9 July 2025

Summary:

ASX-listed bank hybrids held steady on Wednesday, with average running yields clustered between 7.0% and 8.5%. Price movements were muted, as most securities traded within a 0.00%–0.03% intraday range, underscoring continued liquidity and investor confidence in tier-1 capital instruments.

Key Movers

• AMP Capital Notes 2 (AMPPB) delivered an 8.20% running yield at a flat price of 101.00.
• Macquarie Bank Capital Notes 2 (MBLPC) offered 8.38% yield, trading up 0.07% at 101.05.
• Latitude Capital Notes (LFSPA) sat at a discount (96.50) but yielded 9.01%, reflecting its higher margin of 11.90%.
• Judo Capital Notes (JDOPA) jumped 0.01% to 112.00, providing a standout 9.37% yield in the non-Big-4 space.

Sector Trends

Big-4 bank hybrids continue to benefit from narrow credit spreads, with trading margins around 3.3%–4.2%. Mid-tier issuers command wider margins north of 4.7%, driving yield differentials of 50–100 bps. Call dates in the next 12 months remain focal points for buyers seeking capital certainty—securities maturing by mid-2026 yielded between 7.1% and 8.4%.

 

 

 

 

• 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%	27.23%	0.48%	99.97	7.08%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	8.42%	0.08%	101	8.20%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	7.77%	0.07%	101.049	8.38%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	5.85%	0.03%	102.47	8.25%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.70%	0.03%	102.099	7.61%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.72%	0.03%	100.88	6.67%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	4.20%	0.02%	102.5	7.72%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	3.83%	0.02%	101.05	6.40%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	11.90%	0.04%	96.5	9.01%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	4.96%	0.02%	102.197	7.13%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.34%	0.01%	101.91	6.60%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.48%	0.02%	102.58	7.44%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	3.97%	0.01%	102.5	7.38%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	3.29%	0.01%	101.39	6.51%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	3.35%	0.01%	103	7.04%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.91%	0.01%	102.16	6.55%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	3.15%	0.01%	101.76	6.46%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.50%	0.01%	101.05	6.55%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.78%	0.01%	103.68	7.02%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	2.96%	0.01%	102.2	6.47%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	3.46%	0.01%	102.601	6.96%
  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%	0.00%	101.39	6.29%
  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%	2.99%	0.01%	101.77	6.35%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.87%	0.01%	103	7.13%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.90%	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	6.31%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.60%	0.00%	104.19	6.45%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	3.02%	0.01%	101.76	6.40%
  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%	3.21%	0.00%	102.85	6.75%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.51%	0.00%	102.7	6.83%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.76%	0.00%	102.69	6.41%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	3.20%	0.00%	104.21	6.67%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.84%	0.00%	101.5	6.25%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.46%	0.00%	103.26	6.11%

• 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%	5.40%	-0.01%	87.2	8.98%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.73%	-0.01%	105.6	8.31%