Summary-
ASX-listed hybrid market data as of 2nd May 2025 shows the continuous win of Judo Capital’s Capital Notes (JDOPA) offering the highest running yield of 9.50%, an exceptional 6.50% margin, trading well above par at $111.99.
Latitude Financial (LFSPA) presents a unique value opportunity, trading at a discount ($96.01) while still offering an impressive 9.26% yield, supported by a 4.75% margin.
Macquarie Bank’s Capital Notes 2 (MBLPC) boasts a 4.70% margin with an attractive 8.51% yield.
The largest daily fall was seen in Suncorp’s SUNPH (-0.36%), while Bank of Queensland’s BOQPF led gains with a +0.27% rise; overall, the ASX hybrid market remained stable with modest shifts reflecting yield-seeking investor sentiment.
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% | 8.31% | -0.11% | 100.94 | 7.25% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.32% | 0.04% | 101.84 | 8.35% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.88% | 0.17% | 102.11 | 8.51% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.61% | 0.01% | 103.8 | 8.34% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.32% | -0.07% | 102.97 | 7.77% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.09% | -0.36% | 102 | 6.84% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.29% | 0.09% | 103.57 | 7.87% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.25% | 0.18% | 101.71 | 6.61% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 10.08% | -0.05% | 96.01 | 9.26% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.28% | -0.03% | 103.269 | 7.29% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.07% | 0.15% | 102.75 | 6.79% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 3.47% | 0.27% | 102.65 | 7.65% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.59% | 0.01% | 103.54 | 7.53% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.20% | 0.03% | 102.46 | 6.71% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.20% | -0.05% | 104.199 | 7.19% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.10% | 0.10% | 103.15 | 6.75% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.07% | 0.06% | 103.22 | 6.61% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.40% | -0.01% | 102.5 | 6.71% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.79% | -0.09% | 104.9 | 7.17% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.29% | -0.08% | 103.04 | 6.68% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.52% | -0.12% | 103.92 | 7.11% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.40% | -0.36% | 111.99 | 9.50% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.24% | 0.13% | 102.4 | 6.50% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.70% | -0.06% | 104.75 | 7.28% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.98% | -0.16% | 103.79 | 6.48% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.12% | 0.04% | 104.15 | 7.30% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.12% | -0.13% | 106.8 | 7.20% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.17% | -0.02% | 104.7 | 6.81% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.74% | 0.02% | 103.64 | 6.75% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.18% | -0.03% | 103.16 | 6.50% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.04% | -0.17% | 105.1 | 6.64% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.59% | 0.10% | 102.11 | 6.64% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.21% | 0.01% | 103.7 | 6.53% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.70% | 0.14% | 103.55 | 6.94% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | -0.08% | 104.18 | 6.99% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.20% | -0.06% | 104.15 | 6.59% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.65% | 0.02% | 105.29 | 6.84% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.33% | 0.06% | 102.75 | 6.44% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.87% | -0.32% | 104.89 | 6.27% |
| 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% | 4.68% | -0.44% | 92.1 | 8.60% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.37% | -0.01% | 106.88 | 8.29% |