Summary-
On 22nd May 2025, ASX-listed hybrids saw a mixed performance, with a slight bias toward price declines. Sixteen securities posted gains, led by Westpac (WBCPH) and Challenger (CGFPC), both rising by 0.27%. In contrast, 20 securities declined in value, with Bendigo Bank (BENPH) experiencing the largest drop at 0.39%, followed by CBA (CBAPJ) and ANZ (AN3PI), each down 0.31%. Despite the downward pressure, the average trading margin remained healthy at approximately 2.97%, while the average running yield stood at a strong 6.94%.
Judo Capital (JDOPA) continued to offer the highest running yield at 9.50%, supported by a 6.50% margin including credits and a trading margin of 3.81%. Latitude (LFSPA) also stood out with a 9.12% yield, driven by its discounted price of 96.56 and an elevated trading margin of 10.17%
ASX-Listed Hybrids_21.05.25
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22/09/2025 | 3.20% | 9.55% | 0.27% | 101.2 | 7.14% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 3.14% | 0.24% | 102.3 | 8.22% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 2.22% | -0.28% | 102.79 | 8.37% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 4.69% | 0.27% | 102.2 | 8.39% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 1.85% | -0.16% | 103.8 | 7.62% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 2.37% | -0.07% | 102.05 | 6.74% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 1.97% | 0.10% | 104.249 | 7.73% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 1.60% | -0.31% | 102.9 | 6.44% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 10.17% | 0.23% | 96.56 | 9.12% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 3.21% | 0.04% | 103.79 | 7.16% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 2.01% | -0.05% | 103.2 | 6.67% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 3.48% | 0.27% | 103.07 | 7.53% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 1.80% | -0.39% | 105.386 | 7.31% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.29% | 0.08% | 102.57 | 6.60% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 2.18% | -0.05% | 104.6 | 7.07% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 1.69% | -0.31% | 104.399 | 6.57% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.14% | -0.15% | 103.39 | 6.51% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 2.40% | 0.22% | 102.86 | 6.59% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 2.91% | -0.05% | 104.95 | 7.08% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.40% | 0.00% | 103.02 | 6.58% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 2.60% | 0.00% | 104.05 | 7.01% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.81% | -0.07% | 111.28 | 9.50% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.12% | -0.07% | 103.05 | 6.36% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 2.74% | -0.14% | 105 | 7.17% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.22% | -0.01% | 103.32 | 6.41% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 2.87% | 0.01% | 105.25 | 7.12% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.44% | 0.03% | 106 | 7.16% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.16% | -0.10% | 105.1 | 6.69% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 2.78% | -0.07% | 103.87 | 6.64% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.24% | -0.05% | 103.2 | 6.40% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.17% | 0.03% | 104.91 | 6.56% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.38% | -0.09% | 103.29 | 6.46% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.27% | -0.11% | 103.8 | 6.43% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.59% | 0.00% | 104.4 | 6.79% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 2.91% | 0.01% | 104.26 | 6.88% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.21% | 0.03% | 104.35 | 6.47% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.67% | 0.03% | 105.6 | 6.73% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.31% | 0.01% | 103.15 | 6.31% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.08% | -0.10% | 104.2 | 6.21% |
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% | 4.81% | 0.11% | 91.4 | 8.60% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.45% | 0.00% | 106.8 | 8.24% |