24 September 2025

Summary –

Australian bank-issued hybrid securities continued to offer compelling yields amid a stable trading environment. The latest data shows a modest uplift across most instruments, with running yields remaining attractive for income-focused investors.

• Top Yielding Bank Hybrids:
  • Latitude LFSPA: 9.04% running yield, trading at $97.90 with a margin of 4.75%.
  • Judo Capital JDOPA: Leading the pack at 9.56% yield, supported by a high margin of 6.50% and a premium price of $112.
  • Macquarie Bank MBLPC: 8.53% yield, trading slightly above par at $100.72.
• Major Bank Issuers:
  • CBA’s PERLS 13 (CBAPJ): Yielding 6.48%, trading at $101.
  • Westpac Capital Notes 7 (WBCPJ): 7.21% yield, price at $102.50.
  • NAB Capital Notes 5 (NABPH): 7.10% yield, trading at $103.40.
• Trading Margins:
  • Margins ranged from 2.56% (NABPK) to 25.64% (AMPPB), reflecting varied investor sentiment and credit risk appetite.
  • Most major bank hybrids clustered around the 3–6% trading margin band, indicating relative stability.

Market Movement:

• Daily price changes were minimal, with most securities moving by 0.01% to 0.05%, suggesting subdued volatility.
• Securities with near-term call dates (2025–2026) showed higher trading margins, likely reflecting reinvestment risk and market positioning.

 

• ASX-Listed Hybrids

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CHANGE	DAY CLOSE	RUNNING YIELD**
  AMP Group	AMPPB	Capital Notes 2	16-12-2025	4.50%	25.64%	0.39%	100.1	8.41%
  Macquarie Bank	MBLPC	Capital Notes 2	22-12-2025	4.70%	19.32%	0.27%	100.72	8.53%
  Challenger	CGFPC	Capital Notes 3	25-05-2026	4.60%	9.04%	0.06%	102.66	8.37%
  Nat Aust Bank	NABPF	Capital Notes 3	17-06-2026	4.00%	8.09%	0.05%	101.7	7.76%
  Suncorp	SUNPH	Capital Notes 3	17-06-2026	3.00%	7.74%	0.05%	100.72	6.77%
  Macquarie Group	MQGPD	Capital Notes 4	10-09-2026	4.15%	6.15%	0.03%	102.3	7.83%
  CBA	CBAPJ	PERLS 13	20-10-2026	2.75%	5.61%	0.03%	101	6.48%
  Latitude	LFSPA	Capital Notes	27-10-2026	4.75%	13.80%	0.05%	97.9	9.04%
  Westpac	WBCPJ	Capital Notes 7	22-03-2027	3.40%	6.23%	0.02%	102.5	7.21%
  CBA	CBAPI	PERLS 12	20-04-2027	3.00%	4.23%	0.02%	102.25	6.66%
  Bank of Queensland	BOQPF	Capital Notes 2	14-05-2027	3.80%	5.05%	0.02%	103.73	7.48%
  Bendigo Bank	BENPH	Capital Notes	15-06-2027	3.80%	4.60%	0.02%	103.27	7.43%
  Macquarie Group	MQGPE	Capital Notes 5	20-09-2027	2.90%	3.50%	0.01%	102.4	6.51%
  Nat Aust Bank	NABPH	Capital Notes 5	17-12-2027	3.50%	3.98%	0.01%	103.4	7.10%
  ANZ Bank	AN3PI	Capital Notes 6	20-03-2028	3.00%	3.15%	0.01%	102.79	6.56%
  CBA	CBAPL	PERLS 15	15-06-2028	2.85%	3.44%	0.01%	102.62	6.48%
  Suncorp	SUNPI	Capital Notes 4	17-06-2028	2.90%	3.26%	0.01%	103.19	6.49%
  Westpac	WBCPL	Capital Notes 9	22-09-2028	3.40%	4.05%	0.01%	104.75	7.05%
  Macquarie Bank	MBLPD	Capital Notes 3	07-12-2028	2.90%	3.22%	0.01%	102.8	6.49%
  Bank of Queensland	BOQPG	Capital Notes 3	15-12-2028	3.40%	3.47%	0.01%	104.2	6.95%
  Judo Capital	JDOPA	Capital Notes	16-02-2029	6.50%	4.77%	0.01%	112	9.56%
  ANZ Bank	AN3PJ	Capital Notes 7	20-03-2029	2.70%	2.61%	0.01%	103.3	6.22%
  Challenger	CGFPD	Capital Notes 4	25-05-2029	3.60%	3.74%	0.01%	104.63	7.16%
  CBA	CBAPK	PERLS 14	15-06-2029	2.75%	2.98%	0.01%	103.3	6.33%
  IAG	IAGPE	Capital Notes 2	15-06-2029	3.50%	3.74%	0.01%	104.8	7.08%
  Macquarie Group	MQGPF	Capital Notes 6	12-09-2029	3.70%	2.94%	0.01%	106.49	7.06%
  Nat Aust Bank	NABPI	Capital Notes 6	17-09-2029	3.15%	2.72%	0.01%	105.599	6.59%
  Westpac	WBCPK	Capital Notes 8	21-09-2029	2.90%	3.68%	0.01%	103.6	6.60%
  ANZ Bank	AN3PK	Capital Notes 8	20-03-2030	2.75%	2.66%	0.00%	103.453	6.26%
  CBA	CBAPM	PERLS 16	17-06-2030	3.00%	2.62%	0.01%	105.6	6.44%
  Suncorp	SUNPJ	Capital Notes 5	17-06-2030	2.80%	2.79%	0.01%	104.07	6.33%
  Nat Aust Bank	NABPJ	Capital Notes 7	17-09-2030	2.80%	2.81%	0.01%	104.05	6.34%
  Bendigo Bank	BENPi	Capital Notes 2	13-12-2030	3.20%	3.18%	0.01%	104.5	6.72%
  Insurance Australia	IAGPF	Capital Notes 3	15-12-2030	3.20%	3.34%	0.00%	104.66	6.76%
  ANZ Bank	AN3PL	Capital Notes 9	20-03-2031	2.90%	2.71%	0.00%	104.028	6.38%
  Westpac	WBCPM	Capital Notes 10	22-09-2031	3.10%	3.25%	0.01%	105.65	6.67%
  Macquarie Group	MQGPG	Capital Notes 7	15-12-2031	2.65%	2.70%	0.00%	103.4	6.19%
  Nat Aust Bank	NABPK	Capital Notes 8	17-03-2032	2.60%	2.56%	0.00%	104.2	6.12%

• COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	?DAY	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.18%	0.01%	90.5	8.73%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.59%	0.00%	108.639	8.15%