Summary:
The ASX-listed bank hybrid market continues to deliver robust income opportunities, with running yields averaging between 7% and 8.5% across major issuers. Investor appetite remains strong, particularly for short-dated hybrids maturing in late 2025 to mid-2026, where call certainty and capital preservation are key considerations.
Top performers include:
- AMP Capital Notes (AMPPB): 8.21% yield, trading slightly above par.
- Macquarie Bank Notes (MBLPC): 8.39% yield, reflecting strong demand.
- Latitude (LFSPA): 9.02% yield, trading at a discount, offering value for risk-tolerant investors.
Trading margins for quality bank hybrids such as NABPF (4.51%) and WBCPH (3.20%) remain compressed, signaling low credit risk perception and confidence in redemption outcomes.
Day-on-day price movements are minimal—mostly under 0.1%—highlighting a stable and liquid secondary market.
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% | 26.75% | 0.46% | 99.97 | 7.08% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 8.34% | 0.08% | 101 | 8.21% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 7.71% | 0.07% | 101.049 | 8.38% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.82% | 0.03% | 102.47 | 8.25% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.68% | 0.03% | 102.099 | 7.62% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.69% | 0.03% | 100.88 | 6.67% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 4.19% | 0.02% | 102.5 | 7.72% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.82% | 0.02% | 101.05 | 6.40% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 11.87% | 0.04% | 96.5 | 9.01% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.95% | 0.02% | 102.197 | 7.13% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 3.33% | 0.01% | 101.91 | 6.60% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.46% | 0.02% | 102.58 | 7.44% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.95% | 0.01% | 102.5 | 7.38% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 3.28% | 0.01% | 101.39 | 6.52% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 3.34% | 0.01% | 103 | 7.04% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.90% | 0.01% | 102.16 | 6.55% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 3.14% | 0.01% | 101.76 | 6.46% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 3.49% | 0.01% | 101.05 | 6.56% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.77% | 0.01% | 103.68 | 7.03% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.95% | 0.01% | 102.2 | 6.47% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 3.45% | 0.01% | 102.601 | 6.97% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 4.01% | 0.01% | 112 | 9.37% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.88% | 0.01% | 101.39 | 6.30% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.55% | 0.01% | 103.5 | 7.14% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.98% | 0.01% | 101.77 | 6.36% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.86% | 0.01% | 103 | 7.13% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.89% | 0.01% | 105.3 | 7.06% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.82% | 0.01% | 103.77 | 6.63% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 3.33% | 0.01% | 103.04 | 6.55% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.79% | 0.00% | 101.86 | 6.32% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.59% | 0.01% | 104.19 | 6.46% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 3.01% | 0.01% | 101.76 | 6.41% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.75% | 0.00% | 102.801 | 6.34% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 3.20% | 0.01% | 102.85 | 6.75% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.50% | 0.00% | 102.7 | 6.83% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.76% | 0.00% | 102.69 | 6.42% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 3.20% | 0.00% | 104.21 | 6.68% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.83% | 0.00% | 101.5 | 6.26% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.45% | 0.00% | 103.26 | 6.11% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | BOND TYPE | CALL DATE | ISSUE MARGIN (inc frank) | TRADING MARGIN | DAY CHANGE(%) | CLOSING PRICE | RUNNING YIELD |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.42% | 0.00% | 87.2 | 9.00% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.74% | 0.00% | 105.6 | 8.32% |