Summary-
ASX-listed hybrids continue to show steady returns. The running yield is the highest for Judo Capital (JDOPA) at 9.58%, followed by Latitude (LFSPA) at 9.09%, and Macquarie Bank (MBLPC) at 8.38%, based on the data in the table.
The major changes are from Macquarie Bank (MBLPC), with a -0.74% change and Latitude (LFSPA), which saw a trading margin drop of -0.52% suggesting some revaluation in market sentiment. Judo Capital (JDOPA) showed the highest positive gain of +0.63% which shows rising investor demand despite the higher price, possibly due to its appealing yield in the current interest rate environment. Westpac – WBCPH (Capital Notes 5) with day change of +0.46% suggests some buying interest, likely driven by its approaching maturity and perceived lower risk.
There have been slight declines in perpetuals, with Nufarm (NFNG) down -0.07% and Ramsay Health Care (RHCPA) down -0.03% on the day, though both continue to offer strong running yields of 8.43% and 8.16%, respectively.
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% | 8.77% | 0.46% | 101.02 | 7.16% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 3.27% | -0.05% | 102 | 8.25% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 2.14% | -0.74% | 102.67 | 8.38% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 3.05% | 0.44% | 103.5 | 8.28% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 2.13% | -0.19% | 103.3 | 7.66% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 2.37% | 0.28% | 101.83 | 6.77% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/9/2026 | 4.15% | 2.19% | -0.10% | 103.8 | 7.77% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 2.04% | -0.21% | 102.11 | 6.50% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 9.56% | -0.52% | 96.85 | 9.09% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 3.30% | 0.02% | 103.38 | 7.19% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 2.21% | 0.14% | 102.63 | 6.71% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 3.67% | 0.20% | 102.45 | 7.58% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 2.74% | 0.15% | 103.4 | 7.45% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.24% | 0.04% | 102.48 | 6.61% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 2.23% | 0.03% | 104.25 | 7.10% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.19% | 0.09% | 103.02 | 6.67% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.24% | 0.17% | 102.9 | 6.55% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 2.42% | 0.02% | 102.59 | 6.62% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 2.91% | 0.12% | 104.7 | 7.10% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.23% | -0.06% | 103.35 | 6.57% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 2.47% | -0.05% | 104.22 | 7.00% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 4.03% | 0.63% | 110.29 | 9.58% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.20% | -0.04% | 102.62 | 6.40% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 2.38% | -0.32% | 105.95 | 7.11% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.16% | 0.18% | 103.3 | 6.42% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.06% | -0.06% | 104.45 | 7.19% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/9/2029 | 3.70% | 2.34% | 0.22% | 106.15 | 7.16% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.24% | 0.07% | 104.6 | 6.73% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 2.75% | 0.01% | 103.729 | 6.66% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.20% | 0.02% | 103.19 | 6.41% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.04% | 0.00% | 105.23 | 6.55% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.51% | -0.08% | 102.55 | 6.52% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.18% | -0.03% | 103.95 | 6.43% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.59% | -0.11% | 104.15 | 6.82% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 2.91% | 0.05% | 104.1 | 6.90% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.20% | 0.00% | 104.23 | 6.49% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.64% | -0.01% | 105.47 | 6.75% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.20% | -0.13% | 103.5 | 6.31% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.13% | 0.26% | 103.75 | 6.25% |
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% | 4.61% | -0.07% | 92.35 | 8.43% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.34% | -0.03% | 106.87 | 8.16% |