Summary-
Australian Hybrid Securities Market Commentary as of April 11, 2025 demonstrated a relatively stable performance with running yields ranging from 6.66% to 9.70%.
High-yield standouts included Judo Capital (JDOPA) at 9.70% and Latitude (LFSPA) at 9.39%, reflecting strong income potential amid differing market sentiment.
Macquarie Group and Challenger offered attractive mid-tier returns above 8.5%, balancing yield and perceived credit strength.
Weekly price movements were largely modest, with most securities showing day-to-day changes under ±1%. Challenger CGFPC (1.07%) and Latitude LFSPA (1.29%) experienced the highest weekly gains, while CBA PERLS 12 (CBAPI) and Suncorp SUNPH saw minor declines.
In the perpetual segment, Nufarm (NFNG) delivered a high 9.48% yield despite its discount, while Ramsay Health Care (RHCPA) traded at a premium with an 8.61% yield.
Overall, demand was spread across both high-yield opportunities and lower-risk defensive hybrids, indicating steady investor confidence.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 9.71% | 2.40% | 100.05 | 7.55% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 6.73% | 0.18% | 100.56 | 7.45% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.50% | 0.33% | 101.80 | 8.50% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.51% | 0.24% | 101.87 | 8.69% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.32% | 1.07% | 102.40 | 8.60% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.18% | 0.22% | 102.55 | 7.95% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.91% | -0.20% | 101.65 | 7.03% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.62% | 0.85% | 102.65 | 8.10% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 2.41% | 0.71% | 100.92 | 6.84% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 9.04% | 1.29% | 96.20 | 9.39% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.34% | 0.41% | 102.50 | 7.50% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.56% | -0.29% | 103.14 | 6.93% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.65% | 0.29% | 103.42 | 7.75% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.69% | 0.53% | 102.73 | 7.74% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.61% | 0.74% | 101.10 | 6.97% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.40% | 0.53% | 103.13 | 7.42% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.96% | 0.09% | 103.07 | 6.93% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.36% | 0.45% | 101.89 | 6.87% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.48% | 0.46% | 101.70 | 6.93% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 3.20% | 0.70% | 103.09 | 7.46% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.65% | 0.36% | 101.50 | 6.95% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.96% | 0.69% | 102.00 | 7.41% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.48% | 0.55% | 110.90 | 9.70% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.41% | 0.47% | 101.44 | 6.75% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 3.02% | 0.85% | 103.05 | 7.56% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.34% | 0.49% | 102.00 | 6.76% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.32% | 0.80% | 102.94 | 7.55% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.78% | 0.81% | 103.96 | 7.56% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.58% | 0.69% | 102.69 | 7.11% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 3.00% | 0.55% | 102.10 | 7.03% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.54% | 0.49% | 101.39 | 6.80% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.41% | 0.57% | 103.04 | 6.94% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.73% | 0.53% | 101.01 | 6.88% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.41% | 0.46% | 102.31 | 6.79% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.68% | 0.25% | 103.01 | 7.14% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 3.27% | 0.71% | 102.01 | 7.31% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.57% | 0.61% | 102.08 | 6.90% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.73% | 0.44% | 104.30 | 7.07% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.44% | 0.36% | 101.75 | 6.68% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.50% | 0.65% | 101.27 | 6.66% |
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% | 5.34% | 0.35% | 90.35 | 9.48% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.48% | -0.08% | 105.58 | 8.61% |