18 August 2025

Summary –

The ASX-listed hybrid market held steady on 18 August, with investor sentiment buoyed by attractive yields and selective positioning ahead of upcoming bank earnings. Across the 39 tracked securities, the average trading margin edged up to 4.95%, while the average running yield remained firm at 6.99%, comfortably above traditional deposit rates.

Top Performer: Westpac Capital Notes 5 (WBCPH) surged +1.18%, closing at $100.40 with a running yield of 7.16%. The uplift reflects strong demand for short-dated hybrids with low extension risk, especially as its September 2025 call date approaches.

Biggest Decliner: AMP Capital Notes 2 (AMPPB) dipped -0.44%, retreating to $102.30. The decline followed lighter trading volumes, suggesting some profit-taking after recent gains.

Notable Trends:

• Short-dated hybrids continue to attract buyers seeking yield with reduced duration risk.
• Longer-dated issues saw mixed performance, with selective selling amid cautious positioning.
• Judo Capital Notes (JDOPA) stood out with a robust 9.49% running yield, reflecting its higher margin and investor appetite for non-bank issuers.

• 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%	68.60%	7.41%	100.401	7.15%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	8.13%	0.30%	102.36	8.21%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	7.11%	0.24%	102.39	8.38%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	7.53%	0.14%	102.4	8.38%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.46%	0.09%	103.25	7.64%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.76%	0.09%	101.8	6.70%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	3.78%	0.06%	103.7	7.73%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	3.26%	0.06%	102.53	6.40%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	11.41%	0.12%	98.54	8.96%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	4.81%	0.05%	103.41	7.15%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.20%	0.04%	102.95	6.63%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.85%	0.05%	103.04	7.52%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	3.35%	0.04%	104.4	7.35%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	2.64%	0.03%	103.3	6.47%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	2.99%	0.03%	104.56	7.03%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.56%	0.02%	103.53	6.54%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	2.61%	0.02%	103.85	6.41%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	2.96%	0.02%	103.16	6.51%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.65%	0.03%	104.901	7.04%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	2.59%	0.02%	103.89	6.44%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	2.76%	0.02%	105.36	6.87%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.27%	0.03%	112.34	9.49%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.48%	0.01%	103.17	6.26%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.44%	0.02%	104.72	7.15%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	2.43%	0.02%	104.29	6.28%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.22%	0.02%	105.7	7.03%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.64%	0.02%	106.85	7.05%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.61%	0.02%	105.24	6.63%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	3.11%	0.02%	104.6	6.54%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.38%	0.01%	103.94	6.26%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.44%	0.02%	105.57	6.46%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	2.68%	0.02%	103.8	6.36%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.50%	0.01%	104.53	6.32%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	2.79%	0.01%	105.32	6.68%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	2.92%	0.01%	105.68	6.71%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.35%	0.01%	105.02	6.34%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	2.92%	0.01%	106.3	6.63%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.56%	0.01%	103.45	6.21%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.35%	0.01%	104.5	6.12%

• 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%	5.19%	0.01%	89.6	8.80%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.54%	0.01%	108.25	8.16%