Summary –
Trading in ASX-listed hybrids was steady over the past week, with yields continuing to hold in the 6%–9% range depending on issuer and maturity.
Among the major bank hybrids, running yields were generally clustered around 7%–8%. Westpac’s WBCPH (Capital Notes 5) closed at 100.70, offering a running yield of 7.1%, while NAB’s NABPF (Capital Notes 3) traded at 101.70 with a yield of 7.8%. Suncorp’s SUNPH was similarly firm at 6.8%. These levels indicate relative stability across the big-four issues, with trading margins sitting close to longer-term averages.
Outside the majors, higher yields remain available. AMP’s AMPPB offered 8.4%, while Challenger’s CGFPC delivered 8.4% as well, reflecting additional credit risk and investor demand for compensation. Judo Capital’s JDOPA stood out with a running yield of 9.6%, consistent with its smaller-bank risk profile.
Among the non-standard hybrids, Nufarm’s NFNG traded at 90.50, producing a yield of 8.7%, while Ramsay Health Care’s RHCPA closed higher at 108.64, yielding 8.1%. These instruments continue to attract selective interest from yield-seeking investors despite lower liquidity.
Overall, the hybrid market remains resilient, with spreads reflecting stable credit conditions. Investors continue to balance attractive yields against the structural risks inherent in these subordinated instruments, particularly as call dates approach in 2025–26.
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% 4220.55% 2043.36% 100.7 7.12% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 23.09% 0.33% 100.1 8.40% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 17.57% 0.23% 100.72 8.52% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 8.64% 0.05% 102.66 8.36% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 7.75% 0.04% 101.7 7.75% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 7.42% 0.04% 100.72 6.76% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 5.96% 0.03% 102.3 7.83% CBA CBAPJ PERLS 13 20/10/2026 2.75% 5.42% 0.02% 101 6.48% Latitude LFSPA Capital Notes 27/10/2026 4.75% 13.45% 0.05% 97.9 9.03% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 6.07% 0.02% 102.5 7.20% CBA CBAPI PERLS 12 20/04/2027 3.00% 4.12% 0.01% 102.25 6.66% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.92% 0.02% 103.73 7.47% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 4.49% 0.01% 103.27 7.42% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 3.43% 0.01% 102.4 6.51% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 3.90% 0.01% 103.4 7.10% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 3.10% 0.01% 102.79 6.56% CBA CBAPL PERLS 15 15/06/2028 2.85% 3.38% 0.01% 102.62 6.47% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 3.20% 0.01% 103.19 6.49% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.98% 0.01% 104.75 7.04% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 3.17% 0.01% 102.8 6.49% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.41% 0.01% 104.2 6.94% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.70% 0.01% 112 9.55% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.58% 0.00% 103.3 6.22% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.69% 0.01% 104.63 7.15% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.93% 0.01% 103.3 6.33% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 3.70% 0.01% 104.8 7.08% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.91% 0.01% 106.49 7.06% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.68% 0.01% 105.599 6.59% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.63% 0.01% 103.6 6.59% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.63% 0.00% 103.453 6.26% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.58% 0.00% 105.6 6.44% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.76% 0.00% 104.07 6.33% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.78% 0.00% 104.05 6.33% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 3.15% 0.00% 104.5 6.72% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.30% 0.00% 104.66 6.76% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.69% 0.00% 104.028 6.38% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 3.21% 0.00% 105.65 6.66% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.68% 0.00% 103.4 6.19% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.53% 0.00% 104.2 6.11% 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% 5.17% 0.02% 90.5 8.73% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.58% 0.02% 108.639 8.14%