Summary-
Commonwealth Bank (CBA)
PERLS 12–16, calls 2026–2030. Margins ~0.94%–1.62%, yields ~6.18%–6.48%. Front-end PERLS trade tight; later calls add modest premium.
Westpac
Capital Notes 7–10, calls 2027–2031. Margins 1.16%–1.77%, yields ~6.25%–6.85%. CN7 offers strong carry; CN10 priced for long optionality.
NAB
Capital Notes 3,5–8, calls 2026–2032. Margins 0.39%–1.69%, yields ~5.96%–7.50%. NABPF (2026) is very tight with high running yield; long end widens.
ANZ
Capital Notes 6–9, calls 2028–2031. Margins 1.36%–1.80%, yields ~6.17%–6.42%. Curve premium evident beyond 2030.
Macquarie
Capital Notes 4–7, calls 2026–2031. Margins 0.36%–2.02%, yields ~6.10%–7.57%. Steepest slope among majors; MQGPD (2026) offers standout carry.
ASX-Listed Hybrids 26.11.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25-05-2026 4.60% -1.51% 102.66 8.00% Nat Aust Bank NABPF Capital Notes 3 17-06-2026 4.00% 0.39% 101.94 7.50% Suncorp SUNPH Capital Notes 3 17-06-2026 3.00% 0.84% 101.13 6.57% Macquarie Group MQGPD Capital Notes 4 10-09-2026 4.15% 0.36% 102.95 7.57% CBA CBAPJ PERLS 13 20-10-2026 2.75% 0.94% 101.56 6.30% Latitude LFSPA Capital Notes 27-10-2026 4.75% 6.34% 98.50 8.50% Westpac WBCPJ Capital Notes 7 22-03-2027 3.40% 1.16% 102.80 6.85% CBA CBAPI PERLS 12 20-04-2027 3.00% 1.12% 102.50 6.48% Bank of Queensland BOQPF Capital Notes 2 14-05-2027 3.80% 0.59% 104.19 7.12% Bendigo Bank BENPH Capital Notes 15-06-2027 3.80% 1.06% 104.02 7.15% Macquarie Group MQGPE Capital Notes 5 20-09-2027 2.90% 1.15% 102.70 6.35% Nat Aust Bank NABPH Capital Notes 5 17-12-2027 3.50% 1.43% 103.94 6.87% ANZ Bank AN3PI Capital Notes 6 20-03-2028 3.00% 1.36% 103.50 6.42% CBA CBAPL PERLS 15 15-06-2028 2.85% 1.49% 103.18 6.29% Suncorp SUNPI Capital Notes 4 17-06-2028 2.90% 1.57% 103.10 6.35% Westpac WBCPL Capital Notes 9 22-09-2028 3.40% 1.30% 105.30 6.69% Macquarie Bank MBLPD Capital Notes 3 07-12-2028 2.90% 1.67% 103.40 6.33% Bank of Queensland BOQPG Capital Notes 3 15-12-2028 3.40% 1.85% 104.20 6.76% Judo Capital JDOPA Capital Notes 16-02-2029 6.50% 4.60% 111.71 9.60% ANZ Bank AN3PJ Capital Notes 7 20-03-2029 2.70% 1.74% 102.85 6.17% Challenger CGFPD Capital Notes 4 25-05-2029 3.60% 1.36% 106.50 6.78% CBA CBAPK PERLS 14 15-06-2029 2.75% 1.62% 103.54 6.18% IAG IAGPE Capital Notes 2 15-06-2029 3.50% 1.92% 104.90 6.81% Macquarie Group MQGPF Capital Notes 6 12-09-2029 3.70% 1.55% 107.00 6.86% Nat Aust Bank NABPI Capital Notes 6 17-09-2029 3.15% 1.52% 105.34 