Summary:
The ASX-listed hybrid market saw a mixed recovery this week, with trading margins showing slight adjustments. The median trading margin across bank hybrids rose to 3.32%, a modest increase from last week, though still below the early-2023 peak of 7.34% seen on March 20, 2020. The 3-month BBSW held steady at 3.583%, maintaining margin compression trends observed throughout 2024.
Standout performers included Westpac’s WBCPH Capital Notes 5, up 4.64% to 100.02 with a trading margin of 24.69%, and Macquarie Bank’s MBLPC Capital Notes 2, up 1.02% to 101.32 with a 6.83% margin. Challenger’s CGFPC Capital Notes 3 dipped 0.88% to 103.4, reflecting sector volatility. Margins are aligning closer to pre-pandemic levels, suggesting normalization amid stable monetary policy expectations, with a focus on the RBA’s upcoming decision.
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% 24.69% 4.64% 100.02 7.07% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 7.25% 0.70% 101.33 8.17% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.83% 1.02% 101.32 8.36% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 4.55% -0.88% 103.4 8.17% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.00% 0.01% 102.6 7.57% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 3.89% -0.21% 101.49 6.63% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.67% 0.49% 102.98 7.68% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.32% 0.03% 101.55 6.37% Latitude LFSPA Capital Notes 27/10/2026 4.75% 10.49% -0.25% 97.77 8.88% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.54% 0.02% 102.7 7.09% CBA CBAPI PERLS 12 20/04/2027 3.00% 2.97% 0.34% 102.4 6.57% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 3.49% -0.25% 104.07 7.33% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.35% -0.44% 103.45 7.31% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.98% -0.03% 101.9 6.48% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.90% -0.06% 103.86 6.98% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.51% -0.18% 103.02 6.49% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.61% -0.06% 103 6.38% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.88% 0.28% 102.46 6.46% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.39% -0.03% 104.59 6.96% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.71% -0.22% 102.82 6.43% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.10% -0.27% 103.5 6.90% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.01% 0.03% 111.89 9.37% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.65% 0.11% 102 6.26% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.06% -0.20% 104.9 7.04% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.65% 0.21% 102.74 6.29% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.35% -0.18% 104.5 7.02% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.95% 0.05% 105.03 7.08% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.58% -0.01% 104.48 6.58% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.19% -0.07% 103.41 6.52% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.59% -0.02% 102.51 6.27% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.53% 0.00% 104.37 6.44% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.82% -0.07% 102.4 6.36% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.58% -0.09% 103.4 6.30% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 3.09% -0.05% 103.23 6.72% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.18% -0.17% 103.9 6.75% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.60% 0.01% 103.3 6.37% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 3.08% 0.08% 104.64 6.65% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.74% -0.01% 101.88 6.23% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.49% 0.11% 103.01 6.12% -
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN DAY CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.30% 0.13% 88 8.89% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.69% 0.09% 105.94 8.27%