Summary-
Latitude (LFSPA) and Judo Capital (JDOPA) stand out with the highest running yields of 9.07% and 9.56%, supported by elevated trading margins of 9.56% and 4.02%, though both have experienced recent price pressure.
In contrast, Macquarie Bank (MBLPC) offers a compelling running yield of 8.36% and a strong issue margin of 4.70%, despite a sharp day change of -0.81%, highlighting some short-term volatility.
Meanwhile, Westpac (WBCPH) presents as a consistent performer with a high trading margin of 8.80%, stable running yield of 7.13%, and a positive day change of 0.49%, making it a reliable pick among the major banks.
Nufarm (NFNG) is trading at 93.2 with a running yield of 8.35% and a trading margin of 4.55%, while Ramsay Health Care (RHCPA) trades at 106.6 with a running yield of 8.18% and a trading margin of 4.38%. Nufarm offers a higher yield at a discount, whereas Ramsay shows price stability and stronger issue margin (4.85% vs 3.90%).
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% | 8.80% | 0.49% | 101.15 | 7.13% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 3.14% | -0.18% | 102.15 | 8.23% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 2.07% | -0.81% | 102.77 | 8.36% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 2.83% | 0.22% | 103.8 | 8.25% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 1.93% | -0.39% | 103.579 | 7.63% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 1.92% | -0.17% | 102.37 | 6.72% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 1.84% | -0.45% | 104.3 | 7.72% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 1.92% | -0.33% | 102.34 | 6.47% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 9.56% | -0.52% | 96.98 | 9.07% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 3.13% | -0.15% | 103.75 | 7.15% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 1.76% | -0.31% | 103.5 | 6.64% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 3.51% | 0.04% | 102.82 | 7.54% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 2.65% | 0.06% | 103.65 | 7.42% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 2.10% | -0.10% | 102.84 | 6.58% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 2.16% | -0.04% | 104.489 | 7.07% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 1.81% | -0.29% | 104 | 6.59% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 2.06% | -0.01% | 103.44 | 6.50% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 2.35% | -0.05% | 102.84 | 6.59% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.00% | 0.21% | 104.54 | 7.10% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.03% | -0.26% | 103.99 | 6.51% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 2.50% | -0.02% | 104.19 | 6.99% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 4.02% | 0.62% | 110.42 | 9.56% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 1.95% | -0.29% | 103.451 | 6.33% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 2.08% | -0.62% | 107 | 7.03% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.05% | 0.07% | 103.74 | 6.38% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.03% | -0.09% | 104.6 | 7.16% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.28% | 0.16% | 106.43 | 7.13% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.12% | -0.05% | 105.1 | 6.69% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 2.77% | 0.03% | 103.75 | 6.65% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.17% | -0.01% | 103.36 | 6.39% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.04% | 0.00% | 105.29 | 6.53% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.39% | -0.20% | 103.07 | 6.47% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.22% | 0.01% | 103.87 | 6.42% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 2.57% | -0.13% | 104.32 | 6.79% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 2.86% | 0.00% | 104.34 | 6.87% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.14% | -0.06% | 104.539 | 6.46% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 2.58% | -0.07% | 105.82 | 6.71% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.22% | -0.11% | 103.44 | 6.29% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.10% | 0.23% | 103.99 | 6.22% |
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% | 4.55% | -0.13% | 93.2 | 8.35% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.38% | 0.01% | 106.6 | 8.18% |