Summary-
The April of 24th ASX listed hybrid market shows Westpac’s Capital Notes 5 (WBCPH) recording the highest daily change at +7.71%, standing out as a top mover with a strong 7.26% running yield. Notably, Latitude’s Capital Notes (LFSPA) continue to offer exceptional income potential, maintaining the highest running yield of 9.28%, driven by a remarkable 10.01% trading margin. Judo Capital’s JDOPA continues to impresses with a 9.60% running yield, signaling investor confidence despite a longer maturity profile. Meanwhile, the hybrid from Challenger (CGFPC) delivers a robust 8.39% return, reflecting steady investor demand in the intermediate term. Additionally, Nufarm’s perpetual step-up security (NFNG) leads the non-bank hybrids with an 8.60% yield, combining perpetual features with above-average risk premiums that attract yield-focused investors.
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% | 7.71% | 7.71% | 100.90 | 7.26% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.30% | 3.30% | 101.70 | 8.37% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.75% | 2.75% | 102.07 | 8.52% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.02% | 3.02% | 103.22 | 8.39% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.32% | 2.32% | 102.82 | 7.78% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.66% | 2.66% | 101.25 | 6.90% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.33% | 2.33% | 103.40 | 7.89% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.04% | 2.04% | 101.86 | 6.61% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 10.01% | 10.01% | 95.81 | 9.28% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.28% | 3.28% | 103.10 | 7.31% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | 1.77% | 103.15 | 6.77% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.42% | 2.42% | 104.37 | 7.53% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.53% | 2.53% | 103.50 | 7.54% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.01% | 2.01% | 102.75 | 6.70% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.22% | 2.22% | 104.00 | 7.21% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | 1.96% | 103.39 | 6.74% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.08% | 2.08% | 103.05 | 6.63% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.17% | 2.17% | 102.97 | 6.69% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.79% | 2.79% | 104.72 | 7.19% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 07-Dec-28 | 2.90% | 2.22% | 2.22% | 103.15 | 6.68% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.69% | 2.69% | 103.25 | 7.16% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.74% | 3.74% | 110.76 | 9.60% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.12% | 2.12% | 102.68 | 6.50% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.62% | 2.62% | 104.85 | 7.28% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | 2.11% | 103.20 | 6.53% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.14% | 3.14% | 103.95 | 7.32% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.03% | 2.03% | 107.00 | 7.19% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.16% | 2.16% | 104.60 | 6.83% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.69% | 2.69% | 103.65 | 6.76% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.26% | 2.26% | 102.76 | 6.54% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.23% | 2.23% | 104.20 | 6.71% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.50% | 2.50% | 102.30 | 6.63% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.21% | 2.21% | 103.54 | 6.55% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.50% | 2.50% | 104.25 | 6.90% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.68% | 2.68% | 104.80 | 6.95% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.24% | 2.24% | 103.84 | 6.62% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.65% | 2.65% | 105.12 | 6.86% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.24% | 2.24% | 103.06 | 6.43% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.05% | 2.05% | 103.85 | 6.34% |
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% | 4.67% | 4.67% | 92.00 | 8.60% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.37% | 4.37% | 106.50 | 8.31% |