21 August 2025

Summary –

The hybrid market remained steady this week, with major bank-issued notes showing mild upward movement and consistent yield profiles. Investor sentiment continues to favor income-generating instruments, particularly those from well-capitalised issuers.

Major Bank Performance

• Westpac (WBCPH) led the week with a notable +3.03% daily gain, pushing its trading margin to 73.51% and yield to 7.11%.
• NAB (NABPF) posted a +0.03% increase, maintaining a solid 7.61% running yield.
• ANZ (AN3PI) and CBA (CBAPJ) saw marginal gains of +0.01% and +0.02%, respectively, with yields hovering around 6.3–6.5%.

Broader Market Highlights

• Macquarie Group hybrids remained active, with MQGPD offering a 7.68% yield and a modest +0.02% price change.
• Latitude (LFSPA) continued to attract attention with a high 11.75% trading margin and 8.95% yield, up +0.04%.
• Judo Capital (JDOPA) maintained its position as a top-yielding note at 9.55%, reflecting strong investor demand.

• 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%	73.51%	3.03%	100.452	7.11%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	8.87%	0.11%	102.2	8.19%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	8.66%	0.09%	101.95	8.38%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	8.71%	0.05%	101.66	8.41%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.71%	0.03%	103.1	7.61%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.76%	0.03%	101.851	6.67%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	3.62%	0.02%	103.9	7.68%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	2.94%	0.02%	102.92	6.34%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	11.75%	0.04%	98.3	8.95%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	4.66%	0.02%	103.66	7.09%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.10%	0.01%	103.13	6.58%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.92%	0.02%	102.99	7.49%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	3.34%	0.01%	104.45	7.31%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	2.83%	0.01%	102.98	6.46%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	2.89%	0.01%	104.8	6.98%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.40%	0.01%	103.918	6.48%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	2.59%	0.01%	103.92	6.38%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.08%	0.01%	102.91	6.49%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.49%	0.01%	105.34	6.98%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	2.50%	0.01%	104.15	6.39%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	2.98%	0.01%	104.79	6.88%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.67%	0.01%	111.3	9.55%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.41%	0.00%	103.4	6.21%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.44%	0.01%	104.76	7.12%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	2.47%	0.01%	104.19	6.26%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.16%	0.00%	105.9	6.98%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.55%	0.01%	107.15	6.99%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.36%	0.01%	106.12	6.54%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	3.13%	0.01%	104.595	6.51%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.38%	0.00%	103.95	6.23%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.39%	0.00%	105.78	6.41%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	2.74%	0.00%	103.6	6.34%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.49%	0.00%	104.61	6.28%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	2.79%	0.00%	105.34	6.64%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.01%	0.00%	105.35	6.70%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.36%	0.00%	105.001	6.31%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	2.83%	0.00%	106.7	6.57%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.61%	0.00%	103.22	6.19%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.29%	0.00%	104.83	6.06%

• COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	?DAY	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.17%	-0.01%	89.7	8.75%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.56%	0.00%	108.05	8.14%