Summary-
Australia’s hybrid securities market continues to be a dynamic space for income-focused investors, with banks leading the charge in offering attractive yields through capital notes and preference shares. Based on the latest ASX data, here are the top 10 banks dominating the hybrid landscape:
1. Commonwealth Bank of Australia (CBA)
CBA maintains a strong presence with multiple PERLS series (12, 13, 14, 15, 16), offering running yields between 6.03% and 6.33%. These notes are well-regarded for their stability and consistent demand.
2. National Australia Bank (NAB)
NAB’s hybrid offerings (Capital Notes 3 to 8) show a wide spread of maturities and margins, with running yields ranging from 5.81% to 7.34%. NABPF and NABPH stand out with higher yields and tighter trading margins.
3. Westpac Banking Corporation
Westpac’s Capital Notes 7 to 10 offer yields between 6.10% and 6.70%, with WBCPJ and WBCPL showing strong investor interest due to their relatively high margins and prices above par.
4. ANZ Banking Group
ANZ’s Capital Notes 6 to 9 provide yields from 6.00% to 6.27%, with AN3PI and AN3PJ offering competitive margins and solid price performance.
5. Macquarie Group
Macquarie’s Capital Notes 4 to 7 are trading well, with yields between 5.95% and 7.42%. MQGPD and MQGPF are particularly attractive for their higher margins and strong price appreciation.
6. Suncorp Group
Suncorp’s Capital Notes 3 to 5 deliver yields from 6.07% to 6.41%, with SUNPH and SUNPI showing consistent performance and investor confidence.
7. Bank of Queensland
BOQ’s Capital Notes 2 and 3 are yielding around 7.00% to 6.61%, reflecting strong demand and favorable trading margins.
8. Bendigo Bank
Bendigo’s hybrids offer yields of 7.00% and 6.32%, with BENPH and BENPi trading above par, indicating investor trust in regional banking hybrids.
9. Challenger
Though not a traditional bank, Challenger’s Capital Notes 3 and 4 are worth noting, with yields up to 6.66%, showing strong performance in the financial services sector.
10. Judo Capital
Judo’s Capital Notes stand out with a 9.50% running yield, the highest among all listed hybrids, reflecting its growth-oriented profile and investor appetite for higher returns.
Investor Takeaway
The hybrid securities market remains a compelling space for yield-seeking investors, especially with banks offering a mix of stability and attractive returns. With most securities trading above par and margins tightening, timing and selection are key.
ASX-Listed Hybrids 28.10.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -0.23% 102.66 7.88% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.57% 101.94 7.34% 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% 0.53% 102.95 7.42% CBA CBAPJ PERLS 13 20/10/2026 2.75% 0.93% 101.56 6.14% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.06% 98.50 8.34% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.19% 102.80 6.70% CBA CBAPI PERLS 12 20/04/2027 3.00% 1.11% 102.50 6.33% 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% 0.93% 102.70 6.18% 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% 1.36% 103.50 6.27% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.47% 103.18 6.14% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.55% 103.10 6.20% 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 6.61% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.60% 111.71 9.50% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 1.72% 102.85 6.02% 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 6.03% 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 6.72% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.51% 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% 1.44% 105.92 6.13% 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% 1.77% 105.85 6.32% 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 6.10% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 1.76% 106.14 6.21% 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% ASX-Listed Hybrids (Non-standard) 28.10.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 4.99% 88 8.49% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.38% 106.75 7.89%