24 September 2025

Summary –

Australian bank-issued hybrid securities continued to offer compelling yields amid a stable trading environment. The latest data shows a modest uplift across most instruments, with running yields remaining attractive for income-focused investors.

  • Top Yielding Bank Hybrids:
    • Latitude LFSPA: 9.04% running yield, trading at $97.90 with a margin of 4.75%.
    • Judo Capital JDOPA: Leading the pack at 9.56% yield, supported by a high margin of 6.50% and a premium price of $112.
    • Macquarie Bank MBLPC: 8.53% yield, trading slightly above par at $100.72.
  • Major Bank Issuers:
    • CBA’s PERLS 13 (CBAPJ): Yielding 6.48%, trading at $101.
    • Westpac Capital Notes 7 (WBCPJ): 7.21% yield, price at $102.50.
    • NAB Capital Notes 5 (NABPH): 7.10% yield, trading at $103.40.
  • Trading Margins:
    • Margins ranged from 2.56% (NABPK) to 25.64% (AMPPB), reflecting varied investor sentiment and credit risk appetite.
    • Most major bank hybrids clustered around the 3–6% trading margin band, indicating relative stability.

Market Movement:

  • Daily price changes were minimal, with most securities moving by 0.01% to 0.05%, suggesting subdued volatility.
  • Securities with near-term call dates (2025–2026) showed higher trading margins, likely reflecting reinvestment risk and market positioning.

 

  • ASX-Listed Hybrids

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CHANGE    		DAY
    CLOSE    		RUNNING
    YIELD**
    AMP GroupAMPPBCapital Notes 216-12-20254.50%25.64%0.39%100.18.41%
    Macquarie BankMBLPCCapital Notes 222-12-20254.70%19.32%0.27%100.728.53%
    ChallengerCGFPCCapital Notes 325-05-20264.60%9.04%0.06%102.668.37%
    Nat Aust BankNABPFCapital Notes 317-06-20264.00%8.09%0.05%101.77.76%
    SuncorpSUNPHCapital Notes 317-06-20263.00%7.74%0.05%100.726.77%
    Macquarie GroupMQGPDCapital Notes 410-09-20264.15%6.15%0.03%102.37.83%
    CBACBAPJ PERLS 1320-10-20262.75%5.61%0.03%1016.48%
    LatitudeLFSPACapital Notes27-10-20264.75%13.80%0.05%97.99.04%
    WestpacWBCPJCapital Notes 722-03-20273.40%6.23%0.02%102.57.21%
    CBACBAPI PERLS 1220-04-20273.00%4.23%0.02%102.256.66%
    Bank of QueenslandBOQPFCapital Notes 214-05-20273.80%5.05%0.02%103.737.48%
    Bendigo BankBENPHCapital Notes15-06-20273.80%4.60%0.02%103.277.43%
    Macquarie GroupMQGPECapital Notes 520-09-20272.90%3.50%0.01%102.46.51%
    Nat Aust BankNABPHCapital Notes 517-12-20273.50%3.98%0.01%103.47.10%
    ANZ BankAN3PICapital Notes 620-03-20283.00%3.15%0.01%102.796.56%
    CBACBAPL PERLS 1515-06-20282.85%3.44%0.01%102.626.48%
    SuncorpSUNPICapital Notes 417-06-20282.90%3.26%0.01%103.196.49%
    WestpacWBCPLCapital Notes 922-09-20283.40%4.05%0.01%104.757.05%
    Macquarie BankMBLPDCapital Notes 307-12-20282.90%3.22%0.01%102.86.49%
    Bank of QueenslandBOQPGCapital Notes 315-12-20283.40%3.47%0.01%104.26.95%
    Judo CapitalJDOPACapital Notes16-02-20296.50%4.77%0.01%1129.56%
    ANZ BankAN3PJCapital Notes 720-03-20292.70%2.61%0.01%103.36.22%
    ChallengerCGFPDCapital Notes 425-05-20293.60%3.74%0.01%104.637.16%
    CBACBAPK PERLS 1415-06-20292.75%2.98%0.01%103.36.33%
    IAGIAGPECapital Notes 215-06-20293.50%3.74%0.01%104.87.08%
    Macquarie GroupMQGPFCapital Notes 612-09-20293.70%2.94%0.01%106.497.06%
    Nat Aust BankNABPICapital Notes 617-09-20293.15%2.72%0.01%105.5996.59%
    WestpacWBCPKCapital Notes 821-09-20292.90%3.68%0.01%103.66.60%
    ANZ BankAN3PKCapital Notes 820-03-20302.75%2.66%0.00%103.4536.26%
    CBACBAPM PERLS 1617-06-20303.00%2.62%0.01%105.66.44%
    SuncorpSUNPJCapital Notes 517-06-20302.80%2.79%0.01%104.076.33%
    Nat Aust BankNABPJCapital Notes 717-09-20302.80%2.81%0.01%104.056.34%
    Bendigo BankBENPiCapital Notes 213-12-20303.20%3.18%0.01%104.56.72%
    Insurance AustraliaIAGPFCapital Notes 315-12-20303.20%3.34%0.00%104.666.76%
    ANZ BankAN3PLCapital Notes 920-03-20312.90%2.71%0.00%104.0286.38%
    WestpacWBCPMCapital Notes 1022-09-20313.10%3.25%0.01%105.656.67%
    Macquarie GroupMQGPGCapital Notes 715-12-20312.65%2.70%0.00%103.46.19%
    Nat Aust BankNABPKCapital Notes 817-03-20322.60%2.56%0.00%104.26.12%
  • COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGIN?DAYCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.18%0.01%90.58.73%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.59%0.00%108.6398.15%