Summary –
The ASX-listed hybrids market ended the day with a steady tone, as investors balanced yield opportunities with issuer-specific developments. Across the 39 securities tracked, the average trading margin rose slightly to 4.95%, while the average running yield held firm at 6.99%, remaining well above comparable bank deposit rates.
Price Movements:
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Top Gainer: Westpac Capital Notes 5 (WBCPH) climbed +1.18%, extending recent gains ahead of its September 2025 call date, as buyers sought short-dated exposure with relatively low extension risk.
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Top Loser: AMP Capital Notes 2 (AMPPB) slipped -0.44%, giving back part of yesterday’s advance amid lighter trading volumes.
Market sentiment remained underpinned by demand for higher-yielding bank and financial hybrids, though some selective selling emerged in longer-dated issues. Investors are now eyeing the upcoming bank earnings season, which could influence credit spreads and secondary pricing in the weeks ahead.
ASX-Listed Hybrids
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CHANGEDAY
CLOSERUNNING
YIELD**Westpac WBCPH Capital Notes 5 22/09/2025 3.20% 57.03% 1.18% 100.4 7.16% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 7.83% -0.44% 102.3 8.22% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 7.57% 0.37% 102.1 8.41% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 5.07% -0.03% 104 8.25% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.43% 0.21% 103.16 7.65% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.47% 0.02% 101.91 6.71% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.93% 0.26% 103.46 7.76% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.24% -0.11% 102.45 6.41% Latitude LFSPA Capital Notes 27/10/2026 4.75% 10.83% -0.39% 98.91 8.93% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.73% 0.41% 103.4 7.16% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.05% 0.16% 103.07 6.63% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.85% 0.02% 102.91 7.54% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.23% -0.04% 104.48 7.35% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.76% -0.01% 102.99 6.51% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.99% 0.17% 104.46 7.04% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.57% 0.01% 103.45 6.56% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.62% -0.07% 103.73 6.43% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.97% -0.01% 103.04 6.53% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.46% -0.09% 105.26 7.02% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.59% -0.07% 103.8 6.46% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 2.85% 0.35% 105 6.91% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.42% -0.06% 111.8 9.54% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.37% -0.04% 103.43 6.25% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.21% 0.16% 105.3 7.12% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.65% 0.13% 103.501 6.34% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 2.88% -0.32% 106.64 6.98% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.62% 0.10% 106.8 7.06% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.32% -0.11% 106.12 6.58% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.11% 0.16% 104.51 6.56% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.41% 0.08% 103.74 6.29% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.49% 0.15% 105.26 6.49% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.72% 0.03% 103.55 6.39% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.53% 0.11% 104.32 6.34% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 2.82% -0.03% 105.08 6.70% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.07% -0.02% 105 6.77% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.33% 0.09% 105 6.36% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.89% 0.05% 106.3 6.64% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.62% 0.07% 103.1 6.25% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.40% -0.02% 104.2 6.15% ASX-Listed Hybrids (Non-standard)
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN ?DAY CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.39% -0.02% 88 9.02% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.63% 0.00% 107.511 8.26%