5 November 2025

Summary-

In the latest review of ASX-listed bank hybrids, income-focused investors will find a diverse range of opportunities across major and regional institutions. Leading the pack is Judo Capital, whose JDOPA Capital Notes offer a standout running yield of 9.60%, reflecting both a generous margin and strong investor demand, as seen in its premium price of 111.71. Among the big four banks, Macquarie Group and National Australia Bank dominate the top yield list with multiple entries. Macquarie’s MQGPD and MQGPF notes deliver yields of 7.55% and 6.85% respectively, supported by solid trading margins and pricing above par. NAB’s NABPF and NABPH hybrids also perform strongly, offering 7.48% and 6.85% yields, making them attractive for those seeking stable returns from a major issuer.

Regional banks are not far behind. Bank of Queensland’s BOQPF and Bendigo Bank’s BENPH hybrids both yield 7.14%, showcasing the competitive edge of smaller institutions in the hybrid space. Westpac’s WBCPJ and Insurance Australia’s IAGPE also make the top 10, with yields of 6.83% and 6.80% respectively, reinforcing the appeal of diversified issuers. Rounding out the list is Challenger’s CGFPD, offering a 6.79% yield, supported by a strong trading margin and investor confidence.

This data-driven snapshot highlights the dynamic nature of the hybrid market, where yield, margin, and pricing interplay to shape investor decisions. Whether seeking high returns or stability from established names, the current landscape offers a range of compelling options for portfolio diversification.

• ASX-Listed Hybrids 05.11.25

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CLOSE	RUNNING YIELD**
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	-0.33%	102.66	8.02%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.52%	101.94	7.48%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.87%	101.13	6.55%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.49%	102.95	7.55%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.93%	101.56	6.28%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.14%	98.50	8.48%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.18%	102.80	6.83%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.11%	102.50	6.46%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.92%	104.19	7.14%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.07%	104.02	7.14%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	0.99%	102.70	6.32%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.85%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.35%	103.50	6.40%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.47%	103.18	6.28%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.55%	103.10	6.33%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	105.30	6.67%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.66%	103.40	6.32%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.84%	104.20	6.74%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.60%	111.71	9.60%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	1.73%	102.85	6.15%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.48%	106.50	6.79%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.60%	103.54	6.16%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	1.92%	104.90	6.80%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.54%	107.00	6.85%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.51%	105.34	6.43%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.23%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.66%	104.00	6.13%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.44%	105.92	6.26%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.88%	103.51	6.21%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.68%	104.46	6.15%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.77%	105.85	6.45%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	1.96%	105.14	6.50%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.79%	104.78	6.23%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.76%	106.14	6.34%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.01%	103.15	6.09%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.64%	104.76	5.94%

• ASX-Listed Hybrids (Non-standard) 05.11.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.06%	88	8.70%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.42%	106.75	8.06%