6 November 2025

Summary-

 

Commonwealth Bank (CBA), National Australia Bank (NAB), Westpac (WBC), ANZ, and Macquarie Group (MQG) — with yields generally ranging between 6.0% and 7.6%.

• Macquarie Group Capital Notes 4 (MQGPD) closed at $102.95, delivering a 7.56% running yield and a 0.48% trading margin.
• CBA PERLS 13 (CBAPJ) traded at $101.56, yielding 6.28%, while Westpac Capital Notes 7 (WBCPJ) offered 6.84% at $102.80.
• NAB Capital Notes 8 (NABPK) posted the lowest yield among bank hybrids at 5.95%, despite a higher trading margin of 1.64%, reflecting premium pricing and longer maturity (Mar 2032).

Overall, bank hybrids remain well-supported, with trading margins mostly between 1.0% and 2.0%, indicating stable risk premiums and strong investor appetite.

• Nufarm Step-Up Security (NFNG) traded at $88, yielding 8.71%, one of the highest in the market.
• Ramsay Health Care Preference Shares (RHCPA) closed at $106.75, offering a running yield of 8.06%.

• ASX-Listed Hybrids 06.11.25

  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%	-0.34%	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	6.56%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.48%	102.95	7.56%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	101.56	6.28%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.15%	98.50	8.49%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.18%	102.80	6.84%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.11%	102.50	6.47%
  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%	1.00%	102.70	6.33%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.86%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.35%	103.50	6.41%
  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%	1.56%	103.10	6.34%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	105.30	6.68%
  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	6.75%
  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	6.16%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.48%	106.50	6.80%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.61%	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	6.44%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.24%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.66%	104.00	6.14%
  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	6.16%
  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	6.24%
  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	5.95%

• ASX-Listed Hybrids (Non-standard) 06.11.25

  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	8.71%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.42%	106.75	8.06%