Summary-
As of February 21st, 2025, the capital notes market is showing solid returns, with some standout yields. The highest yielding securities are from Judo Capital (JDOPA) at an impressive 9.85%, followed closely by Latitude (LFSPA) at 9.35% and AMP Group (AMPPB) at 8.61%. Judo Capital continues to lead the pack, driven by its strong margin and favourable performance. Other notable performers include Macquarie Bank (MBLPC), yielding 8.79%, and Challenger (CGFPC) at 8.80%, both offering strong returns. Macquarie Group (MQGPD) also shows a solid 8.20%. Meanwhile, ANZ Bank (AN3PH) and Westpac (WBCPH) maintain steady yields around 7%, while Bank of Queensland (BOQPF) and Bendigo Bank (BENPH) offer slightly higher returns at 7.77% and 7.82%, respectively. Investors continue to see attractive options in this space with stable yields and manageable weekly changes.
As of February 21st, 2025, the perpetual securities from Nufarm (NFNG) and Ramsay Health Care (RHCPA) are drawing attention for their solid yields. Nufarm’s (NFNG) Step-Up notes continue to offer an attractive return with a running yield of 8.91%, despite a weekly change of -0.51%, and a trading margin of 4.60%. The price closed at 94.5 for the week. Ramsay Health Care (RHCPA), offering preference shares, follows closely with a running yield of 8.68%. Although it saw a -0.33% weekly change, it maintained a 4.37% trading margin, closing the week at 108.01. Both securities continue to provide appealing yields in a volatile market, with slight weekly fluctuations, making them worthwhile considerations for income-focused investors.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 5.97% | 5.48% | 101.04 | 7.91% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 7.09% | 5.30% | 101.05 | 7.53% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 2.66% | 0.76% | 101.74 | 7.27% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.21% | 0.46% | 103.5 | 8.44% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.91% | -0.25% | 103.731 | 8.60% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.60% | 0.55% | 102.5 | 8.49% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.23% | 0.48% | 103.95 | 7.92% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.24% | 0.22% | 102.5 | 7.02% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.22% | 0.46% | 104.5 | 8.02% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.09% | 0.13% | 102.54 | 6.77% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.59% | -0.29% | 97 | 9.19% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.03% | 0.17% | 104.15 | 7.30% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.97% | -0.12% | 103.61 | 6.95% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.19% | 0.36% | 103.58 | 7.64% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.35% | 0.00% | 104.8 | 7.66% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.98% | 0.04% | 104 | 6.84% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.24% | 0.20% | 104.841 | 7.36% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.95% | -0.01% | 104.05 | 6.89% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.10% | 0.02% | 103.76 | 6.79% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.30% | 0.08% | 103.38 | 6.86% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.01% | 0.08% | 105.83 | 7.18% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.10% | 0.08% | 102.61 | 6.81% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.32% | 0.03% | 105.2 | 7.23% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.94% | -0.13% | 111.72 | 9.51% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.00% | 0.03% | 103.63 | 6.63% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.27% | 0.02% | 104.85 | 7.34% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.09% | -0.10% | 104.01 | 6.67% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.50% | 0.21% | 105.07 | 7.32% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.66% | -0.42% | 107.39 | 7.24% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.08% | -0.14% | 105.67 | 6.96% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.11% | -0.05% | 104.55 | 6.78% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.98% | -0.20% | 104.39 | 6.63% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.06% | -0.09% | 105.62 | 6.81% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.41% | 0.11% | 103.4 | 6.76% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.10% | -0.22% | 104.75 | 6.68% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.55% | 0.14% | 104.77 | 7.07% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.60% | 0.10% | 104.2 | 7.09% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.04% | 0.06% | 105.29 | 6.71% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | -0.03% | 106.6 | 6.84% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.37% | -0.17% | 103.06 | 6.63% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.10% | -0.08% | 104.31 | 6.51% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.70% | -0.42% | 94.5 | 8.80% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.51% | -0.19% | 107.7 | 8.61% |
** “Clean” running yield. Includes franking credits if present.