Summary-
The ASX hybrid market displayed measured activity, with AMPPB (AMP Group) surging $0.34 (+0.34%) to close at $101.60, buoyed by its compelling 8.55% yield. Meanwhile, SUNPH (Suncorp) gained $0.51 (+0.51%) to settle at $101.11, reflecting investor appetite for shorter-dated high-yield notes. On the downside, CGFPC (Challenger) dipped $0.82 (-0.82%) to $103.27, marking the sharpest fall of the day, likely tied to sensitivity around margin spreads. LFSPA (Latitude) also saw a notable drop of $0.63 (-0.63%), closing at $97, despite its enticing 9.34% running yield, highlighting credit sentiment divergence. Overall, the market continues to price in margin risk, while favoring instruments with higher relative yields and stable call outlooks.
The top three ASX-listed hybrids by running yield as of 23rd April 2025 are JDOPA (Judo Capital) at 9.75%, NFNG (Nufarm) at 9.26%, and LFSPA (Latitude) at 9.34%, offering standout income potential in the current 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-Sep-25 | 3.20% | 7.79% | 0.03% | 100.58 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.20% | 0.34% | 101.60 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.35% | -0.47% | 102.20 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.80% | -0.82% | 103.27 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | -0.27% | 102.87 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.64% | 0.51% | 101.11 | 7.09% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.30% | -0.49% | 103.30 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.40% | -0.20% | 101.21 | 6.84% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.80% | -0.63% | 97.00 | 9.34% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.44% | -0.08% | 102.65 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.83% | 0.14% | 102.90 | 6.97% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.92% | 0.10% | 103.25 | 7.79% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.87% | 0.04% | 102.68 | 7.77% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.64% | -0.07% | 101.27 | 6.98% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.48% | -0.04% | 103.25 | 7.44% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.32% | 0.28% | 102.38 | 6.99% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.42% | -0.03% | 102.00 | 6.88% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.36% | -0.22% | 102.31 | 6.91% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.11% | -0.20% | 103.66 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.67% | -0.06% | 101.69 | 6.96% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | -0.33% | 103.00 | 7.36% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.64% | 0.04% | 110.80 | 9.75% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.48% | 0.01% | 101.42 | 6.76% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.75% | -0.37% | 104.25 | 7.49% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.46% | 0.04% | 101.90 | 6.79% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.23% | -0.17% | 103.50 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.54% | -0.31% | 105.04 | 7.50% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.52% | -0.13% | 103.17 | 7.10% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.05% | -0.04% | 102.27 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.57% | -0.02% | 101.48 | 6.81% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.47% | -0.01% | 103.10 | 6.96% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.79% | -0.01% | 101.05 | 6.90% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.59% | 0.12% | 101.86 | 6.84% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.85% | 0.10% | 102.61 | 7.19% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.22% | -0.12% | 102.49 | 7.30% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.57% | -0.05% | 102.30 | 6.90% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.86% | 0.07% | 104.00 | 7.12% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.61% | 0.12% | 101.20 | 6.73% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.41% | -0.15% | 101.98 | 6.64% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.12% | n/a | 92.40 | 9.26% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.38% | n/a | 106.85 | 8.51% |