Summary-
As of 17 October 2025, ASX-listed bank hybrids maintained firm footing, with the average trading margin at 1.62% and average running yield at 6.63%.
Top 5 Hybrids by Running Yield:
- Judo Capital (JDOPA): 9.50% yield, 4.64% margin
- Latitude (LFSPA): 8.44% yield, 6.47% margin
- Challenger (CGFPC): 7.94% yield, -0.11% margin
- Macquarie Group (MQGPD): 7.48% yield, 0.58% margin
- NAB (NABPF): 7.40% yield, 0.63% margin
Investor demand remains strong, particularly for higher-yielding names, while major bank hybrids continue to offer stable income with moderate margins.
ASX-Listed Hybrids 17.10.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -0.11% 102.66 7.94% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.63% 101.94 7.40% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 0.89% 101.13 6.48% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 0.58% 102.95 7.48% CBA CBAPJ PERLS 13 20/10/2026 2.75% 0.93% 101.56 6.21% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.47% 98.50 8.44% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.20% 102.80 6.76% CBA CBAPI PERLS 12 20/04/2027 3.00% 1.11% 102.50 6.39% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 0.93% 104.19 7.06% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 1.08% 104.02 7.06% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 0.86% 102.70 6.23% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 1.42% 103.94 6.78% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 1.35% 103.50 6.33% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.46% 103.18 6.20% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.54% 103.10 6.26% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.31% 105.30 6.60% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 1.65% 103.40 6.24% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 1.82% 104.20 6.67% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.64% 111.71 9.50% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 1.72% 102.85 6.08% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 1.48% 106.50 6.72% CBA CBAPK PERLS 14 15/06/2029 2.75% 1.59% 103.54 6.09% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 1.92% 104.90 6.73% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 1.54% 107.00 6.78% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.50% 105.34 6.36% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 1.45% 104.74 6.16% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.65% 104.00 6.06% CBA CBAPM PERLS 16 17/06/2030 3.00% 1.43% 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 6.08% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 1.76% 105.85 6.38% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 1.96% 105.14 6.43% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 1.78% 104.78 6.16% 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 5.87% ASX-Listed Hybrids (Non-standard) 16.10.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 4.97% 88 8.54% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.36% 106.75 7.92%