15 October 2025

Summary-

ASX-Listed Bank Hybrids: Market Summary – 15 October 2025

Australian bank hybrid securities continued to show resilience amid a stable interest rate environment and cautious investor sentiment. Trading margins across major bank-issued hybrids remained relatively tight, reflecting steady demand and confidence in the sector’s credit quality.

Key Highlights:

  • Top Performing Hybrid (Running Yield):
    Judo Capital (JDOPA) stood out with a running yield of 9.55%, supported by a high issue margin of 6.50% and a strong market price of 111.71.
  • Lowest Trading Margin:
    Challenger (CGFPC) recorded a negative trading margin of -0.09%, indicating strong market pricing above its implied fair value, with a running yield of 7.93%.
  • Major Bank Hybrids:
    • CBA PERLS 13 (CBAPJ) and PERLS 15 (CBAPL) offered yields of 6.19%, with trading margins of 0.93% and 1.46% respectively.
    • Westpac Capital Notes 9 (WBCPL) delivered a 6.59% yield, with a trading margin of 1.31%.
    • ANZ Capital Notes 6 (AN3PI) and Capital Notes 9 (AN3PL) hovered around 6.15%–6.32% yields.
  • Non-Standard Hybrids:
    • Nufarm (NFNG) offered a compelling running yield of 8.57%, despite trading at a discount (price: 88) and a trading margin of 5.01%.
    • Ramsay Health Care (RHCPA) traded at a premium (price: 106.75) with a solid 8.06% yield, reflecting investor appetite for perpetual preference shares.

  • ASX-Listed Hybrids 15.10.25

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CLOSE    		RUNNING
    YIELD**
    ChallengerCGFPCCapital Notes 325/05/20264.60%-0.09%102.667.93%
    Nat Aust BankNABPFCapital Notes 317/06/20264.00%0.64%101.947.39%
    SuncorpSUNPHCapital Notes 317/06/20263.00%0.89%101.136.47%
    Macquarie GroupMQGPDCapital Notes 410/09/20264.15%0.59%102.957.47%
    CBACBAPJ PERLS 1320/10/20262.75%0.93%101.566.19%
    LatitudeLFSPACapital Notes27/10/20264.75%6.45%98.58.43%
    WestpacWBCPJCapital Notes 722/03/20273.40%1.20%102.86.75%
    CBACBAPI PERLS 1220/04/20273.00%1.11%102.56.38%
    Bank of QueenslandBOQPFCapital Notes 214/05/20273.80%0.94%104.197.05%
    Bendigo BankBENPHCapital Notes15/06/20273.80%1.08%104.0197.05%
    Macquarie GroupMQGPECapital Notes 520/09/20272.90%0.84%102.76.22%
    Nat Aust BankNABPHCapital Notes 517/12/20273.50%1.41%103.946.77%
    ANZ BankAN3PICapital Notes 620/03/20283.00%1.35%103.56.32%
    CBACBAPL PERLS 1515/06/20282.85%1.46%103.186.19%
    SuncorpSUNPICapital Notes 417/06/20282.90%1.54%103.16.25%
    WestpacWBCPLCapital Notes 922/09/20283.40%1.31%105.36.59%
    Macquarie BankMBLPDCapital Notes 37/12/20282.90%1.65%103.46.23%
    Bank of QueenslandBOQPGCapital Notes 315/12/20283.40%1.82%104.26.66%
    Judo CapitalJDOPACapital Notes16/02/20296.50%4.68%111.719.55%
    ANZ BankAN3PJCapital Notes 720/03/20292.70%1.72%102.856.07%
    ChallengerCGFPDCapital Notes 425/05/20293.60%1.47%106.56.71%
    CBACBAPK PERLS 1415/06/20292.75%1.59%103.546.08%
    IAGIAGPECapital Notes 215/06/20293.50%1.92%104.96.72%
    Macquarie GroupMQGPFCapital Notes 612/09/20293.70%1.54%1076.77%
    Nat Aust BankNABPICapital Notes 617/09/20293.15%1.50%105.346.35%
    WestpacWBCPKCapital Notes 821/09/20292.90%1.45%104.746.15%
    ANZ BankAN3PKCapital Notes 820/03/20302.75%1.65%1046.05%
    CBACBAPM PERLS 1617/06/20303.00%1.43%105.926.17%
    SuncorpSUNPJCapital Notes 517/06/20302.80%1.86%103.516.13%
    Nat Aust BankNABPJCapital Notes 717/09/20302.80%1.66%104.466.07%
    Bendigo BankBENPiCapital Notes 213/12/20303.20%1.76%105.856.37%
    Insurance AustraliaIAGPFCapital Notes 315/12/20303.20%1.96%105.146.42%
    ANZ BankAN3PLCapital Notes 920/03/20312.90%1.78%104.786.15%
    WestpacWBCPMCapital Notes 1022/09/20313.10%1.75%106.146.26%
    Macquarie GroupMQGPGCapital Notes 715/12/20312.65%1.99%103.156.00%
    Nat Aust BankNABPKCapital Notes 817/03/20322.60%1.62%104.765.86%

  • ASX-Listed Hybrids (Non-standard) 15.10.25

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGINCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.01%888.57%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.50%106.758.06%