Summary-
The ASX-listed hybrid market closed with a notable firmness, reflecting sustained investor confidence despite broader market volatility. Major bank-issued hybrids demonstrated relative resilience, underpinned by strong capital positions and dividend outlooks. The margins over swap (MOS) remained stable, suggesting no significant repricing of risk across the sector. Volume was healthy, with active trading seen in popular Tier 1 instruments, indicating continued institutional interest. Overall, the session reflected a constructive tone as investors maintained a risk-on stance toward income-generating assets.
CBAPD closed at $103.20, up $0.74 (+0.72%) with yield tightening to 6.37%, signaling renewed buying interest possibly driven by early redemption chatter.
ANZPI eased to $99.12, down $0.41 (-0.41%), with its yield falling to 6.57%, reflecting investor shift toward safety within the Tier 1 hybrid space.
MQGPF recorded a notable volume spike of 41,855 units, up significantly from the previous session, with its price holding steady at $99.21, indicating institutional repositioning ahead of rate movement speculation.
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% | 7.82% | 0.06% | 100.57 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.19% | 0.32% | 101.61 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.37% | -0.45% | 102.19 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.59% | -1.03% | 103.49 | 8.54% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.20% | -0.21% | 102.80 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.10% | -0.03% | 101.70 | 7.05% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.42% | -0.37% | 103.15 | 8.08% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.22% | -0.37% | 101.45 | 6.82% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 10.27% | 0.85% | 95.21 | 9.52% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.41% | -0.11% | 102.70 | 7.51% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | 0.09% | 103.00 | 6.96% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.90% | 0.08% | 103.30 | 7.78% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.62% | -0.21% | 103.15 | 7.74% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.49% | -0.23% | 101.60 | 6.95% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.28% | -0.24% | 103.71 | 7.40% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.23% | 0.19% | 102.60 | 6.98% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.88% | -0.58% | 103.45 | 6.79% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.31% | -0.28% | 102.45 | 6.90% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.99% | -0.32% | 103.98 | 7.42% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.45% | -0.28% | 102.33 | 6.92% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.48% | -0.57% | 103.70 | 7.31% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.57% | -0.02% | 111.00 | 9.73% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.33% | -0.14% | 101.89 | 6.73% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.64% | -0.48% | 104.60 | 7.47% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.30% | -0.12% | 102.42 | 6.76% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.39% | -0.02% | 103.01 | 7.57% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.38% | -0.47% | 105.60 | 7.46% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.40% | -0.26% | 103.59 | 7.07% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.90% | -0.19% | 102.75 | 7.00% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.52% | -0.07% | 101.66 | 6.79% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.03% | -0.44% | 104.80 | 6.84% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.34% | -0.46% | 102.78 | 6.78% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.22% | -0.26% | 103.36 | 6.74% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.61% | -0.14% | 103.60 | 7.12% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.10% | -0.23% | 102.95 | 7.26% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.45% | -0.17% | 102.81 | 6.87% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.82% | 0.03% | 104.18 | 7.10% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.58% | 0.09% | 101.35 | 6.72% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.25% | -0.31% | 102.75 | 6.59% |
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% | 4.92% | 4.92% | 90.50 | 9.05% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.48% | 4.48% | 105.95 | 8.61% |