Summary:
The ASX-listed hybrid market experienced a moderate rebound this week, with key indicators showing signs of marginal recovery. The median trading margin across bank hybrids edged up to 3.17%, a slight uptick from prior weeks, yet still significantly lower than the early-2023 peak. The 3-month BBSW remained steady around 4.25%, maintaining the compression in margin spreads witnessed throughout 2024.
From the chart, it’s evident that sector margins have narrowed steadily post-2022, after the sharp COVID-era spike (peaking at 7.34% on 20 March 2020). Current margin levels now align more closely with pre-pandemic norms, indicating ongoing market normalization amid stabilised monetary policy.
ASX-Listed Hybrids
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CHANGEDAY
CLOSERUNNING
YIELD**Westpac WBCPH Capital Notes 5 22/09/2025 3.20% 22.26% 2.21% 99.98 7.10% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 6.98% 0.43% 101.25 8.20% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.15% 0.35% 101.45 8.37% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 5.65% 0.22% 102.31 8.28% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.16% 0.17% 102.3 7.62% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.26% 0.17% 101 6.69% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.29% 0.11% 103.28 7.68% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.41% 0.12% 101.3 6.41% Latitude LFSPA Capital Notes 27/10/2026 4.75% 10.98% 0.24% 97 8.98% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.63% 0.11% 102.4 7.14% CBA CBAPI PERLS 12 20/04/2027 3.00% 2.71% 0.08% 102.69 6.58% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 3.84% 0.10% 103.33 7.41% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.87% 0.09% 102.4 7.41% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 3.07% 0.06% 101.61 6.53% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 3.02% 0.06% 103.45 7.03% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.73% 0.04% 102.4 6.56% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.71% 0.05% 102.6 6.43% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.65% 0.05% 102.91 6.46% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.47% 0.06% 104.22 7.01% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.97% 0.04% 101.98 6.51% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.42% 0.05% 102.45 7.00% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.04% 0.07% 111.6 9.41% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.57% 0.03% 102.15 6.28% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.30% 0.05% 104 7.13% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.48% 0.04% 103.15 6.30% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.57% 0.04% 103.7 7.11% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.94% 0.04% 104.96 7.11% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.63% 0.04% 104.19 6.63% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.30% 0.04% 102.89 6.58% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.64% 0.03% 102.25 6.32% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.57% 0.03% 104.09 6.49% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.92% 0.03% 101.89 6.42% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.69% 0.03% 102.8 6.37% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 3.17% 0.03% 102.75 6.78% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.38% 0.03% 103 6.84% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.62% 0.02% 103.13 6.42% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 3.03% 0.03% 104.71 6.67% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.77% 0.02% 101.6 6.28% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.41% 0.03% 103.29 6.14% ASX-Listed Hybrids (Non-standard)
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN TRADING MARGIN DAY CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.16% -0.01% 88.9 8.78% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.60% 0.00% 106.5 8.22%