Summary –
YieldReport Daily Hybrid Commentary – 11 August 2025
ASX-listed hybrid securities traded with a generally stable tone today, with modest movements across the curve.
Westpac’s WBCPH (Capital Notes 5) stood out with a 3.91% day change, closing at $100.39 and offering a 7.19% running yield, reflecting strong investor appetite ahead of its September 2025 call date.
Among upcoming maturities, AMP’s AMPPB and Macquarie’s MBLPC continued to attract interest, delivering 8.26% and 8.44% running yields respectively, supported by healthy trading margins.
Further along the curve, Latitude’s LFSPA offered a standout 9.01% running yield, while Judo Capital’s JDOPA remained the highest-yielding note at 9.54%, despite a slight dip in price.
Major bank hybrids such as CBAPJ, NABPH, and WBCPL traded within tight ranges, with yields hovering around 6.5%–7.1%, suggesting continued demand for high-quality names.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22/09/2025 | 3.20% | 53.49% | 3.91% | 100.39 | 7.19% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 8.17% | 0.49% | 102.13 | 8.26% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 7.47% | 0.43% | 102.08 | 8.44% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 4.86% | 1.01% | 104.1 | 8.27% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.44% | 0.07% | 103.1 | 7.69% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.50% | 0.16% | 101.84 | 6.74% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.81% | 0.27% | 103.54 | 7.78% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.25% | -0.17% | 102.4 | 6.45% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 11.29% | 0.22% | 98.4 | 9.01% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.63% | -0.09% | 103.5 | 7.18% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 2.60% | -0.43% | 103.72 | 6.62% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.81% | 0.10% | 102.92 | 7.57% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.39% | 0.44% | 104.19 | 7.40% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.76% | 0.03% | 102.96 | 6.54% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 2.91% | 0.02% | 104.6 | 7.06% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.62% | 0.12% | 103.31 | 6.60% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.74% | -0.06% | 103.41 | 6.48% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 3.09% | 0.07% | 102.7 | 6.58% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.46% | -0.09% | 105.22 | 7.06% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.62% | -0.13% | 103.7 | 6.50% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 2.80% | -0.15% | 105.12 | 6.93% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 4.33% | -0.02% | 112 | 9.54% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.34% | 0.12% | 103.48 | 6.28% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.22% | 0.11% | 105.22 | 7.16% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.43% | -0.03% | 104.14 | 6.34% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.25% | 0.07% | 105.5 | 7.09% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.60% | 0.00% | 106.85 | 7.09% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.36% | -0.06% | 105.96 | 6.62% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 2.72% | -0.22% | 105.73 | 6.51% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.32% | 0.09% | 104.05 | 6.30% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.40% | 0.10% | 105.56 | 6.50% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.75% | 0.02% | 103.41 | 6.43% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.52% | 0.12% | 104.35 | 6.37% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.71% | -0.01% | 105.48 | 6.71% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 2.93% | -0.12% | 105.51 | 6.77% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.36% | 0.02% | 104.86 | 6.40% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.86% | -0.02% | 106.41 | 6.66% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.55% | 0.07% | 103.35 | 6.26% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.45% | 0.03% | 103.9 | 6.20% |
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% | 5.20% | -0.09% | 89.95 | 8.87% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | 0.04% | 107.51 | 8.30% |