27 October 2025

Summary-

The ASX-listed hybrid market for major banks continues to offer a diverse range of capital notes and PERLS (Preference Shares) that provide investors with varying maturities, call dates, and attractive yield profiles.

Key highlights:

• National Australia Bank (NAB) features prominently with multiple hybrid issues such as NABPF, NABPH, NABPI, and NABPJ, dating from 2026 through the early 2030s. Maturities range broadly, and running yields hover around the 6.7% to 7.4% range, indicating a solid yield premium in the current market conditions.

• Westpac’s hybrid issues like WBCPJ, WBCPL, and WBCPK provide running yields between approximately 6.1% to 6.7%, with several call dates stretching into late 2028 and beyond. The elevated margins illustrate a stable compensation for investors, balancing risk and reward amid a rising interest rate regime.

• ANZ Bank’s hybrid notes such as AN3PI, AN3PJ, and AN3PK highlight a yield band around 6% to 6.3%, with call dates mostly in the early 2030s. This aligns with ANZ’s creditworthiness and the market appetite for longer-duration hybrids.

• Macquarie Group holds multiple hybrid types with yields close to 6.1% to 7.0%, reflecting its strong positioning and somewhat higher risk-return profile relative to the big four banks.

• Other regional banks like Bank of Queensland and Bendigo Bank also feature in the hybrid market with yields around the 7% mark, showing competitive offerings for yield-seeking investors outside the major banks.

Margins on these hybrids mostly span from about 2.5% to over 3.5% above benchmark rates, after factoring in trading margins and call options. Yield stability and credit inclusion margins suggest these instruments remain attractive for those seeking income with moderate risk, though longer maturities and step-up features introduce some complexity.

The hybrid market remains a critical funding source for Australian banks, helping them meet capital adequacy requirements while providing investors with higher income streams relative to traditional fixed income. The current yield environment reflects caution with an eye on credit risk, regulatory changes, and interest rate trends.

Overall, hybrid securities from ASX-listed top banks offer diversified opportunities across different call dates and maturities, with yields generally in the 6% to 7% range, highlighting their ongoing appeal in the fixed-income universe amid dynamic market conditions.

 

 

• ASX-Listed Hybrids 27.10.25

  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%	-0.22%	102.66	7.89%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.57%	101.94	7.35%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.88%	101.13	6.42%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.53%	102.95	7.43%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.93%	101.56	6.15%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.06%	98.50	8.35%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.19%	102.80	6.71%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.11%	102.50	6.34%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.93%	104.19	7.01%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.08%	104.02	7.01%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	0.93%	102.70	6.19%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.73%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.35%	103.50	6.28%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.47%	103.18	6.15%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.55%	103.10	6.21%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.31%	105.30	6.55%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.65%	103.40	6.19%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.83%	104.20	6.62%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.50%	111.71	9.40%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	1.72%	102.85	6.03%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.48%	106.50	6.67%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.60%	103.54	6.04%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	1.92%	104.90	6.67%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.55%	107.00	6.73%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.51%	105.34	6.31%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.11%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.65%	104.00	6.01%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.43%	105.92	6.14%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.87%	103.51	6.08%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.67%	104.46	6.03%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.77%	105.85	6.33%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	1.96%	105.14	6.38%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.79%	104.78	6.11%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.76%	106.14	6.22%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.00%	103.15	5.96%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.63%	104.76	5.82%

• ASX-Listed Hybrids (Non-standard) 27.10.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	4.98%	88	8.50%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.37%	106.75	7.89%