AUSTRALIAN HYBRIDS
On February 19, 2025, the Australian hybrid securities market experienced a mix of rises and falls. Out of the listed securities, 10 showed positive weekly changes, reflecting an overall upward movement in some parts of the market. Notably, Latitude (LFSPA) led with a significant 7.96% increase, marking one of the most substantial rises. Conversely, 7 securities saw declines, including Suncorp (SUNPH), which had a slight drop of -0.29%. Despite some downward pressure, the overall market remained relatively balanced, with more securities showing positive performance.
Judo Capital (JDOPA) stood out with the highest yield at 9.85%, maintaining a solid price of $112.00 despite a modest weekly change. In terms of highest returns, Latitude (LFSPA) demonstrated remarkable performance with a strong weekly change of +7.96%, closing at $95.75 and yielding 9.47%. This highlights the resilient appeal of both securities, with Judo Capital leading in yield while Latitude provided a notable boost in returns. Their impressive figures suggest strong investor confidence, especially in a volatile market.
On February 19, 2025, Nufarm’s NFNG closed at $93.50, showing a slight -0.42% weekly decline, with a robust 9.01% running yield. Similarly, Ramsay Health Care’s RHCPA dropped by -0.31%, ending at $107.79, reflecting solid performance with an 8.70% yield despite the small decline.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 2.97% | 2.48% | 100.86 | 8.10% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.96% | 3.17% | 100.70 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.89% | -0.01% | 101.73 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.26% | 0.51% | 103.05 | 8.64% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.88% | -0.29% | 103.40 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.73% | 1.68% | 102.92 | 8.80% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.77% | 0.03% | 104.07 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.73% | -0.29% | 102.70 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.88% | 0.12% | 104.62 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.65% | -0.31% | 102.79 | 6.93% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.96% | 0.08% | 95.75 | 9.47% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.02% | 0.16% | 103.70 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.05% | -0.04% | 103.01 | 7.16% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.75% | -0.08% | 104.00 | 7.77% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | 0.00% | 104.31 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.31% | 103.60 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.00% | -0.04% | 104.96 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.91% | -0.06% | 103.84 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.06% | -0.02% | 103.44 | 6.98% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.05% | -0.16% | 103.59 | 7.02% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.96% | 0.03% | 105.50 | 7.37% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.50% | -0.52% | 104.12 | 6.88% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 1.90% | -0.39% | 106.05 | 7.34% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.51% | 0.43% | 112.00 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.96% | -0.01% | 103.42 | 6.82% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.64% | 0.40% | 105.10 | 7.63% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.95% | -0.23% | 104.02 | 6.85% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.11% | -0.18% | 105.99 | 7.43% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.98% | -0.10% | 107.55 | 7.52% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.97% | -0.25% | 105.60 | 7.13% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.88% | -0.27% | 104.87 | 6.93% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.03% | -0.15% | 103.85 | 6.84% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.98% | -0.18% | 105.50 | 6.99% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.36% | 0.06% | 103.11 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.98% | -0.33% | 104.75 | 6.85% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.26% | -0.15% | 105.51 | 7.19% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.58% | 0.08% | 103.90 | 7.28% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.98% | 0.00% | 105.23 | 6.89% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 1.98% | -0.13% | 106.59 | 7.01% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.28% | -0.26% | 103.08 | 6.80% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.96% | -0.22% | 104.55 | 6.66% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.70% | -0.42% | 93.5 | 9.01% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.39% | -0.31% | 107.79 | 8.70% |
** “Clean” running yield. Includes franking credits if present.