2 September 2025

Summary –

Trading in ASX-listed hybrids was mixed, with several of the major bank issues showing notable shifts in margins and yields.

    • Westpac (WBCPH) stood out with a sharp move, its trading margin spiking above 150% and a daily change of +9.5%, pushing its price to $100.50. This unusual move likely reflects technical trading or liquidity factors rather than a fundamental repricing. Its running yield sits at 7.1%.

    • National Australia Bank (NABPF, NABPI, NABPJ) issues traded in tighter ranges. NABPF eased slightly, with a –0.2% daily change, closing at $103.29 and offering a 7.6% yield. Longer-dated notes such as NABPJ held steady, with margins around the mid-4% level.

    • ANZ Bank (ANZPJ, ANZPK) hybrids remained relatively stable. ANZPK was little changed at around $101.80, with a running yield just above 7.6%, while ANZPJ edged lower on the day.

    • Commonwealth Bank (CBA Series, CBAPL, CBAPM, CBAPN) securities traded in a narrow range. CBAPL closed near $103.50, while CBAPN offered a running yield around 7.7%, reflecting steady investor demand across the CBA complex.

    • Macquarie Bank (MBLPC, MBLPD, MBLPI) saw modest weakness. MBLPC slipped –1.5% to $102.40, though it still offers a higher running yield of 8.3%, making it one of the more attractive options among the majors.

  • ASX-Listed Hybrids

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CHANGE    		DAY
    CLOSE    		RUNNING
    YIELD**
    WestpacWBCPHCapital Notes 522-09-20253.20%154.14%9.54%100.57.11%
    AMP GroupAMPPBCapital Notes 216-12-20254.50%9.88%-0.47%102.368.18%
    Macquarie BankMBLPCCapital Notes 222-12-20254.70%8.46%-1.48%102.48.35%
    ChallengerCGFPCCapital Notes 325-05-20264.60%8.87%-0.48%1028.39%
    Nat Aust BankNABPFCapital Notes 317-06-20264.00%4.88%-0.23%103.2917.60%
    SuncorpSUNPHCapital Notes 317-06-20263.00%4.83%-0.32%102.116.65%
    Macquarie GroupMQGPDCapital Notes 410-09-20264.15%5.03%1.19%102.87.77%
    CBACBAPJ PERLS 1320-10-20262.75%3.17%0.01%102.936.33%
    LatitudeLFSPACapital Notes27-10-20264.75%12.29%0.03%98.318.96%
    WestpacWBCPJCapital Notes 722-03-20273.40%4.83%-0.05%103.757.09%
    CBACBAPI PERLS 1220-04-20273.00%3.22%-0.04%103.216.57%
    Bank of QueenslandBOQPFCapital Notes 214-05-20273.80%4.51%-0.63%103.947.43%
    Bendigo BankBENPHCapital Notes15-06-20273.80%3.29%-0.21%104.87.29%
    Macquarie GroupMQGPECapital Notes 520-09-20272.90%2.62%-0.32%103.586.42%
    Nat Aust BankNABPHCapital Notes 517-12-20273.50%3.01%0.00%104.836.98%
    ANZ BankAN3PICapital Notes 620-03-20283.00%2.42%-0.05%104.056.47%
    CBACBAPL PERLS 1515-06-20282.85%2.64%-0.05%104.056.37%
    SuncorpSUNPICapital Notes 417-06-20282.90%2.68%-0.50%104.16.41%
    WestpacWBCPLCapital Notes 922-09-20283.40%3.60%0.00%105.3516.98%
    Macquarie BankMBLPDCapital Notes 307-12-20282.90%2.52%-0.05%104.36.38%
    Bank of QueenslandBOQPGCapital Notes 315-12-20283.40%3.19%0.12%104.496.90%
    Judo CapitalJDOPACapital Notes16-02-20296.50%4.51%-0.28%112.099.50%
    ANZ BankAN3PJCapital Notes 720-03-20292.70%2.36%-0.10%103.726.18%
    ChallengerCGFPDCapital Notes 425-05-20293.60%3.81%0.28%103.957.18%
    CBACBAPK PERLS 1415-06-20292.75%2.48%-0.07%104.416.24%
    IAGIAGPECapital Notes 215-06-20293.50%2.71%-0.52%107.56.87%
    Macquarie GroupMQGPFCapital Notes 612-09-20293.70%2.95%0.33%106.17.06%
    Nat Aust BankNABPICapital Notes 617-09-20293.15%2.59%0.16%105.66.57%
    WestpacWBCPKCapital Notes 821-09-20292.90%3.32%0.11%104.266.53%
    ANZ BankAN3PKCapital Notes 820-03-20302.75%2.31%-0.12%104.396.19%
    CBACBAPM PERLS 1617-06-20303.00%2.42%-0.03%105.96.40%
    SuncorpSUNPJCapital Notes 517-06-20302.80%2.52%-0.28%104.656.28%
    Nat Aust BankNABPJCapital Notes 717-09-20302.80%2.51%-0.04%104.86.27%
    Bendigo BankBENPiCapital Notes 213-12-20303.20%2.67%-0.19%106.16.59%
    Insurance AustraliaIAGPFCapital Notes 315-12-20303.20%2.93%-0.13%105.866.66%
    ANZ BankAN3PLCapital Notes 920-03-20312.90%2.32%-0.08%105.356.28%
    WestpacWBCPMCapital Notes 1022-09-20313.10%2.89%0.00%106.76.57%
    Macquarie GroupMQGPGCapital Notes 715-12-20312.65%2.66%0.01%103.216.19%
    Nat Aust BankNABPKCapital Notes 817-03-20322.60%2.42%0.08%104.476.08%

  • ASX-Listed Hybrids (Non-standard)

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGINDAYCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.33%0.16%88.28.90%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.58%0.00%108.018.14%