4 November 2025

Summary-

The ASX hybrid securities market held steady this week, reflecting resilience amid shifting expectations for interest-rate cuts in early 2026. Investors continued to favour Australian bank hybrids for their consistent income appeal and strong credit backing, while non-standard hybrids provided higher yields for risk-tolerant portfolios.

Among the major bank hybrids, activity was centred around the top five issuers — Commonwealth Bank (CBA), National Australia Bank (NAB), Westpac (WBC), ANZ, and Macquarie Group (MQG).

• Challenger Capital Notes 3 (CGFPC) closed at $102.66, offering a running yield of 8.01%.

• NAB Capital Notes 3 (NABPF) traded at $101.94, yielding 7.47%, while Suncorp Capital Notes 3 (SUNPH) ended at $101.13 with a 6.55% yield.

• Macquarie Group Capital Notes 4 (MQGPD) finished at $102.95, returning a 7.55% running yield, and CBA PERLS 13 (CBAPJ) closed at $101.56, providing a 6.27% yield.

In the non-standard hybrid segment, Nufarm Step-Up Security (NFNG) continued to deliver one of the market’s higher returns at 8.70%, while Ramsay Health Care Preference Shares (RHCPA) traded at $106.75, yielding 8.06%. These securities remain popular among investors seeking enhanced income despite their perpetual structure and higher risk profile.

Overall, the ASX-listed hybrid market continues to deliver attractive running yields between 6% and 8%, with Australian bank hybrids providing steady income and diversification benefits. As credit conditions remain stable and investor sentiment firm, hybrids are likely to retain their appeal as a reliable income-generation option for the months ahead.

• ASX-Listed Hybrids 04.11.25

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CLOSE	RUNNING YIELD**
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	-0.31%	102.66	8.01%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.53%	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%	0.49%	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%	6.13%	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%	1.44%	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%	1.64%	104.76	5.94%

• ASX-Listed Hybrids (Non-standard) 04.11.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.07%	88	8.70%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.42%	106.75	8.06%