Summary-
On April 15th 225, the hybrid market opened the week with modest moves, as activity remained mixed across the curve. Judo Capital’s JDOPA took center stage, delivering the highest running yield on the screen at 9.75%, while gaining +0.04% to close at 110.80. This highlight continued demand for yield-heavy names, even at premium prices. Close behind, Latitude’s LFSPA posted a 9.34% yield, but slid -0.63%, the second-largest drop of the day — signaling some short-term volatility despite its attractive income.
AMP Group’s AMPPB emerged as a strong performer, gaining +0.34% and closing at 101.60 with a solid 8.55% running yield, appealing to yield-seeking investors within the short-to-mid maturity range. Meanwhile, Macquarie Bank’s MBLPC declined -0.47%, trading at 102.20 but still offering a compelling 8.69% yield.
Among perpetuals, Nufarm’s NFNG stood firm, climbing +0.04% to 90.00, offering an impressive 9.10% running yield, while Ramsay Health Care’s RHCPA eased slightly by -0.03%, holding a competitive 8.61%. These securities continue to attract long-term yield aspirers amid a backdrop of stable credit conditions.
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% | 7.79% | 0.03% | 100.58 | 7.47% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 3.20% | 0.34% | 101.60 | 8.55% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.35% | -0.47% | 102.20 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.80% | -0.82% | 103.27 | 8.56% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.13% | -0.27% | 102.87 | 7.96% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.64% | 0.51% | 101.11 | 7.09% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.30% | -0.49% | 103.30 | 8.07% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.40% | -0.20% | 101.21 | 6.84% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.80% | -0.63% | 97.00 | 9.34% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.44% | -0.08% | 102.65 | 7.52% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.83% | 0.14% | 102.90 | 6.97% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.92% | 0.10% | 103.25 | 7.79% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.87% | 0.04% | 102.68 | 7.77% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.64% | -0.07% | 101.27 | 6.98% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.48% | -0.04% | 103.25 | 7.44% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.32% | 0.28% | 102.38 | 6.99% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.42% | -0.03% | 102.00 | 6.88% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.36% | -0.22% | 102.31 | 6.91% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.11% | -0.20% | 103.66 | 7.44% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.67% | -0.06% | 101.69 | 6.96% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.72% | -0.33% | 103.00 | 7.36% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.64% | 0.04% | 110.80 | 9.75% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.48% | 0.01% | 101.42 | 6.76% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.75% | -0.37% | 104.25 | 7.49% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.46% | 0.04% | 101.90 | 6.79% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.23% | -0.17% | 103.50 | 7.53% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.54% | -0.31% | 105.04 | 7.50% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.52% | -0.13% | 103.17 | 7.10% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.05% | -0.04% | 102.27 | 7.04% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.57% | -0.02% | 101.48 | 6.81% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.47% | -0.01% | 103.10 | 6.96% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.79% | -0.01% | 101.05 | 6.90% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.59% | 0.12% | 101.86 | 6.84% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.85% | 0.10% | 102.61 | 7.19% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.22% | -0.12% | 102.49 | 7.30% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.57% | -0.05% | 102.30 | 6.90% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.86% | 0.07% | 104.00 | 7.12% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.61% | 0.12% | 101.20 | 6.73% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.41% | -0.15% | 101.98 | 6.64% |
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% | 4.97% | 0.04% | 90.00 | 9.10% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.48% | -0.03% | 105.94 | 8.61% |