22 October 2025

Summary-

Australia’s leading banks remain central to the hybrid market, with consistent investor interest reflected in pricing and yield metrics.

Commonwealth Bank of Australia (CBA)

  • Average Trading Margin: 1.30%
  • Average Running Yield: 6.14%
  • Price Range: $101.56 – $105.92
  • Securities Listed: 5
    CBA hybrids maintain steady performance, offering moderate yields and tight margins, indicative of strong institutional support.

Westpac

  • Average Trading Margin: 1.43%
  • Average Running Yield: 6.38%
  • Price Range: $102.80 – $106.14
  • Securities Listed: 4
    Westpac hybrids are trading at premium levels, with the highest price among the majors, reflecting investor confidence and demand.

ANZ Bank

  • Average Trading Margin: 1.63%
  • Average Running Yield: 6.09%
  • Price Range: $102.85 – $104.78
  • Securities Listed: 4
    ANZ offers the highest average margin among the top banks, suggesting a slightly higher risk premium or attractive entry points for yield-seeking investors.

National Australia Bank (NAB)

  • Average Trading Margin: 1.36%
  • Average Running Yield: 6.43%
  • Price Range: $101.94 – $105.34
  • Securities Listed: 5
    NAB hybrids deliver the strongest average yield among the big five, making them a standout for income-focused portfolios.

Macquarie Group

  • Average Trading Margin: 1.25%
  • Average Running Yield: 6.56%
  • Price Range: $102.70 – $107.00
  • Securities Listed: 4
    Macquarie hybrids lead in both yield and pricing, underscoring their premium positioning and investor appetite.

Non-Bank Hybrids – High-Yield Opportunities

Outside the banking sector, several issuers offer attractive yields:

  • Latitude LFSPA: Trading margin of 6.52% and running yield of 8.37%.
  • Judo Capital JDOPA: Leading with a 9.34% yield and strong price performance.
  • Nufarm NFNG: A step-up security priced at $0.88, offering 8.44% yield.
  • Ramsay Health Care RHCPA: Preference shares trading at $106.75, yielding 7.84%.

These securities present higher returns but come with structural nuances and risk profiles that warrant careful consideration.

 

  • ASX-Listed Hybrids (Non-standard) 22.10.25.

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGINCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%4.94%888.44%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.35%106.757.84%

  • ASX-Listed Hybrids 22.10.25

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CLOSE    		RUNNING
    YIELD**
    ChallengerCGFPCCapital Notes 325/05/20264.60%-0.16%102.667.87%
    Nat Aust BankNABPFCapital Notes 317/06/20264.00%0.60%101.947.33%
    SuncorpSUNPHCapital Notes 317/06/20263.00%0.88%101.136.40%
    Macquarie GroupMQGPDCapital Notes 410/09/20264.15%0.56%102.957.41%
    CBACBAPJ PERLS 1320/10/20262.75%0.93%101.566.13%
    LatitudeLFSPACapital Notes27/10/20264.75%6.52%98.508.37%
    WestpacWBCPJCapital Notes 722/03/20273.40%1.20%102.806.69%
    CBACBAPI PERLS 1220/04/20273.00%1.11%102.506.32%
    Bank of QueenslandBOQPFCapital Notes 214/05/20273.80%0.93%104.196.99%
    Bendigo BankBENPHCapital Notes15/06/20273.80%1.08%104.026.99%
    Macquarie GroupMQGPECapital Notes 520/09/20272.90%0.89%102.706.17%
    Nat Aust BankNABPHCapital Notes 517/12/20273.50%1.42%103.946.71%
    ANZ BankAN3PICapital Notes 620/03/20283.00%1.35%103.506.26%
    CBACBAPL PERLS 1515/06/20282.85%1.46%103.186.13%
    SuncorpSUNPICapital Notes 417/06/20282.90%1.54%103.106.19%
    WestpacWBCPLCapital Notes 922/09/20283.40%1.31%105.306.53%
    Macquarie BankMBLPDCapital Notes 37/12/20282.90%1.65%103.406.17%
    Bank of QueenslandBOQPGCapital Notes 315/12/20283.40%1.83%104.206.60%
    Judo CapitalJDOPACapital Notes16/02/20296.50%4.58%111.719.34%
    ANZ BankAN3PJCapital Notes 720/03/20292.70%1.72%102.856.01%
    ChallengerCGFPDCapital Notes 425/05/20293.60%1.48%106.506.65%
    CBACBAPK PERLS 1415/06/20292.75%1.59%103.546.02%
    IAGIAGPECapital Notes 215/06/20293.50%1.92%104.906.66%
    Macquarie GroupMQGPFCapital Notes 612/09/20293.70%1.55%107.006.71%
    Nat Aust BankNABPICapital Notes 617/09/20293.15%1.50%105.346.29%
    WestpacWBCPKCapital Notes 821/09/20292.90%1.46%104.746.09%
    ANZ BankAN3PKCapital Notes 820/03/20302.75%1.65%104.005.99%
    CBACBAPM PERLS 1617/06/20303.00%1.43%105.926.12%
    SuncorpSUNPJCapital Notes 517/06/20302.80%1.87%103.516.06%
    Nat Aust BankNABPJCapital Notes 717/09/20302.80%1.67%104.466.01%
    Bendigo BankBENPiCapital Notes 213/12/20303.20%1.76%105.856.31%
    Insurance AustraliaIAGPFCapital Notes 315/12/20303.20%1.96%105.146.36%
    ANZ BankAN3PLCapital Notes 920/03/20312.90%1.79%104.786.09%
    WestpacWBCPMCapital Notes 1022/09/20313.10%1.76%106.146.20%
    Macquarie GroupMQGPGCapital Notes 715/12/20312.65%2.00%103.155.94%
    Nat Aust BankNABPKCapital Notes 817/03/20322.60%1.63%104.765.80%