29 August 2025

Summary –

Hybrid securities continue to attract income-focused investors, with major bank-issued notes offering competitive yields across a range of maturities. The latest data reveals a consistent theme: elevated running yields paired with strong institutional backing.

Top Performers:

  • Judo Capital’s JDOPA leads the pack with a standout 9.56% running yield, reflecting its higher margin and premium pricing.
  • Latitude’s LFSPA follows closely at 8.95%, offering a compelling yield despite a sub-par trading price of 98.3.
  • Among the Big Four banks, Westpac’s WBCPH (maturing 22-Sep-2025) maintains a strong 7.11% yield, while NABPF and NABPH offer 7.61% and 6.97%, respectively—underscoring NAB’s consistent rate competitiveness.

Sector Trends:

  • Macquarie Bank and Challenger continue to deliver robust yields above 8%, with MBLPC and CGFPC trading at 8.38% and 8.41%, respectively.
  • CBA’s PERLS series remains a reliable income stream, with yields ranging from 6.25% to 6.57%, depending on maturity.
  • ANZ’s Capital Notes 6–9 cluster around the 6.20%–6.47% range, offering stability for long-term holders.

Market Observations:

  • Trading margins remain elevated for select non-bank issuers, suggesting investor appetite for risk-adjusted returns.
  • Day-over-day price changes are minimal, indicating a stable hybrid market environment with low volatility.

 

 

  • ASX-Listed Hybrids

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CHANGE    		DAY
    CLOSE    		RUNNING
    YIELD**
    WestpacWBCPHCapital Notes 522-09-20253.20%117.31%7.07%100.4527.11%
    AMP GroupAMPPBCapital Notes 216-12-20254.50%9.95%0.13%102.28.18%
    Macquarie BankMBLPCCapital Notes 222-12-20254.70%9.60%0.11%101.958.38%
    ChallengerCGFPCCapital Notes 325-05-20264.60%9.18%0.06%101.668.41%
    Nat Aust BankNABPFCapital Notes 317-06-20264.00%5.00%0.03%103.17.61%
    SuncorpSUNPHCapital Notes 317-06-20263.00%5.05%0.03%101.8516.66%
    Macquarie GroupMQGPDCapital Notes 410-09-20264.15%3.79%0.02%103.97.67%
    CBACBAPJ PERLS 1320-10-20262.75%3.10%0.02%102.926.33%
    LatitudeLFSPACapital Notes27-10-20264.75%12.13%0.05%98.38.95%
    WestpacWBCPJCapital Notes 722-03-20273.40%4.82%0.02%103.667.09%
    CBACBAPI PERLS 1220-04-20273.00%3.22%0.01%103.136.57%
    Bank of QueenslandBOQPFCapital Notes 214-05-20273.80%5.08%0.02%102.997.49%
    Bendigo BankBENPHCapital Notes15-06-20273.80%3.46%0.01%104.457.31%
    Macquarie GroupMQGPECapital Notes 520-09-20272.90%2.91%0.01%102.986.45%
    Nat Aust BankNABPHCapital Notes 517-12-20273.50%2.98%0.01%104.86.97%
    ANZ BankAN3PICapital Notes 620-03-20283.00%2.46%0.01%103.9186.47%
    CBACBAPL PERLS 1515-06-20282.85%2.66%0.01%103.926.37%
    SuncorpSUNPICapital Notes 417-06-20282.90%3.15%0.01%102.916.48%
    WestpacWBCPLCapital Notes 922-09-20283.40%3.57%0.01%105.346.97%
    Macquarie BankMBLPDCapital Notes 307-12-20282.90%2.55%0.01%104.156.38%
    Bank of QueenslandBOQPGCapital Notes 315-12-20283.40%3.05%0.01%104.796.87%
    Judo CapitalJDOPACapital Notes16-02-20296.50%4.76%0.01%111.39.56%
    ANZ BankAN3PJCapital Notes 720-03-20292.70%2.45%0.01%103.46.20%
    ChallengerCGFPDCapital Notes 425-05-20293.60%3.50%0.01%104.767.11%
    CBACBAPK PERLS 1415-06-20292.75%2.52%0.01%104.196.25%
    IAGIAGPECapital Notes 215-06-20293.50%3.22%0.01%105.96.98%
    Macquarie GroupMQGPFCapital Notes 612-09-20293.70%2.60%0.01%107.156.99%
    Nat Aust BankNABPICapital Notes 617-09-20293.15%2.41%0.01%106.126.53%
    WestpacWBCPKCapital Notes 821-09-20292.90%3.18%0.01%104.5956.50%
    ANZ BankAN3PKCapital Notes 820-03-20302.75%2.41%0.00%103.956.22%
    CBACBAPM PERLS 1617-06-20303.00%2.43%0.01%105.786.40%
    SuncorpSUNPJCapital Notes 517-06-20302.80%2.79%0.01%103.66.34%
    Nat Aust BankNABPJCapital Notes 717-09-20302.80%2.54%0.01%104.616.27%
    Bendigo BankBENPiCapital Notes 213-12-20303.20%2.84%0.01%105.346.64%
    Insurance AustraliaIAGPFCapital Notes 315-12-20303.20%3.05%0.00%105.356.69%
    ANZ BankAN3PLCapital Notes 920-03-20312.90%2.39%0.00%105.0016.30%
    WestpacWBCPMCapital Notes 1022-09-20313.10%2.88%0.01%106.76.57%
    Macquarie GroupMQGPGCapital Notes 715-12-20312.65%2.65%0.00%103.226.18%
    Nat Aust BankNABPKCapital Notes 817-03-20322.60%2.32%0.00%104.836.06%

  • ASX-Listed Hybrids (Non-standard)

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGIN?DAYCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.17%-0.01%89.78.73%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.57%-0.02%108.058.13%