25 June 2025

Summary-

As of 25 June 2025, the Australian bank hybrid securities market showed notable activity and investor shifts. Here’s a concise summary based on the latest data:

Key Highlights

  • Top Yielding Hybrid: Judo Capital’s JDOPA led with a 9.41% running yield, trading at a premium of $112.
  • Biggest Mover: Westpac’s WBCPH surged 0.33% in a single day, with a trading margin spike to 21.64%, reflecting strong demand for near-term callable hybrids.

 

  • High-Yield Standouts:
    • Latitude LFSPA: 9.07% yield
    • Macquarie MBLPC: 8.44%
    • AMP AMPPB: 8.26%
    • Challenger CGFPC: 8.31%

Major Bank Hybrids

  • CBA PERLS series (CBAPJ, CBAPI, CBAPL): Yields between 6.47%–6.67%, showing price stability.
  • NAB, ANZ, Westpac hybrids: Mostly yielding 6.4%–7.2%, with modest price movements.

Market Trends

  • Investors are favoring shorter-dated, high-margin hybrids, especially those nearing call dates.
  • Trading margins widened in select names, suggesting a rotation toward yield-enhancing opportunities amid refinancing expectations

ASX-Listed Hybrids

COMPANYCODEHYBRID TYPEMATURITY/
CALL
DATE		MARGIN
INCL. CREDITS		TRADING
MARGIN		DAY
CHANGE		DAY
CLOSE		RUNNING
YIELD**
WestpacWBCPHCapital Notes 522/09/20253.20%21.64%0.33%99.977.15%
AMP GroupAMPPBCapital Notes 216/12/20254.50%7.42%0.07%1018.27%
Macquarie BankMBLPCCapital Notes 222/12/20254.70%6.92%0.06%101.0498.44%
ChallengerCGFPCCapital Notes 325/05/20264.60%5.39%0.03%102.478.31%
Nat Aust BankNABPFCapital Notes 317/06/20264.00%4.33%0.03%102.0997.68%
SuncorpSUNPHCapital Notes 317/06/20263.00%4.35%0.03%100.886.74%
Macquarie GroupMQGPDCapital Notes 410/09/20264.15%3.96%0.02%102.57.78%
CBACBAPJ PERLS 1320/10/20262.75%3.59%0.02%101.056.47%
LatitudeLFSPACapital Notes27/10/20264.75%11.39%0.04%96.59.07%
WestpacWBCPJCapital Notes 722/03/20273.40%4.73%0.02%102.1977.20%
CBACBAPI PERLS 1220/04/20273.00%3.17%0.01%101.916.67%
Bank of QueenslandBOQPFCapital Notes 214/05/20273.80%4.27%0.02%102.587.50%
Bendigo BankBENPHCapital Notes15/06/20273.80%3.79%0.01%102.57.44%
Macquarie GroupMQGPECapital Notes 520/09/20272.90%3.17%0.01%101.396.58%
Nat Aust BankNABPHCapital Notes 517/12/20273.50%3.22%0.01%1037.10%
ANZ BankAN3PICapital Notes 620/03/20283.00%2.82%0.01%102.166.62%
CBACBAPL PERLS 1515/06/20282.85%3.04%0.01%101.766.53%
SuncorpSUNPICapital Notes 417/06/20282.90%3.38%0.01%101.056.62%
WestpacWBCPLCapital Notes 922/09/20283.40%3.66%0.01%103.687.09%
Macquarie BankMBLPDCapital Notes 37/12/20282.90%2.88%0.01%102.26.54%
Bank of QueenslandBOQPGCapital Notes 315/12/20283.40%3.36%0.01%102.6017.03%
Judo CapitalJDOPACapital Notes16/02/20296.50%3.88%0.01%1129.41%
ANZ BankAN3PJCapital Notes 720/03/20292.70%2.81%0.00%101.396.37%
ChallengerCGFPDCapital Notes 425/05/20293.60%3.45%0.01%103.57.20%
CBACBAPK PERLS 1415/06/20292.75%2.90%0.01%101.776.42%
IAGIAGPECapital Notes 215/06/20293.50%3.79%0.01%1037.20%
Macquarie GroupMQGPFCapital Notes 612/09/20293.70%2.82%0.01%105.37.13%
Nat Aust BankNABPICapital Notes 617/09/20293.15%2.74%0.01%103.776.70%
WestpacWBCPKCapital Notes 821/09/20292.90%3.25%0.01%103.046.62%
ANZ BankAN3PKCapital Notes 820/03/20302.75%2.74%0.00%101.866.39%
CBACBAPM PERLS 1617/06/20303.00%2.53%0.00%104.196.52%
SuncorpSUNPJCapital Notes 517/06/20302.80%2.95%0.01%101.766.47%
Nat Aust BankNABPJCapital Notes 717/09/20302.80%2.69%0.00%102.8016.41%
Bendigo BankBENPiCapital Notes 213/12/20303.20%3.14%0.01%102.856.81%
Insurance AustraliaIAGPFCapital Notes 315/12/20303.20%3.45%0.00%102.76.90%
ANZ BankAN3PLCapital Notes 920/03/20312.90%2.71%0.00%102.696.48%
WestpacWBCPMCapital Notes 1022/09/20313.10%3.14%0.00%104.216.74%
Macquarie GroupMQGPGCapital Notes 715/12/20312.65%2.79%0.00%101.56.32%
Nat Aust BankNABPKCapital Notes 817/03/20322.60%2.41%0.00%103.266.18%
COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGIN?DAYCLOSING PRICE RUNNING YIELD
NufarmNFNGStep UpPerpetual3.90%5.35%-0.01%87.29.01%
Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.67%-0.01%105.68.33%