Summary:
Australian bank hybrid securities delivered a mixed performance this week, with trading margins and running yields reflecting a cautious yet stable investor sentiment across the sector.
Key Highlights
Top Performers by Running Yield
- Judo Capital (JDOPA) led the pack with a standout running yield of 9.39%, supported by its high margin of 6.50% and strong price at $113.49.
- Latitude (LFSPA) followed with 8.94%, despite a notable price dip of -0.57%, indicating continued appetite for higher-yielding instruments.
Major Bank Hybrids
- Macquarie Bank (MBLPC) and AMP Group (AMPPB) offered competitive yields of 8.44% and 8.26% respectively, with margins above 4.50%, reinforcing their appeal among yield-focused investors.
- Westpac (WBCPH) maintained a strong yield of 7.18%, with a modest price gain of 0.16%, while NABPF and CBAPI hovered around the 6.65–7.69% range.
Price Movements
- Most securities saw minor day-to-day changes, with Challenger (CGFPC) posting the largest gain of +0.83%.
- Latitude (LFSPA) and ANZ Bank (AN3PK) recorded the steepest declines of -0.57% and -0.19% respectively.
Yield Trends
- Running yields across major bank hybrids generally ranged between 6.25% and 7.75%.
- Newer issues showed slightly compressed margins, reflecting ongoing demand and tighter credit spreads.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Westpac | WBCPH | Capital Notes 5 | 22/09/2025 | 3.20% | 46.40% | 0.16% | 100.35 | 7.18% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 8.09% | -0.35% | 102 | 8.26% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 7.40% | 0.07% | 101.97 | 8.44% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.23% | 0.83% | 103.7 | 8.29% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.67% | 0.09% | 102.8 | 7.69% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.40% | 0.17% | 101.8 | 6.73% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.59% | 0.10% | 103.67 | 7.76% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.39% | -0.05% | 102.15 | 6.45% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 10.58% | -0.57% | 98.9 | 8.94% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.50% | -0.26% | 103.55 | 7.16% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 3.04% | -0.03% | 102.95 | 6.65% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.41% | 0.22% | 103.4 | 7.52% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.44% | 0.07% | 104 | 7.40% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.48% | 0.04% | 103.4 | 6.50% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 3.15% | 0.30% | 104 | 7.09% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.61% | 0.05% | 103.25 | 6.59% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.81% | -0.05% | 103.14 | 6.49% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 2.97% | 0.05% | 102.89 | 6.56% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.44% | -0.18% | 105.17 | 7.05% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.71% | -0.01% | 103.369 | 6.51% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 3.07% | -0.03% | 104.25 | 6.98% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.76% | -0.23% | 113.49 | 9.39% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.50% | 0.06% | 102.93 | 6.31% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.26% | 0.14% | 104.98 | 7.16% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.63% | 0.12% | 103.44 | 6.37% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.17% | 0.10% | 105.65 | 7.06% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.69% | -0.07% | 106.47 | 7.10% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.58% | -0.01% | 105.13 | 6.66% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 3.13% | -0.14% | 104.3 | 6.59% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.24% | -0.19% | 104.25 | 6.28% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 1.92% | -0.25% | 107.3 | 6.38% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.74% | 0.02% | 103.35 | 6.42% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.29% | -0.06% | 105.15 | 6.31% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.83% | -0.02% | 104.9 | 6.73% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.13% | 0.04% | 104.65 | 6.81% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.35% | 0.00% | 104.85 | 6.39% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.93% | 0.05% | 105.99 | 6.68% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.57% | -0.01% | 103.2 | 6.26% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.35% | -0.07% | 104.3 | 6.16% |
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% | 5.09% | -0.21% | 89.95 | 8.76% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.53% | -0.04% | 107.7 | 8.19% |