Summary-
On 6th May 2025, in the ASX-listed hybrid market, securities across major Australian banks and financial institutions are trading in a tight range, with running yields mostly between 6.2% and 9.4%, reflecting varied risk appetites.
Latitude’s LFSPA and Judo Capital’s JDOPA stand out with elevated trading margins of 9.74% and 3.31% respectively, pricing in higher risk for higher return. Meanwhile, Macquarie, CBA, and Westpac continue to dominate issuance with consistent pricing and investor demand. Overall, capital notes remain a popular source of steady income.
Nufarm’s perpetual step-up bond offers a compelling 8.53% yield at a discount, while Ramsay Health’s premium-priced preference share delivers a steady 8.19% with a lower trading margin.
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-Sep-25 | 3.20% | 8.56% | 0.25% | 100.99 | 7.20% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.08% | -0.24% | 102.06 | 8.29% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.56% | -0.32% | 102.37 | 8.45% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.34% | -0.27% | 104.15 | 8.27% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | -0.19% | 103.24 | 7.70% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.21% | 0.12% | 101.95 | 6.80% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.28% | -0.01% | 103.65 | 7.82% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.20% | -0.05% | 101.85 | 6.56% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.74% | -0.34% | 96.54 | 9.16% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.37% | 0.09% | 103.2 | 7.25% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.20% | 0.13% | 102.6 | 6.76% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.68% | 0.21% | 102.37 | 7.63% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.79% | 0.20% | 103.25 | 7.50% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.30% | 0.10% | 102.31 | 6.67% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.29% | 0.09% | 104.07 | 7.15% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.04% | -0.06% | 103.34 | 6.69% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.17% | 0.10% | 103.04 | 6.58% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.37% | -0.03% | 102.65 | 6.65% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.78% | -0.01% | 105 | 7.12% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.18% | -0.11% | 103.44 | 6.60% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.69% | 0.17% | 103.5 | 7.09% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.31% | -0.09% | 112.4 | 9.43% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.25% | 0.01% | 102.43 | 6.45% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.11% | -0.59% | 106.75 | 7.10% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.07% | 0.09% | 103.55 | 6.45% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.01% | -0.11% | 104.57 | 7.22% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.33% | 0.21% | 106.13 | 7.20% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.22% | 0.05% | 104.6 | 6.77% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.71% | -0.03% | 103.8 | 6.70% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.24% | 0.06% | 103 | 6.47% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.05% | 0.01% | 105.13 | 6.59% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.56% | -0.03% | 102.31 | 6.58% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.23% | 0.02% | 103.68 | 6.49% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.61% | -0.09% | 104.03 | 6.86% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.94% | 0.08% | 103.92 | 6.96% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.22% | 0.02% | 104.1 | 6.54% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.70% | 0.05% | 105.16 | 6.81% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.28% | -0.05% | 103.06 | 6.37% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.91% | 0.04% | 104.8 | 6.22% |
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% | 4.66% | 4.66% | 91.80 | 8.53% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.33% | 4.33% | 107.00 | 8.19% |