Summary:
Bank hybrid securities again delivered high income with little price volatility. The YieldReport data shows the average trading margin is 3.6% and running yields sat mostly between 6 and 7%. Key “capital note” issues remained in tight ranges (day-to-day price moves <0.1%), reflecting balanced demand. Notably, Westpac Capital Notes 5 (WBCPH) traded with a very wide margin (~40%) owing to its imminent call date. Overall, the average trading margin of hybrid securities is below the long-term average and demonstrates a lower level of compensation from this segment of the market.
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% 49.58% 8.76% 100.32 7.16% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 7.67% 0.59% 102.2 8.22% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 7.04% 0.50% 102.15 8.40% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 3.85% 0.20% 104.78 8.18% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.37% 0.20% 103.09 7.65% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.33% 0.20% 101.9 6.70% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.54% 0.12% 103.76 7.72% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.42% 0.13% 102.15 6.42% Latitude LFSPA Capital Notes 27/10/2026 4.75% 11.06% 0.26% 98.5 8.95% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.71% 0.12% 103.3 7.15% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.03% 0.09% 103 6.62% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.71% 0.12% 103 7.52% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 2.94% 0.08% 104.86 7.31% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.73% 0.06% 102.966 6.50% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.89% 0.07% 104.58 7.03% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.49% 0.04% 103.55 6.54% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.80% 0.05% 103.2 6.46% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 3.02% 0.06% 102.81 6.53% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.55% 0.06% 104.93 7.04% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.75% 0.04% 103.29 6.49% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 2.95% 0.05% 104.64 6.92% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.35% 0.07% 111.85 9.52% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.22% 0.03% 103.785 6.23% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.11% 0.05% 105.5 7.10% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.46% 0.04% 104 6.31% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.18% 0.04% 105.65 7.04% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.60% 0.04% 106.8 7.05% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.41% 0.04% 105.72 6.60% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 2.94% 0.04% 104.96 6.52% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.23% 0.03% 104.34 6.24% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.30% 0.03% 105.89 6.44% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.73% 0.03% 103.43 6.39% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.39% 0.03% 104.78 6.31% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 2.72% 0.03% 105.4 6.67% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.05% 0.03% 105 6.76% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.34% 0.02% 104.9 6.36% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.87% 0.03% 106.28 6.63% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.49% 0.02% 103.6 6.21% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.42% 0.03% 104.001 6.15% 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% 5.34% 5.46% 88.7 8.98% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.65% 4.68% 107.54 8.28%