Daily

Summary:

The ASX-listed hybrid securities market held its ground on 17 July, with yields remaining attractive and investor sentiment buoyant amid modest price movement. As investors continue their search for income in a low-growth environment, bank-issued hybrids remain a key destination for yield without excessive volatility.

Major bank hybrids traded in a tight range, with running yields generally between 7.2% and 8.5%. Notable performers included Macquarie’s MBLPC, yielding 8.54%, and AMP’s AMPPB, offering 8.36%, both supported by wide trading margins and firm demand. Challenger’s CGFPC also stood out with a yield of 8.41%.

Westpac’s WBCPH, which has a September 2025 call date, posted the highest daily gain (+0.62%) and remains in focus as the call horizon approaches. Across the board, hybrids nearing call dates are attracting greater attention, especially as banks remain active in rolling over capital instruments.

On the fringes of the market, non-standard hybrids continued to appeal to yield-focused investors. Nufarm’s NFNG returned a robust 9.06% running yield, while Ramsay’s RHCPA yielded 8.37%, both maintaining price stability despite their perpetual structures. These instruments carry additional risk and structural complexity but offer a substantial pickup in return for those comfortable with the longer duration.

Looking ahead, the hybrid market remains a stable, income-oriented segment, offering diversification and credit exposure with relatively low price volatility. With spreads holding firm and investor demand steady, the asset class continues to deliver value for those balancing income needs with capital preservation.

 

• 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%	31.67%	0.62%	99.97	7.24%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	9.10%	0.09%	101	8.36%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	8.34%	0.07%	101.049	8.54%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	6.14%	0.04%	102.47	8.41%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.94%	0.03%	102.099	7.77%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.95%	0.03%	100.88	6.83%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	4.36%	0.02%	102.5	7.87%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	3.99%	0.02%	101.05	6.56%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	12.24%	0.04%	96.5	9.19%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	5.11%	0.02%	102.197	7.29%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.45%	0.01%	101.91	6.76%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.62%	0.02%	102.58	7.60%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	4.08%	0.01%	102.5	7.54%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	3.37%	0.01%	101.39	6.67%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	3.44%	0.01%	103	7.19%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.97%	0.01%	102.16	6.70%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	3.22%	0.01%	101.76	6.61%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.57%	0.01%	101.05	6.71%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.85%	0.01%	103.68	7.18%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	3.01%	0.01%	102.2	6.62%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	3.53%	0.01%	102.601	7.12%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.09%	0.01%	112	9.52%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.93%	0.01%	101.39	6.44%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.61%	0.01%	103.5	7.29%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	3.04%	0.01%	101.77	6.51%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.93%	0.01%	103	7.28%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.94%	0.01%	105.3	7.21%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.87%	0.01%	103.77	6.78%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	3.39%	0.01%	103.04	6.70%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.83%	0.00%	101.86	6.46%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.64%	0.01%	104.19	6.60%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	3.07%	0.01%	101.76	6.56%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.80%	0.01%	102.801	6.49%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	3.25%	0.01%	102.85	6.90%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.55%	0.00%	102.7	6.98%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.79%	0.00%	102.69	6.56%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	3.25%	0.01%	104.21	6.83%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.87%	0.00%	101.5	6.40%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.49%	0.00%	103.26	6.26%

• 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%	5.34%	0.01%	87.2	9.06%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.65%	0.01%	105.6	8.37%