27 August 2025

Summary –

Hybrid yields were broadly steady over the past week, with movements reflecting both upcoming call dates and investor appetite for higher-risk issuers.

Among the major banks, Westpac’s Capital Notes 5 (WBCPH) continued to trade at elevated levels with a running yield of 7.09%, supported by its short remaining term to the September 2025 call. Further along the curve, Westpac’s Capital Notes 7 (WBCPJ) and Capital Notes 9 (WBCPL) offered yields of 7.07% and 6.95% respectively, while its recently issued Capital Notes 10 (WBCPM) held around 6.55%.

NAB’s hybrids mostly clustered around the mid-6% range. Capital Notes 3 (NABPF) remained higher-yielding at 7.59%, reflecting its shorter duration, while newer lines such as NABPH and NABPI offered yields between 6.5%–7.0%.

ANZ’s hybrids continued to trade a touch lower than peers, with yields ranging between 6.18% and 6.45% across its Capital Notes 6 to 9 series. CBA’s PERLS series followed a similar pattern, offering between 6.23% and 6.39%, with PERLS 13 and 15 remaining on the lower end of the bank hybrid spectrum.

Outside the majors, Macquarie Group’s hybrids remained relatively attractive, with Capital Notes 4 (MQGPD) at 7.66% and Capital Notes 6 (MQGPF) just under 7.0%. Regional banks such as Bendigo (BENPH, 7.29%) and BOQ (BOQPF, 7.47%) offered slightly higher yields than their larger peers, reflecting relative risk premia.

Higher-risk names continued to dominate the top of the table. Judo Capital (JDOPA) yielded 9.54%, the highest among listed hybrids, while Latitude’s LFSPA stood at 8.93%. Non-standard hybrids such as Nufarm and Ramsay Health Care perpetuals remained above 8%, highlighting the risk/reward contrast with the major banks.

Overall, the market maintained its familiar structure: majors in the 6%–7% range, regionals and diversified financials above 7%, and non-banks above 8%, leaving investors to weigh additional credit risk against attractive income.

  • ASX-Listed Hybrids

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CHANGE    		DAY
    CLOSE    		RUNNING
    YIELD**
    WestpacWBCPHCapital Notes 522-09-20253.20%103.92%5.68%100.4527.09%
    AMP GroupAMPPBCapital Notes 216-12-20254.50%9.69%0.12%102.28.17%
    Macquarie BankMBLPCCapital Notes 222-12-20254.70%9.37%0.11%101.958.36%
    ChallengerCGFPCCapital Notes 325-05-20264.60%9.07%0.05%101.668.39%
    Nat Aust BankNABPFCapital Notes 317-06-20264.00%4.94%0.03%103.17.59%
    SuncorpSUNPHCapital Notes 317-06-20263.00%4.98%0.03%101.8516.64%
    Macquarie GroupMQGPDCapital Notes 410-09-20264.15%3.75%0.02%103.97.66%
    CBACBAPJ PERLS 1320-10-20262.75%3.06%0.02%102.926.31%
    LatitudeLFSPACapital Notes27-10-20264.75%12.04%0.04%98.38.93%
    WestpacWBCPJCapital Notes 722-03-20273.40%4.79%0.02%103.667.07%
    CBACBAPI PERLS 1220-04-20273.00%3.19%0.01%103.136.56%
    Bank of QueenslandBOQPFCapital Notes 214-05-20273.80%5.04%0.02%102.997.47%
    Bendigo BankBENPHCapital Notes15-06-20273.80%3.43%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%2.96%0.01%104.86.96%
    ANZ BankAN3PICapital Notes 620-03-20283.00%2.45%0.01%103.9186.45%
    CBACBAPL PERLS 1515-06-20282.85%2.65%0.01%103.926.35%
    SuncorpSUNPICapital Notes 417-06-20282.90%3.13%0.01%102.916.47%
    WestpacWBCPLCapital Notes 922-09-20283.40%3.55%0.01%105.346.95%
    Macquarie BankMBLPDCapital Notes 307-12-20282.90%2.54%0.01%104.156.37%
    Bank of QueenslandBOQPGCapital Notes 315-12-20283.40%3.03%0.01%104.796.86%
    Judo CapitalJDOPACapital Notes16-02-20296.50%4.74%0.01%111.39.54%
    ANZ BankAN3PJCapital Notes 720-03-20292.70%2.44%0.00%103.46.18%
    ChallengerCGFPDCapital Notes 425-05-20293.60%3.49%0.01%104.767.10%
    CBACBAPK PERLS 1415-06-20292.75%2.51%0.01%104.196.23%
    IAGIAGPECapital Notes 215-06-20293.50%3.20%0.01%105.96.96%
    Macquarie GroupMQGPFCapital Notes 612-09-20293.70%2.59%0.01%107.156.97%
    Nat Aust BankNABPICapital Notes 617-09-20293.15%2.40%0.01%106.126.52%
    WestpacWBCPKCapital Notes 821-09-20292.90%3.17%0.01%104.5956.48%
    ANZ BankAN3PKCapital Notes 820-03-20302.75%2.41%0.00%103.956.20%
    CBACBAPM PERLS 1617-06-20303.00%2.42%0.00%105.786.39%
    SuncorpSUNPJCapital Notes 517-06-20302.80%2.78%0.01%103.66.32%
    Nat Aust BankNABPJCapital Notes 717-09-20302.80%2.53%0.00%104.616.26%
    Bendigo BankBENPiCapital Notes 213-12-20303.20%2.83%0.00%105.346.62%
    Insurance AustraliaIAGPFCapital Notes 315-12-20303.20%3.04%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%2.87%0.00%106.76.55%
    Macquarie GroupMQGPGCapital Notes 715-12-20312.65%2.64%0.00%103.226.17%
    Nat Aust BankNABPKCapital Notes 817-03-20322.60%2.32%0.00%104.836.04%

  • ASX-Listed Hybrids (Non-standard)

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGIN?DAYCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.17%0.00%89.78.72%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.57%0.00%108.058.12%