Summary-
The Australian hybrid securities market remained steady this week, with ASX-listed bank hybrids trading in a tight range despite continued speculation around future interest rate adjustments. Investor appetite for income-focused securities stayed firm, supported by strong running yields compared with traditional fixed-income products.
Among the major bank hybrids, Commonwealth Bank (CBA), National Australia Bank (NAB), Westpac (WBC), ANZ, and Macquarie Group (MQG) remained the key focus for investors.
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Challenger Capital Notes 3 (CGFPC) closed at $102.66, delivering a running yield of 8.01%.
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NAB Capital Notes 3 (NABPF) traded at $101.94, offering a 7.47% yield, while Suncorp Capital Notes 3 (SUNPH) ended at $101.13, yielding 6.55%.
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Macquarie Group Capital Notes 4 (MQGPD) finished at $102.95, returning a 7.55% running yield, and Commonwealth Bank PERLS 13 (CBAPJ) closed at $101.56, with a 6.27% yield.
In the non-standard hybrid segment, Nufarm Step-Up Security (NFNG) offered one of the higher yields at 8.71%, reflecting its perpetual structure and higher-risk profile, while Ramsay Health Care Preference Shares (RHCPA) traded at $106.75, providing a running yield of 8.07%.
Overall, the ASX hybrid market continues to deliver attractive income opportunities for investors seeking portfolio diversification. With running yields ranging between 6% and 8%, Australian bank hybrids remain a compelling choice amid stable credit conditions and subdued market volatility.
ASX-Listed Hybrids 03.11.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -0.30% 102.66 8.01% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.54% 101.94 7.47% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 0.87% 101.13 6.55% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 0.50% 102.95 7.55% CBA CBAPJ PERLS 13 20/10/2026 2.75% 0.93% 101.56 6.27% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.12% 98.50 8.48% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.19% 102.80 6.83% CBA CBAPI PERLS 12 20/04/2027 3.00% 1.11% 102.50 6.46% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 0.92% 104.19 7.13% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 1.07% 104.02 7.13% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 0.98% 102.70 6.32% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 1.42% 103.94 6.85% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 1.35% 103.50 6.40% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.47% 103.18 6.27% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.55% 103.10 6.33% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.30% 105.30 6.67% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 1.66% 103.40 6.31% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 1.84% 104.20 6.74% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.60% 111.71 9.60% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 1.73% 102.85 6.15% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 1.48% 106.50 6.79% CBA CBAPK PERLS 14 15/06/2029 2.75% 1.60% 103.54 6.15% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 1.92% 104.90 6.79% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 1.54% 107.00 6.84% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.51% 105.34 6.43% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 1.46% 104.74 6.23% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.66% 104.00 6.13% CBA CBAPM PERLS 16 17/06/2030 3.00% 1.43% 105.92 6.25% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 1.88% 103.51 6.20% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 1.67% 104.46 6.15% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 1.77% 105.85 6.44% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 1.96% 105.14 6.49% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 1.79% 104.78 6.23% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 1.76% 106.14 6.33% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.01% 103.15 6.08% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.63% 104.76 5.94% ASX-Listed Hybrids (Non-standard) 03.11.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.08% 88 8.71% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.43% 106.75 8.07%