Summary-
On the 4th of April, the hybrid market showed positive results. CBA PERLS 10 (CBAPG) led the pack with the highest trading margin at 9.71%, reflecting a strong premium over other hybrids. Latitude Capital Notes (LFSPA) stood out with a running yield of 9.22%, the highest among the listed securities, signalling higher returns but possibly higher risk. Judo Capital (JDOPA) maintained a premium price at 112.48, reflecting market confidence in its yield of 9.56%, the highest from the table below. Most major banks, including ANZ, NAB, and Westpac, hovered around a trading margin of 2%, indicating stable hybrid market conditions for these institutions.
Nufarm (NFNG) and Ramsay Health Care (RHCPA) hybrids saw a dip in trading margins today, with NFNG closing at 94.60 (-0.09%) and RHCPA at 106.72 (-0.17%), offering running yields of 9.03% and 8.52%, respectively.
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% | 9.71% | 100.05 | 7.55% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 6.41% | 6.41% | 100.70 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.45% | 2.45% | 101.84 | 8.50% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.33% | 2.33% | 102.00 | 8.68% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.59% | 2.59% | 103.19 | 8.53% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.94% | 1.94% | 102.82 | 7.93% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.13% | 2.13% | 101.40 | 7.05% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.00% | 2.00% | 103.48 | 8.04% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.73% | 1.73% | 101.88 | 6.77% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.67% | 7.67% | 97.94 | 9.22% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.07% | 3.07% | 102.96 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.81% | 1.81% | 102.68 | 6.96% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.19% | 2.19% | 104.30 | 7.68% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.33% | 2.33% | 103.43 | 7.69% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.00% | 2.00% | 102.41 | 6.88% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.88% | 1.88% | 104.36 | 7.33% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.83% | 1.83% | 103.40 | 6.91% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.11% | 2.11% | 102.56 | 6.83% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.15% | 2.15% | 102.60 | 6.87% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.68% | 2.68% | 104.55 | 7.35% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 07-Dec-28 | 2.90% | 2.10% | 2.10% | 103.13 | 6.84% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.21% | 2.21% | 104.25 | 7.24% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.97% | 2.97% | 112.48 | 9.56% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.04% | 2.04% | 102.61 | 6.67% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.32% | 2.32% | 105.35 | 7.39% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.85% | 1.85% | 103.65 | 6.66% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.75% | 2.75% | 104.82 | 7.42% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.96% | 1.96% | 106.85 | 7.35% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.88% | 1.88% | 105.15 | 6.94% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.41% | 2.41% | 104.15 | 6.89% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.16% | 2.16% | 102.82 | 6.70% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.96% | 1.96% | 104.80 | 6.82% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.30% | 2.30% | 102.68 | 6.77% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.17% | 2.17% | 103.30 | 6.73% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.37% | 2.37% | 104.31 | 7.05% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.73% | 2.73% | 104.23 | 7.15% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.04% | 2.04% | 104.40 | 6.75% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.46% | 2.46% | 105.50 | 6.99% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.17% | 2.17% | 103.00 | 6.60% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.00% | 2.00% | 103.68 | 6.51% |
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% | 4.90% | -0.09% | 94.60 | 9.03% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.39% | -0.17% | 106.72 | 8.52% |