AUSTRALIAN HYBRIDS
Australian hybrid securities saw mixed performance this week, with Judo Capital (JDOPA) leading gains, closing at 111.06 and offering the highest running yield of 9.93%. Latitude (LFSPA) also posted strong results, trading at 95.00 with an 8.51% trading margin. Major bank-issued capital notes, such as ANZ (AN3PH), CBA (CBAPG), and Westpac (WBCPH), remained relatively stable, reflecting moderate changes in investor sentiment. Macquarie Bank (MBLPC) saw a decline, with a trading margin drop of -0.52%. Overall, hybrid securities continue to respond to market expectations on interest rates and economic conditions.
Hybrid securities from Nufarm (NFNG) and Ramsay Health Care (RHCPA) showed slight declines this week. Nufarm’s step-up security saw a 0.44% drop in trading margin, closing at 93.7 with a running yield of 8.99%. Meanwhile, Ramsay Health Care’s preference share experienced a 0.26% decrease in trading margin, ending the week at 107.23 and offering an 8.75% yield. Despite these declines, both securities continue to offer competitive returns, reflecting ongoing investor interest in high-yield hybrid instruments amid shifting market conditions.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 4.43% | 3.94% | 100.67 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.96% | 3.17% | 100.70 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.97% | 0.07% | 101.68 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.68% | 0.93% | 102.70 | 8.67% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.65% | -0.52% | 103.60 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.94% | -0.11% | 105.10 | 8.61% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.81% | 0.07% | 104.02 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.49% | -0.52% | 103.00 | 7.16% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.00% | 0.25% | 104.43 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.80% | -0.16% | 102.56 | 6.94% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.51% | 0.62% | 95.00 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.86% | 0.00% | 104.02 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.96% | -0.14% | 103.20 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.96% | 0.13% | 103.56 | 7.80% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.26% | -0.09% | 104.50 | 7.84% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.50% | 0.56% | 103.02 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.09% | 0.06% | 104.72 | 7.53% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.89% | -0.08% | 103.89 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.99% | -0.09% | 103.64 | 6.97% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.05% | -0.16% | 103.59 | 7.02% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.04% | 0.12% | 105.24 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.59% | -0.43% | 103.82 | 6.90% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.36% | 0.07% | 104.61 | 7.44% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.80% | 0.73% | 111.06 | 9.93% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.94% | -0.04% | 103.50 | 6.81% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.55% | 0.30% | 105.41 | 7.61% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.08% | -0.10% | 103.57 | 6.88% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.13% | -0.16% | 105.93 | 7.43% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.18% | 0.10% | 106.82 | 7.57% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.03% | -0.19% | 105.37 | 7.14% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.04% | -0.11% | 104.32 | 6.97% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.11% | -0.07% | 103.55 | 6.86% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.10% | -0.05% | 105.01 | 7.02% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.33% | 0.03% | 103.25 | 6.95% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.03% | -0.29% | 104.57 | 6.86% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.27% | -0.15% | 105.50 | 7.19% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.32% | -0.18% | 105.00 | 7.21% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.10% | 0.12% | 104.69 | 6.93% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.02% | -0.09% | 106.41 | 7.02% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.22% | -0.31% | 103.34 | 6.79% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.15% | -0.04% | 103.63 | 6.72% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.68% | -0.44% | 93.7 | 8.99% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.44% | -0.26% | 107.23 | 8.75% |
** “Clean” running yield. Includes franking credits if present.