26 August 2025

Summary –

Hybrid securities issued by the Big Four banks—Westpac, NAB, ANZ, and Commonwealth Bank (CBA)—remain especially popular among income-focused investors, thanks to their relatively high running yields, liquidity, and perceived credit strength. Throughout the current maturity cycle (2025–2032), most major bank capital notes exhibit running yields in the 6.05–7.10% range. This appeals to investors seeking alternatives to low-interest term deposits or government bonds.

Noteworthy Issues and Yields

  • Westpac’s Capital Notes 5 (WBCPH) matures on 22-09-2025 and leads peers with a 7.10% running yield, a strong offer for a near-term maturity.

  • NAB’s Capital Notes 3 (NABPF) and Capital Notes 5 (NABPH) yield 7.60% and 6.96%, respectively, underscoring NAB as a consistent provider of competitive rates.

  • CBA’s latest PERLS issues (CBAPJ, CBAPI, CBAPL, CBAPK, CBAPM) maintain yields between 6.24% and 6.56%—providing steady income over various maturities.

  • ANZ’s Capital Notes 6, 7, 8, and 9 (AN3PI, AN3PJ, AN3PK, AN3PL) offer yields in the 6.19%–6.46% range, a reliable choice for those seeking stability and regular income

asx Major Banks

  • ASX-Listed Hybrids

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CHANGE    		DAY
    CLOSE    		RUNNING
    YIELD**
    WestpacWBCPHCapital Notes 522-09-20253.20%98.24%5.13%100.4527.10%
    AMP GroupAMPPBCapital Notes 216-12-20254.50%9.56%0.12%102.28.17%
    Macquarie BankMBLPCCapital Notes 222-12-20254.70%9.27%0.11%101.958.37%
    ChallengerCGFPCCapital Notes 325-05-20264.60%9.02%0.05%101.668.40%
    Nat Aust BankNABPFCapital Notes 317-06-20264.00%4.90%0.03%103.17.60%
    SuncorpSUNPHCapital Notes 317-06-20263.00%4.95%0.03%101.8516.65%
    Macquarie GroupMQGPDCapital Notes 410-09-20264.15%3.73%0.02%103.97.66%
    CBACBAPJ PERLS 1320-10-20262.75%3.05%0.02%102.926.32%
    LatitudeLFSPACapital Notes27-10-20264.75%12.00%0.04%98.38.93%
    WestpacWBCPJCapital Notes 722-03-20273.40%4.77%0.02%103.667.08%
    CBACBAPI PERLS 1220-04-20273.00%3.18%0.01%103.136.56%
    Bank of QueenslandBOQPFCapital Notes 214-05-20273.80%5.03%0.02%102.997.48%
    Bendigo BankBENPHCapital Notes15-06-20273.80%3.42%0.01%104.457.29%
    Macquarie GroupMQGPECapital Notes 520-09-20272.90%2.89%0.01%102.986.44%
    Nat Aust BankNABPHCapital Notes 517-12-20273.50%2.95%0.01%104.86.96%
    ANZ BankAN3PICapital Notes 620-03-20283.00%2.44%0.01%103.9186.46%
    CBACBAPL PERLS 1515-06-20282.85%2.64%0.01%103.926.36%
    SuncorpSUNPICapital Notes 417-06-20282.90%3.13%0.01%102.916.47%
    WestpacWBCPLCapital Notes 922-09-20283.40%3.54%0.01%105.346.96%
    Macquarie BankMBLPDCapital Notes 307-12-20282.90%2.54%0.01%104.156.37%
    Bank of QueenslandBOQPGCapital Notes 315-12-20283.40%3.02%0.01%104.796.86%
    Judo CapitalJDOPACapital Notes16-02-20296.50%4.73%0.01%111.39.54%
    ANZ BankAN3PJCapital Notes 720-03-20292.70%2.44%0.00%103.46.19%
    ChallengerCGFPDCapital Notes 425-05-20293.60%3.48%0.01%104.767.10%
    CBACBAPK PERLS 1415-06-20292.75%2.50%0.01%104.196.24%
    IAGIAGPECapital Notes 215-06-20293.50%3.20%0.01%105.96.97%
    Macquarie GroupMQGPFCapital Notes 612-09-20293.70%2.59%0.01%107.156.98%
    Nat Aust BankNABPICapital Notes 617-09-20293.15%2.39%0.01%106.126.52%
    WestpacWBCPKCapital Notes 821-09-20292.90%3.16%0.01%104.5956.49%
    ANZ BankAN3PKCapital Notes 820-03-20302.75%2.40%0.00%103.956.21%
    CBACBAPM PERLS 1617-06-20303.00%2.42%0.00%105.786.39%
    SuncorpSUNPJCapital Notes 517-06-20302.80%2.77%0.01%103.66.32%
    Nat Aust BankNABPJCapital Notes 717-09-20302.80%2.52%0.00%104.616.26%
    Bendigo BankBENPiCapital Notes 213-12-20303.20%2.82%0.00%105.346.63%
    Insurance AustraliaIAGPFCapital Notes 315-12-20303.20%3.03%0.00%105.356.68%
    ANZ BankAN3PLCapital Notes 920-03-20312.90%2.38%0.00%105.0016.29%
    WestpacWBCPMCapital Notes 1022-09-20313.10%2.86%0.00%106.76.56%
    Macquarie GroupMQGPGCapital Notes 715-12-20312.65%2.63%0.00%103.226.17%
    Nat Aust BankNABPKCapital Notes 817-03-20322.60%2.31%0.00%104.836.05%

  • ASX-Listed Hybrids (Non-standard)

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGINDAYCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.17%0.00%89.78.73%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.57%0.00%108.058.12%