Summary-
- Running yields ranged from 6.32% to 9.49%, with most hybrids trading between 6.5% and 7.5%. Daily price changes were modest, ranging from -0.46% to +0.44%, showing a stable but selective market.
- Judo Capital’s JDOPA had the highest yield at 9.49%, though it dipped -0.38% on the day. Latitude’s LFSPA followed at 9.25%, also slightly lower at -0.10%.
- Challenger’s CGFPC posted the biggest gain, up +0.44%, offering a solid 8.37% yield whereas Westpac’s WBCPH fell the most at -0.46%, pressured by its shorter-term maturity.
- Macquarie’s MBLPC stood out with an 8.49% yield and a strong 4.70% margin, while AMP’s AMPPB offered a competitive 8.35% yield.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 8.05% | -0.37% | 101 | 7.25% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.29% | 0.01% | 101.84 | 8.35% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.54% | -0.17% | 102.31 | 8.49% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.60% | 0.00% | 103.79 | 8.34% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.46% | 0.07% | 102.8 | 7.78% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.23% | -0.23% | 101.84 | 6.85% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.20% | 0.00% | 103.67 | 7.86% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.21% | 0.14% | 101.74 | 6.61% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.72% | -0.41% | 96.4 | 9.22% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.38% | 0.06% | 103.09 | 7.30% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.68% | -0.25% | 103.44 | 6.75% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.33% | 0.14% | 102.86 | 7.64% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.57% | -0.01% | 103.55 | 7.53% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.17% | 0.00% | 102.5 | 6.70% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.21% | -0.03% | 104.15 | 7.19% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.10% | 0.10% | 103.14 | 6.75% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.15% | 0.14% | 102.99 | 6.63% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.47% | 0.06% | 102.315 | 6.72% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.96% | 0.09% | 104.4 | 7.21% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.24% | -0.14% | 103.2 | 6.67% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.67% | 0.02% | 103.47 | 7.14% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.55% | -0.22% | 111.52 | 9.54% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.24% | 0.13% | 102.4 | 6.50% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.54% | -0.22% | 105.25 | 7.24% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.88% | -0.26% | 104.1 | 6.46% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.19% | 0.11% | 103.9 | 7.31% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.09% | -0.16% | 106.9 | 7.19% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.17% | -0.02% | 104.67 | 6.81% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.82% | 0.10% | 103.34 | 6.77% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.20% | -0.02% | 103.1 | 6.51% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.09% | -0.12% | 104.87 | 6.65% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.48% | -0.01% | 102.52 | 6.61% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.21% | 0.01% | 103.7 | 6.53% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.60% | 0.04% | 103.95 | 6.91% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.82% | -0.12% | 104.33 | 6.98% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.28% | 0.02% | 103.77 | 6.61% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | 0.10% | 104.9 | 6.87% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.30% | 0.03% | 102.88 | 6.43% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.99% | -0.20% | 104.28 | 6.30% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.70% | -0.43% | 91.9 | 8.62% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.36% | -0.02% | 107 | 8.28% |