Summary-
The ASX-listed hybrid securities market showed modest activity this week, with trading margins holding relatively stable across most major bank and corporate issues. Investors continued to seek income from high-quality, floating-rate instruments as cash rate expectations remain steady and credit spreads tighten slightly across the curve.
Among the major bank hybrids, National Australia Bank Capital Notes 3 (ASX: NABPF) traded at $102.29, delivering a running yield of 7.57% and a trading margin of 2.39% above BBSW. Suncorp Capital Notes 3 (ASX: SUNPH) closed at $101.27, offering a 6.64% yield and a 2.80% trading margin, reflecting steady investor confidence in regional bank credit.
In the corporate space, AMP Capital Notes 2 (ASX: AMPPB) finished at $100.76, with a running yield of 8.16% and a trading margin of 5.62%, while Macquarie Bank Capital Notes 2 (ASX: MBLPC) traded slightly higher at $100.72, posting the highest trading margin among the majors at 6.24% and a yield of 8.37%. Challenger Capital Notes 3 (ASX: CGFPC) remained firm at $102.70, supported by a running yield of 8.17% and a trading margin of 3.06%.
Overall, the ASX hybrid market remains well-supported by investors seeking enhanced yield and partially franked income streams. Trading margins remain within recent ranges, suggesting a balanced outlook as investors weigh credit quality and callable maturity profiles amid stable monetary policy conditions.
ASX-Listed Hybrids
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEISSUE MARGIN (inc frank) TRADING
MARGINDAY
CHANGEDAY
CLOSERUNNING
YIELD**AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 5.62% 1.16% 100.76 8.16% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.24% 0.17% 100.72 8.37% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 3.06% 0.05% 102.70 8.17% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 2.39% -0.04% 102.29 7.57% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 2.80% 0.24% 101.27 6.64% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 2.00% 0.03% 102.84 7.65% CBA CBAPJ PERLS 13 20/10/2026 2.75% 2.15% 0.59% 101.66 6.36% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.41% -0.95% 99.01 8.51% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.96% -0.11% 103.03 6.91% CBA CBAPI PERLS 12 20/04/2027 3.00% 1.78% -0.20% 102.90 6.53% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 2.41% -0.10% 102.21 7.29% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 2.55% 0.14% 103.31 7.30% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.36% 0.34% 101.86 6.48% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.08% -0.01% 104.14 6.94% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 1.80% -0.14% 103.50 6.47% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.74% 0.02% 103.89 6.32% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.03% -0.30% 103.34 6.40% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.97% -0.05% 104.96 6.78% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.11% 0.08% 103.30 6.40% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 2.47% 0.35% 104.08 6.85% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 3.31% -0.04% 112.19 9.24% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 1.70% -0.22% 103.87 6.15% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 2.42% 0.15% 105.50 6.97% CBA CBAPK PERLS 14 15/06/2029 2.75% 1.89% -0.15% 103.97 6.21% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 2.14% -0.12% 105.38 6.84% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.24% 0.02% 106.10 6.99% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.89% 0.06% 105.60 6.50% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 2.05% 0.08% 104.00 6.35% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.97% 0.07% 103.80 6.20% CBA CBAPM PERLS 16 17/06/2030 3.00% 1.89% -0.09% 105.65 6.36% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.21% -0.15% 103.60 6.29% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.02% -0.06% 104.46 6.23% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 2.20% -0.04% 105.60 6.55% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 2.09% -0.22% 105.74 6.53% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 1.93% 0.06% 105.20 6.26% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 1.99% -0.09% 106.50 6.39% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.19% 0.04% 103.32 6.14% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.83% -0.11% 105.19 6.00% ASX-Listed Hybrids (Non-standard)
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN DAY CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.30% 0.01% 87.5 8.95% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.64% 0.05% 106.19 8.29%