24 October 2025

Summary-

Australia’s major banks continue to offer a diverse range of hybrid securities, providing investors with attractive yields and varying risk profiles. Here’s a snapshot of the current landscape:

1. Commonwealth Bank of Australia (CBA)

CBA maintains a strong presence with multiple PERLS issues. The latest, CBAPM (PERLS 16), offers a running yield of 6.11% and a trading margin of 1.43%, maturing in June 2030. Earlier issues like CBAPL (PERLS 15) and CBAPK (PERLS 14) also remain active, with yields around 6.01–6.13%, reflecting consistent investor demand.

2. National Australia Bank (NAB)

NAB’s hybrids span across several maturities, with NABPK (Capital Notes 8) offering a 5.80% yield and NABPH (Capital Notes 5) delivering 6.71%, one of the highest among major banks. The diversity in margins and call dates provides flexibility for income-focused investors.

3. Westpac Banking Corporation

Westpac’s hybrids, including WBCPM (Capital Notes 10) and WBCPL (Capital Notes 9), offer yields between 6.20% and 6.53%, with trading margins above 1.3%, indicating solid market pricing. These notes extend into 2031, appealing to long-term holders.

4. ANZ Banking Group

ANZ’s latest hybrid, AN3PL (Capital Notes 9), offers a 6.09% yield with a 1.79% trading margin, maturing in 2031. Earlier notes like AN3PI and AN3PJ also remain competitive, with yields around 6.01–6.26%.

5. Macquarie Group

Macquarie’s hybrids, such as MQGPG (Capital Notes 7) and MQGPF (Capital Notes 6), offer yields between 5.94% and 6.71%, with relatively tight trading margins. These notes reflect Macquarie’s strong credit profile and investor confidence.

---

Other Banks & Regional Players

• Suncorp and Bank of Queensland continue to offer solid yields, with SUNPJ and BOQPG yielding around 6.06–6.60%.
• Bendigo Bank hybrids like BENPH and BENPi offer yields close to 7%, making them attractive for yield-seeking investors.
• Challenger, IAG, and Latitude also contribute to the hybrid market, with Latitude’s LFSPA standing out at 8.33%, albeit with higher risk.

 

• ASX-Listed Hybrids 24.10.25

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CLOSE	RUNNING YIELD**
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	-0.19%	102.66	7.87%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.59%	101.94	7.33%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.88%	101.13	6.41%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.55%	102.95	7.41%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.93%	101.56	6.14%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.03%	98.50	8.33%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.19%	102.80	6.69%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.11%	102.50	6.32%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.93%	104.19	7.00%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.08%	104.02	7.00%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	0.91%	102.70	6.17%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.72%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.35%	103.50	6.27%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.46%	103.18	6.14%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.54%	103.10	6.19%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.31%	105.30	6.54%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.65%	103.40	6.18%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.83%	104.20	6.60%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.55%	111.71	9.45%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	1.72%	102.85	6.01%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.48%	106.50	6.66%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.60%	103.54	6.02%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	1.92%	104.90	6.66%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.55%	107.00	6.71%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.50%	105.34	6.30%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.10%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.65%	104.00	6.00%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.43%	105.92	6.12%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.87%	103.51	6.07%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.67%	104.46	6.02%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.76%	105.85	6.31%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	1.96%	105.14	6.36%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.79%	104.78	6.09%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.76%	106.14	6.20%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.00%	103.15	5.95%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.63%	104.76	5.81%

• COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	4.96%	88	8.46%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.36%	106.75	7.86%