
| 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% | 20.10% | 10.82% | 99.97 | 7.17% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 7.10% | 4.20% | 101 | 8.29% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 6.65% | 4.15% | 101.049 | 8.47% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.24% | 0.81% | 102.47 | 8.33% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.21% | 2.20% | 102.099 | 7.70% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.22% | 1.78% | 100.88 | 6.76% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.88% | 2.01% | 102.5 | 7.81% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.50% | 1.58% | 101.05 | 6.49% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 11.22% | 1.27% | 96.5 | 9.09% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.65% | 1.49% | 102.197 | 7.22% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 3.11% | 1.05% | 101.91 | 6.69% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.19% | 0.98% | 102.58 | 7.52% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.72% | 1.54% | 102.5 | 7.47% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 3.12% | 0.92% | 101.39 | 6.61% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 3.17% | 0.95% | 103 | 7.12% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.79% | 0.79% | 102.16 | 6.64% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 3.00% | 0.70% | 101.76 | 6.55% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 3.34% | 1.17% | 101.05 | 6.65% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.62% | 0.66% | 103.68 | 7.11% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.85% | 0.45% | 102.2 | 6.56% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 3.32% | 0.71% | 102.601 | 7.05% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.84% | -0.04% | 112 | 9.43% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.79% | 0.60% | 101.39 | 6.39% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.42% | 0.53% | 103.5 | 7.22% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.87% | 0.64% | 101.77 | 6.45% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.76% | 0.89% | 103 | 7.22% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.80% | 0.38% | 105.3 | 7.15% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.71% | 0.45% | 103.77 | 6.72% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 3.21% | 0.36% | 103.04 | 6.64% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.72% | 0.43% | 101.86 | 6.41% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.50% | 0.36% | 104.19 | 6.54% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.92% | 0.46% | 101.76 | 6.50% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.66% | 0.28% | 102.801 | 6.43% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 3.11% | 0.53% | 102.85 | 6.84% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.43% | 0.52% | 102.7 | 6.92% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.70% | 0.51% | 102.69 | 6.51% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 3.12% | 0.48% | 104.21 | 6.76% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.77% | 0.47% | 101.5 | 6.35% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.39% | 0.20% | 103.26 | 6.20% |
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% | 5.35% | 0.65% | 87.2 | 9.04% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | 0.22% | 105.6 | 8.36% |