Summary-
On 31st March close for ASX-listed hybrids, in terms of strong performance in higher-yielding Capital Notes, Judo Capital (JDOPA) and AMP Group (AMPPB) lead the pack with the highest yields of 9.56% and 8.49%, respectively. The Judo Capital Notes, in particular, stand out due to their higher margin of 6.50% and positive daily change of 0.02%, suggesting strong investor confidence in the company’s financial strength.
Gradual Decrease in Yields for Longer-Dated Securities: The longer-dated hybrid securities (maturities in the late 2020s and early 2030s), such as the Macquarie Group’s (MQGPG) and NAB’s (NABPK) Capital Notes, generally show lower yields in the 6.40% to 6.90% range.
For ASX-Listed Hybrids (Non-standard) of 31st March 2025, Nufarm’s Step-Up perpetual hybrid offers a high 9.13% yield, but trades below par at 93.6, indicating cautious market sentiment. Ramsay’s preference shares yield 8.32%, with a slight 0.37% price drop, reflecting some market volatility.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 9.71% | 2.40% | 100.05 | 7.55% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 6.75% | 0.20% | 100.55 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.24% | 0.07% | 101.98 | 8.49% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.33% | 0.06% | 102.00 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.31% | 0.05% | 103.50 | 8.51% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.00% | 0.05% | 102.75 | 7.94% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.16% | 0.05% | 101.37 | 7.05% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.80% | 0.03% | 103.75 | 8.01% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.73% | 0.03% | 101.88 | 6.77% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.82% | 0.07% | 97.75 | 9.23% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.96% | 0.04% | 103.15 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.88% | 0.03% | 102.55 | 6.97% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.40% | 0.03% | 103.90 | 7.71% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.19% | 0.03% | 103.71 | 7.67% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.89% | 0.02% | 102.64 | 6.87% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.90% | 0.02% | 104.32 | 7.34% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.88% | 0.02% | 103.27 | 6.92% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.93% | 0.02% | 103.05 | 6.79% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.04% | 0.02% | 102.89 | 6.85% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.52% | 0.02% | 105.00 | 7.32% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 07-Dec-28 | 2.90% | 2.30% | 0.02% | 102.54 | 6.88% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.29% | 0.02% | 104.00 | 7.26% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.95% | 0.02% | 112.55 | 9.56% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.95% | 0.01% | 102.89 | 6.65% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.19% | 0.02% | 105.79 | 7.36% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.86% | 0.02% | 103.60 | 6.66% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.54% | 0.01% | 105.49 | 7.37% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.99% | 0.01% | 106.74 | 7.36% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.90% | 0.02% | 105.05 | 6.95% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.48% | 0.02% | 103.91 | 6.90% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.05% | 0.01% | 103.22 | 6.68% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.85% | 0.01% | 105.25 | 6.79% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.21% | 0.01% | 103.02 | 6.75% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.96% | 0.01% | 104.14 | 6.67% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.45% | 0.01% | 104.00 | 7.07% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.58% | 0.01% | 104.84 | 7.11% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.97% | 0.01% | 104.71 | 6.73% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.30% | 0.01% | 106.24 | 6.94% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.09% | 0.01% | 103.40 | 6.57% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.86% | 0.01% | 104.40 | 6.46% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.00% | 0.01% | 93.6 | 9.13% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.19% | -0.37% | 109.3 | 8.32% |