Summary-
In today’s ASX bank hybrid landscape, Judo Capital JDOPA leads the field with a standout running yield of 9.60%, supported by a trading margin of 4.60% and a price of 111.71, reflecting investor demand ahead of the 16 Feb 2029 first call date. Among the majors, Macquarie Group MQGPD offers a compelling mix of value and liquidity, delivering a 7.59% running yield at a modest 0.33% margin and $102.95 price, with a 10 Sep 2026 call date in view. NAB NABPF follows close behind on a 7.52% running yield (0.34% margin, $101.94), callable 17 Jun 2026, while Bendigo Bank BENPH stands out in the regional cohort at 7.18% yield (1.05% margin, $104.02), callable 15 Jun 2027. Bank of Queensland BOQPF holds firm with a 7.14% yield (0.58% margin, $104.19) ahead of 14 May 2027, and NAB NABPH delivers 6.89% (1.43% margin, $103.94) into 17 Dec 2027. For diversified exposure, Macquarie Group MQGPF (Capital Notes 6) provides 6.88% (1.55% margin, $107.00) toward 12 Sep 2029, with Westpac WBCPJ close by at 6.87% (1.16% margin, $102.80) and a 22 Mar 2027 call date. Rounding out the top 10 ASX bank hybrids, Bank of Queensland BOQPG posts 6.78% (1.86% margin, $104.20) ahead of 15 Dec 2028, while Westpac WBCPL offers 6.71% (1.30% margin, $105.30) into 22 Sep 2028—all attractive risk‑adjusted options for investors seeking Australian bank capital notes, running yield, and trading margin diversification in late‑cycle conditions.
ASX-Listed Hybrids 02.12.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -1.66% 102.66 8.02% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.34% 101.94 7.52% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 0.83% 101.13 6.59% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 0.33% 102.95 7.59% CBA CBAPJ PERLS 13 20/10/2026 2.75% 0.94% 101.56 6.32% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.40% 98.50 8.52% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.16% 102.80 6.87% CBA CBAPI PERLS 12 20/04/2027 3.00% 1.12% 102.50 6.50% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 0.58% 104.19 7.14% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 1.05% 104.02 7.18% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 1.20% 102.70 6.38% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 1.43% 103.94 6.89% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 1.36% 103.50 6.44% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.49% 103.18 6.31% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.58% 103.10 6.37% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.30% 105.30 6.71% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 1.67% 103.40 6.35% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 1.86% 104.20 6.78% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.60% 111.71 9.60% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 1.74% 102.85 6.19% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 1.36% 106.50 6.80% CBA CBAPK PERLS 14 15/06/2029 2.75% 1.63% 103.54 6.20% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 1.92% 104.90 6.83% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 1.55% 107.00 6.88% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.52% 105.34 6.47% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 1.47% 104.74 6.27% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.67% 104.00 6.17% CBA CBAPM PERLS 16 17/06/2030 3.00% 1.45% 105.92 6.29% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 1.90% 103.51 6.25% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 1.69% 104.46 6.19% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 1.79% 105.85 6.49% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 1.97% 105.14 6.53% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 1.80% 104.78 6.27% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 1.77% 106.14 6.37% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.03% 103.15 6.12% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.65% 104.76 5.98% ASX-Listed Hybrids (Non-standard) 02.12.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.17% 88 8.84% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.50% 106.75 8.17%