Summary:
The ASX-listed hybrid market saw a stable week ending July 25, 2025, with trading margins holding firm amid mixed economic signals. The median trading margin across bank hybrids moved slightly higher at 3.69%, reflecting a market that remains cautious on rate expectations following the RBA’s recent hold at 3.85%.
With the RBA’s August cut probability at 94%, hybrid margins are aligning with pre-pandemic norms, suggesting investor confidence despite tariff uncertainties. Focus remains on the upcoming macro data in the US and Australia.
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% 36.29% 4.39% 100.11 7.21% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 8.34% 0.50% 101.54 8.30% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.53% 0.37% 101.98 8.44% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 5.09% 0.19% 103.5 8.31% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.38% 0.16% 102.76 7.70% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.76% 0.17% 101.23 6.78% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.74% 0.10% 103.3 7.79% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.48% 0.11% 101.8 6.49% Latitude LFSPA Capital Notes 27/10/2026 4.75% 10.99% 0.22% 98.05 9.02% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.31% 0.10% 103.54 7.17% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.13% 0.08% 102.57 6.69% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 3.77% 0.09% 104.12 7.47% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.90% 0.08% 102.98 7.48% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 3.05% 0.05% 102.14 6.59% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.96% 0.06% 104.16 7.09% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.58% 0.04% 103.15 6.61% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.91% 0.05% 102.65 6.53% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.99% 0.05% 102.6 6.59% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.65% 0.05% 104.38 7.11% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.95% 0.04% 102.5 6.58% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.06% 0.04% 104.05 7.00% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.09% 0.06% 112.2 9.50% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.69% 0.03% 102.2 6.37% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.29% 0.04% 104.65 7.19% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.70% 0.04% 103 6.41% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.48% 0.03% 104.499 7.16% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.81% 0.03% 105.85 7.15% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.74% 0.04% 104.35 6.73% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.28% 0.04% 103.57 6.65% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.56% 0.02% 102.95 6.37% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.48% 0.03% 104.95 6.54% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.85% 0.03% 102.7 6.48% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.53% 0.03% 104 6.40% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 2.86% 0.03% 104.55 6.77% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.14% 0.02% 104.402 6.84% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.54% 0.02% 103.86 6.46% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.98% 0.03% 105.53 6.72% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.76% 0.02% 102.15 6.34% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.45% 0.02% 103.596 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% 5.24% 5.38% 88 8.93% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.50% 4.59% 107.45 8.19%