8 August 2025

Summary:

ASX Hybrid Market Summary – 8 August 2025

The ASX-listed hybrid securities market remained broadly stable this week, with trading margins and yields showing modest variation across major bank and non-bank issuers. Investors continue to weigh attractive income opportunities against macroeconomic and regulatory uncertainties.

Trading Margins: Stability with Selective Premiums

• Major bank hybrids such as CBAPJ, CBAPI, NABPF, and ANZPI are trading within a 2.25%–3.25% margin range, reflecting steady demand and confidence in issuer credit quality.
• Westpac hybrids like WBCPK and WBCPM are priced with margins above 3.0%, suggesting elevated yield appeal or perceived risk.
• Short-dated securities such as WBCPH (call date: Sep 2025) trade with tighter margins (~1.85%) and lower price volatility.

Yield Leaders: Non-Banks Take the Spotlight

• MBLPC (Macquarie) tops the yield chart at 8.44%, followed by:
  • AMPPB (AMP) – 8.26%
  • CGFPC (Challenger) – 8.21%, despite a -1.41% price drop
• Among major banks:
  • WBCPH offers 7.19% with a low margin, reflecting its short maturity
  • CBAPG and NABPF yield around 7.4%, maintaining their appeal for income-focused investors

Price Movements: Mostly Flat with Isolated Shifts

• Daily price changes were minimal across most securities.
  • LFSPA (Latitude) rose +0.54%
  • CGFPC fell -1.41%, likely due to repositioning or sentiment shifts
• Overall, the hybrid market continues to offer a compelling balance of yield and risk, especially for investors seeking income diversification amid evolving rate expectations.

• 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%	49.58%	1.33%	100.32	7.22%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	7.68%	-0.39%	102.2	8.28%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	7.04%	-0.35%	102.15	8.46%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	3.86%	0.03%	104.78	8.23%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.37%	0.10%	103.09	7.70%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.34%	0.16%	101.9	6.76%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	3.54%	0.01%	103.76	7.78%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	3.43%	0.08%	102.15	6.48%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	11.07%	-0.05%	98.5	9.01%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	4.72%	-0.02%	103.3	7.21%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.03%	0.14%	103	6.68%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.71%	0.49%	103	7.58%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	2.94%	-0.26%	104.86	7.37%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	2.73%	0.13%	102.966	6.56%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	2.89%	-0.08%	104.58	7.08%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.49%	0.06%	103.55	6.60%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	2.80%	-0.01%	103.2	6.52%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.02%	-0.01%	102.81	6.59%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.55%	-0.03%	104.93	7.10%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	2.75%	0.14%	103.29	6.54%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	2.95%	-0.10%	104.64	6.98%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.35%	0.20%	111.85	9.57%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.22%	-0.19%	103.785	6.28%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.11%	0.00%	105.5	7.16%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	2.46%	-0.01%	104	6.36%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.18%	-0.18%	105.65	7.09%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.60%	-0.04%	106.8	7.11%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.41%	-0.11%	105.72	6.66%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	2.94%	-0.17%	104.96	6.58%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.23%	0.00%	104.34	6.30%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.30%	0.04%	105.89	6.50%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	2.73%	0.00%	103.43	6.45%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.39%	0.06%	104.78	6.36%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	2.72%	-0.07%	105.4	6.73%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.05%	-0.02%	105	6.82%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.34%	0.00%	104.9	6.41%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	2.88%	-0.05%	106.28	6.69%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.49%	-0.04%	103.6	6.27%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.42%	0.07%	104.001	6.21%

• 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%	5.29%	0.16%	88.7	8.98%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.59%	0.07%	107.54	8.28%