Summary:
The ASX-listed hybrid market experienced a mixed performance this week, with trading margins showing slight increases amid the Reserve Bank of Australia (RBA)’s decision to hold the cash rate at 3.85% and the global influence of the “One Big Beautiful Bill” (OBBBA). The median trading margin across bank hybrids rose to 3.47%, up from last week’s implied 3.39%, though still well below the early-2023 peak of 7.34% recorded on March 20, 2020, per historical ASX data. The 3-month BBSW rose 15.78 basis points to 3.583%, supporting a modest margin expansion trend observed in 2025.
Standout performers included Westpac’s WBCPH Capital Notes 5, up 3.25% to 100 with a trading margin of 28.05%, and AMP Group’s AMPPB Capital Notes 2, up 0.49% to 101.46 with a 7.44% margin. Macquarie Bank’s MBLPC Capital Notes 2 gained 0.40% to 101.7, boasting a 6.36% margin. Challenger’s CGFPC Capital Notes 3 dipped 0.23% to 102.91, reflecting sector volatility. Margins are trending toward pre-pandemic levels, suggesting stabilisation amid the RBA’s steady policy and the OBBBA’s fiscal stimulus, with investor focus shifting to the August 1 tariff deadline.
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% 28.05% 3.25% 100 7.25% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 7.44% 0.49% 101.46 8.34% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.36% 0.40% 101.7 8.49% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 5.38% 0.23% 102.91 8.38% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.11% 0.18% 102.67 7.74% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 3.71% 0.18% 101.8 6.78% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.47% 0.12% 103.34 7.82% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.46% 0.13% 101.53 6.54% Latitude LFSPA Capital Notes 27/10/2026 4.75% 10.67% 0.26% 97.86 9.06% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.56% 0.12% 102.85 7.25% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.17% 0.09% 102.23 6.75% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 3.99% 0.11% 103.42 7.55% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.50% 0.09% 103.35 7.48% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 3.00% 0.07% 101.99 6.64% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 3.01% 0.07% 103.77 7.15% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.39% 0.04% 103.4 6.63% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.81% 0.06% 102.63 6.57% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.90% 0.06% 102.55 6.62% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.35% 0.06% 104.85 7.11% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.68% 0.04% 103.04 6.58% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 2.97% 0.05% 104 7.03% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 3.99% 0.06% 112.1 9.52% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.65% 0.04% 102.13 6.41% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.29% 0.05% 104.34 7.24% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.69% 0.05% 102.75 6.46% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.33% 0.04% 104.7 7.17% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.80% 0.04% 105.65 7.20% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.55% 0.04% 104.74 6.73% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.08% 0.05% 103.92 6.66% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.41% 0.03% 103.3 6.39% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.45% 0.04% 104.8 6.58% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.68% 0.04% 103.09 6.49% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.47% 0.04% 103.94 6.43% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 3.07% 0.04% 103.46 6.87% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.24% 0.03% 103.8 6.92% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.51% 0.03% 103.8 6.50% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 3.05% 0.04% 104.92 6.79% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.71% 0.03% 102.15 6.38% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.30% 0.03% 104.05 6.22% 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% 5.25% -0.05% 88 8.99% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.59% -0.07% 106.28 8.33%