Summary-
In the latest review of ASX-listed bank hybrids, income-focused investors will find a diverse range of opportunities across major and regional institutions. Leading the pack is Judo Capital, whose JDOPA Capital Notes offer a standout running yield of 9.60%, reflecting both a generous margin and strong investor demand, as seen in its premium price of 111.71. Among the big four banks, Macquarie Group and National Australia Bank dominate the top yield list with multiple entries. Macquarie’s MQGPD and MQGPF notes deliver yields of 7.55% and 6.85% respectively, supported by solid trading margins and pricing above par. NAB’s NABPF and NABPH hybrids also perform strongly, offering 7.48% and 6.85% yields, making them attractive for those seeking stable returns from a major issuer.
Regional banks are not far behind. Bank of Queensland’s BOQPF and Bendigo Bank’s BENPH hybrids both yield 7.14%, showcasing the competitive edge of smaller institutions in the hybrid space. Westpac’s WBCPJ and Insurance Australia’s IAGPE also make the top 10, with yields of 6.83% and 6.80% respectively, reinforcing the appeal of diversified issuers. Rounding out the list is Challenger’s CGFPD, offering a 6.79% yield, supported by a strong trading margin and investor confidence.
This data-driven snapshot highlights the dynamic nature of the hybrid market, where yield, margin, and pricing interplay to shape investor decisions. Whether seeking high returns or stability from established names, the current landscape offers a range of compelling options for portfolio diversification.
ASX-Listed Hybrids 05.11.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -0.33% 102.66 8.02% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.52% 101.94 7.48% 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 6.28% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.14% 98.50 8.48% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.18% 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 7.14% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 1.07% 104.02 7.14% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 0.99% 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 6.28% 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 6.32% 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 6.16% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 1.92% 104.90 6.80% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 1.54% 107.00 6.85% 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 6.26% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 1.88% 103.51 6.21% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 1.68% 104.46 6.15% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 1.77% 105.85 6.45% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 1.96% 105.14 6.50% 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 6.34% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.01% 103.15 6.09% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.64% 104.76 5.94% ASX-Listed Hybrids (Non-standard) 05.11.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.06% 88 8.70% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.42% 106.75 8.06%