Summary –
The Australian bank hybrid market held steady this week, with the average trading margin across listed issues at 1.53% and the average running yield sitting at 6.55%. Market activity reflected continued investor confidence in major bank hybrids amid stable credit conditions and subdued rate volatility.
Latitude Financial’s LFSPA led performance among hybrids, offering the highest running yield of 8.45%, while National Australia Bank’s NABPK recorded the lowest at 5.88%, reflecting its tighter spread and strong demand for higher-quality issuance.
Overall, hybrid securities remained well-supported as investors continued to balance yield opportunities with credit quality, particularly within the major bank segment.
ASX-Listed Hybrids 10.10.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -0.04% 102.66 7.94% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.66% 101.94 7.41% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 0.90% 101.13 6.48% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 0.61% 102.95 7.49% CBA CBAPJ PERLS 13 20/10/2026 2.75% 0.93% 101.56 6.21% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.39% 98.5 8.45% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.21% 102.8 6.77% CBA CBAPI PERLS 12 20/04/2027 3.00% 1.11% 102.5 6.40% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 0.94% 104.19 7.07% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 1.09% 104.019 7.07% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 0.81% 102.7 6.24% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 1.41% 103.94 6.79% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 1.35% 103.5 6.34% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.45% 103.18 6.21% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.53% 103.1 6.26% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.31% 105.3 6.61% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 1.64% 103.4 6.25% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 1.82% 104.2 6.67% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% #VALUE! 111.71 #VALUE! ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 1.71% 102.85 6.09% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 1.47% 106.5 6.72% CBA CBAPK PERLS 14 15/06/2029 2.75% 1.58% 103.54 6.09% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 1.92% 104.9 6.73% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 1.54% 107 6.78% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.49% 105.34 6.37% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 1.45% 104.74 6.17% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.65% 104 6.07% CBA CBAPM PERLS 16 17/06/2030 3.00% 1.42% 105.92 6.19% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 1.86% 103.51 6.14% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 1.66% 104.46 6.09% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 1.75% 105.85 6.38% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 1.95% 105.14 6.43% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 1.78% 104.78 6.17% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 1.75% 106.14 6.27% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 1.99% 103.15 6.02% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.62% 104.76 5.88% ASX-Listed Hybrids (Non-standard) 10.10.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.14% 88 8.72% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.50% 106.75 8.07%