7 November 2025

Summary-

Australian bank hybrid securities have shown varied performance in November 2025, with yields ranging from around 6% to nearly 10% depending on the issuer and maturity. The market data reveals that recent trading margins are generally positive, indicating strong investor demand, especially for securities with higher yields and favorable credit spreads. Judo Capital stands out with a notably high running yield of 9.60%, while most major banks like ANZ, Westpac, NAB, and Macquarie offer yields between 6% and 7.5%.​

• Yield Range: Hybrid securities are currently offering running yields from 6.09% (Macquarie Group MQGPG Capital Notes 7) to 9.60% (Judo Capital JDOPA Capital Notes).​

• Trading Margins: Most securities are trading above par, with margins ranging from 1.01% to 4.60%, reflecting robust market sentiment.​

• Credit Spreads: The margin inclusive of credit spreads is generally positive, with several issues showing spreads above 1.50%, indicating healthy risk premiums.​

• Issuer Diversity: Major banks (ANZ, Westpac, NAB, Macquarie, CBA) dominate the market, but smaller players like Judo Capital and Bendigo Bank also feature prominently.​

Australian bank hybrid securities continue to attract investor interest in November 2025, with yields ranging from 6% to nearly 10% across major and regional issuers. Recent market data shows strong demand, as most securities trade above par with positive credit spreads. Investors seeking higher yields can consider options like Judo Capital’s hybrid notes, while those prioritizing stability may prefer offerings from ANZ, Westpac, NAB, and Macquarie. These securities provide a compelling blend of yield and risk management, making them a valuable addition to diversified portfolios

 

• ASX-Listed Hybrids 07.11.25

  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%	-0.35%	102.66	8.02%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.51%	101.94	7.48%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.87%	101.13	6.56%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.47%	102.95	7.56%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	101.56	6.28%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.16%	98.50	8.49%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.18%	102.80	6.84%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.11%	102.50	6.47%
  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%	1.01%	102.70	6.33%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.86%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.35%	103.50	6.41%
  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%	1.56%	103.10	6.34%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	105.30	6.68%
  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	6.75%
  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	6.16%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.48%	106.50	6.80%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.61%	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	6.44%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.24%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.66%	104.00	6.14%
  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	6.16%
  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	6.24%
  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	5.95%