Daily

Summary-

The latest Yield Report highlights key trends in ASX-listed hybrid securities, showing shifts in trading margins, running yields, and issue margins.

Key Market Changes:

• Higher Trading Margins: Westpac’s WBCPH Capital Notes 5 saw a trading margin of 11.45%, reflecting increased investor demand or risk perception.
• Yield Variations: Running yields range from 6% to 9%, with Judo Capital’s JDOPA Capital Notes standing out at 9.5%, indicating a higher issue margin.
• Upcoming Call Dates: Several securities have call dates within the next 2–3 years, suggesting potential refinancing or redemption activity.

 

ASX Listed Hybrids

COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	?DAY	CLOSING PRICE	RUNNING YIELD
Westpac	WBCPH	Capital Notes 5	22-Sep-25	3.20%	11.45%	2.18%	101.49	7.07%
AMP Group	AMPPB	Capital Notes 2	16-Dec-25	4.50%	6.69%	3.79%	100.94	8.30%
Macquarie Bank	MBLPC	Capital Notes 2	22-Dec-25	4.70%	6.45%	3.95%	100.92	8.48%
Challenger	CGFPC	Capital Notes 3	25-May-26	4.60%	5.52%	1.10%	101.99	8.37%
Nat Aust Bank	NABPF	Capital Notes 3	17-Jun-26	4.00%	4.20%	2.19%	101.9	7.72%
Suncorp	SUNPH	Capital Notes 3	17-Jun-26	3.00%	3.62%	1.18%	101.24	6.75%
Macquarie Group	MQGPD	Capital Notes 4	10-Sep-26	4.15%	4.14%	2.27%	102.03	7.85%
CBA	CBAPJ	PERLS 13	20-Oct-26	2.75%	2.87%	0.96%	101.64	6.47%
Latitude	LFSPA	Capital Notes	27-Oct-26	4.75%	10.90%	0.96%	96.5	9.09%
Westpac	WBCPJ	Capital Notes 7	22-Mar-27	3.40%	3.40%	0.24%	103.92	7.10%
CBA	CBAPI	PERLS 12	20-Apr-27	3.00%	3.25%	1.19%	101.5	6.73%
Bank of Queensland	BOQPF	Capital Notes 2	14-May-27	3.80%	3.55%	0.34%	103.43	7.47%
Bendigo Bank	BENPH	Capital Notes	15-Jun-27	3.80%	3.75%	1.57%	102.25	7.49%
Macquarie Group	MQGPE	Capital Notes 5	20-Sep-27	2.90%	3.09%	0.89%	101.3	6.63%
Nat Aust Bank	NABPH	Capital Notes 5	17-Dec-27	3.50%	3.16%	0.94%	102.83	7.14%
ANZ Bank	AN3PI	Capital Notes 6	20-Mar-28	3.00%	2.68%	0.67%	102.3	6.65%
CBA	CBAPL	PERLS 15	15-Jun-28	2.85%	3.01%	0.72%	101.55	6.57%
Suncorp	SUNPI	Capital Notes 4	17-Jun-28	2.90%	3.06%	0.88%	101.58	6.62%
Westpac	WBCPL	Capital Notes 9	22-Sep-28	3.40%	3.12%	0.16%	104.81	7.04%
Macquarie Bank	MBLPD	Capital Notes 3	07-Dec-28	2.90%	2.88%	0.48%	101.97	6.59%
Bank of Queensland	BOQPG	Capital Notes 3	15-Dec-28	3.40%	3.25%	0.65%	102.6	7.06%
Judo Capital	JDOPA	Capital Notes	16-Feb-29	6.50%	4.06%	0.18%	111.1	9.50%
ANZ Bank	AN3PJ	Capital Notes 7	20-Mar-29	2.70%	2.79%	0.60%	101.26	6.41%
Challenger	CGFPD	Capital Notes 4	25-May-29	3.60%	3.44%	0.55%	103.25	7.25%
CBA	CBAPK	PERLS 14	15-Jun-29	2.75%	2.75%	0.51%	102	6.44%
IAG	IAGPE	Capital Notes 2	15-Jun-29	3.50%	3.60%	0.73%	103.34	7.21%
Macquarie Group	MQGPF	Capital Notes 6	12-Sep-29	3.70%	2.90%	0.49%	104.79	7.19%
Nat Aust Bank	NABPI	Capital Notes 6	17-Sep-29	3.15%	2.90%	0.64%	102.96	6.78%
Westpac	WBCPK	Capital Notes 8	21-Sep-29	2.90%	2.95%	0.10%	103.73	6.60%
ANZ Bank	AN3PK	Capital Notes 8	20-Mar-30	2.75%	2.71%	0.42%	101.75	6.43%
CBA	CBAPM	PERLS 16	17-Jun-30	3.00%	2.66%	0.51%	103.44	6.60%
Suncorp	SUNPJ	Capital Notes 5	17-Jun-30	2.80%	2.79%	0.32%	102.1	6.49%
Nat Aust Bank	NABPJ	Capital Notes 7	17-Sep-30	2.80%	2.74%	0.35%	102.34	6.47%
Bendigo Bank	BENPi	Capital Notes 2	13-Dec-30	3.20%	3.09%	0.51%	102.76	6.85%
Insurance Australia	IAGPF	Capital Notes 3	15-Dec-30	3.20%	3.40%	0.50%	102.65	6.94%
ANZ Bank	AN3PL	Capital Notes 9	20-Mar-31	2.90%	2.71%	0.53%	102.49	6.53%
Westpac	WBCPM	Capital Notes 10	22-Sep-31	3.10%	2.83%	0.19%	105.3	6.70%
Macquarie Group	MQGPG	Capital Notes 7	15-Dec-31	2.65%	2.79%	0.49%	101.26	6.38%
Nat Aust Bank	NABPK	Capital Notes 8	17-Mar-32	2.60%	2.65%	0.46%	101.85	6.30%

ASX 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%	5.25%	0.55%	87.75	8.97%
Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.61%	0.16%	105.85	8.32%