Summary –
The Australian listed hybrids market showed a mixed performance today, with prices fluctuating across the major bank and corporate issues. The sector’s average trading margin edged around 4.89%, while the average running yield remained healthy at approximately 7.00%, continuing to attract income-focused investors seeking returns above term deposit rates.
Price Movements:
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Top Gainer: Westpac Capital Notes 5 (WBCPH) surged +2.36%, benefiting from strong secondary market demand ahead of its September 2025 call date.
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Top Loser: Another Westpac security posted the largest decline, slipping -0.30%, underscoring the divergence in investor sentiment even within the same issuer’s hybrids.
While shorter-dated securities saw modest buying interest, longer-dated and higher-margin issues attracted steady demand from yield-hungry investors. The overall tone reflects a balance between carry income strategies and selective repositioning ahead of the upcoming bank reporting season and potential central bank policy moves.
With 39 securities actively traded, market participants continue to weigh credit spreads, call risks, and reinvestment options as maturities approach.
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% | 55.85% | 2.36% | 100.35 | 7.19% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 8.27% | 0.10% | 102.13 | 8.26% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 7.20% | -0.27% | 102.2 | 8.43% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.10% | 0.24% | 103.95 | 8.28% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.22% | -0.22% | 103.3 | 7.66% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.45% | -0.05% | 101.9 | 6.73% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.67% | -0.14% | 103.7 | 7.76% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.35% | 0.10% | 102.31 | 6.44% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 11.22% | -0.07% | 98.5 | 8.99% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.32% | -0.30% | 103.95 | 7.14% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 2.89% | 0.29% | 103.29 | 6.64% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.84% | 0.02% | 102.91 | 7.56% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.27% | -0.12% | 104.4 | 7.38% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.78% | 0.01% | 102.95 | 6.53% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 2.82% | -0.08% | 104.79 | 7.04% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.56% | -0.06% | 103.45 | 6.58% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.68% | -0.05% | 103.55 | 6.47% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 2.97% | -0.12% | 103 | 6.55% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.55% | 0.09% | 105.02 | 7.06% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.66% | 0.04% | 103.6 | 6.50% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 2.50% | -0.29% | 105.95 | 6.87% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 4.48% | 0.15% | 111.6 | 9.57% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.41% | 0.07% | 103.3 | 6.28% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.05% | -0.17% | 105.75 | 7.11% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.52% | 0.08% | 103.9 | 6.34% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.20% | -0.04% | 105.65 | 7.07% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.52% | -0.08% | 107.12 | 7.06% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.42% | 0.07% | 105.75 | 6.63% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 2.95% | 0.23% | 105 | 6.55% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.34% | 0.02% | 104 | 6.29% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.35% | -0.06% | 105.79 | 6.47% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.69% | -0.06% | 103.65 | 6.41% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.42% | -0.10% | 104.75 | 6.34% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.85% | 0.14% | 104.96 | 6.73% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.09% | 0.16% | 104.91 | 6.80% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.25% | -0.11% | 105.36 | 6.36% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.84% | -0.02% | 106.52 | 6.65% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.55% | -0.01% | 103.399 | 6.25% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.42% | -0.04% | 104.09 | 6.18% |
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% | 5.41% | 0.21% | 87.8 | 9.07% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.63% | -0.01% | 107.51 | 8.28% |