6.45% Westpac WBCPK Capital Notes 8 21-09-2029 2.90% 1.46% 104.74 6.25% ANZ Bank AN3PK Capital Notes 8 20-03-2030 2.75% 1.67% 104.00 6.15% CBA CBAPM PERLS 16 17-06-2030 3.00% 1.45% 105.92 6.27% Suncorp SUNPJ Capital Notes 5 17-06-2030 2.80% 1.90% 103.51 6.23% Nat Aust Bank NABPJ Capital Notes 7 17-09-2030 2.80% 1.69% 104.46 6.17% Bendigo Bank BENPi Capital Notes 2 13-12-2030 3.20% 1.78% 105.85 6.47% Insurance Australia IAGPF Capital Notes 3 15-12-2030 3.20% 1.97% 105.14 6.51% ANZ Bank AN3PL Capital Notes 9 20-03-2031 2.90% 1.80% 104.78 6.25% Westpac WBCPM Capital Notes 10 22-09-2031 3.10% 1.77% 106.14 6.35% Macquarie Group MQGPG Capital Notes 7 15-12-2031 2.65% 2.02% 103.15 6.10% Nat Aust Bank NABPK Capital Notes 8 17-03-2032 2.60% 1.65% 104.76 5.96% ASX-Listed Hybrids 26.11.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25-05-2026 4.60% -1.51% 102.66 8.00% Nat Aust Bank NABPF Capital Notes 3 17-06-2026 4.00% 0.39% 101.94 7.50% Suncorp SUNPH Capital Notes 3 17-06-2026 3.00% 0.84% 101.13 6.57% Macquarie Group MQGPD Capital Notes 4 10-09-2026 4.15% 0.36% 102.95 7.57% CBA CBAPJ PERLS 13 20-10-2026 2.75% 0.94% 101.56 6.30% Latitude LFSPA Capital Notes 27-10-2026 4.75% 6.34% 98.50 8.50% Westpac WBCPJ Capital Notes 7 22-03-2027 3.40% 1.16% 102.80 6.85% CBA CBAPI PERLS 12 20-04-2027 3.00% 1.12% 102.50 6.48% Bank of Queensland BOQPF Capital Notes 2 14-05-2027 3.80% 0.59% 104.19 7.12% Bendigo Bank BENPH Capital Notes 15-06-2027 3.80% 1.06% 104.02 7.15% Macquarie Group MQGPE Capital Notes 5 20-09-2027 2.90% 1.15% 102.70 6.35% Nat Aust Bank NABPH Capital Notes 5 17-12-2027 3.50% 1.43% 103.94 6.87% ANZ Bank AN3PI Capital Notes 6 20-03-2028 3.00% 1.36% 103.50 6.42% CBA CBAPL PERLS 15 15-06-2028 2.85% 1.49% 103.18 6.29% Suncorp SUNPI Capital Notes 4 17-06-2028 2.90% 1.57% 103.10 6.35% Westpac WBCPL Capital Notes 9 22-09-2028 3.40% 1.30% 105.30 6.69% Macquarie Bank MBLPD Capital Notes 3 07-12-2028 2.90% 1.67% 103.40 6.33% Bank of Queensland BOQPG Capital Notes 3 15-12-2028 3.40% 1.85% 104.20 6.76% Judo Capital JDOPA Capital Notes 16-02-2029 6.50% 4.60% 111.71 9.60% ANZ Bank AN3PJ Capital Notes 7 20-03-2029 2.70% 1.74% 102.85 6.17% Challenger CGFPD Capital Notes 4 25-05-2029 3.60% 1.36% 106.50 6.78% CBA CBAPK PERLS 14 15-06-2029 2.75% 1.62% 103.54 6.18% IAG IAGPE Capital Notes 2 15-06-2029 3.50% 1.92% 104.90 6.81% Macquarie Group MQGPF Capital Notes 6 12-09-2029 3.70% 1.55% 107.00 6.86% Nat Aust Bank NABPI Capital Notes 6 17-09-2029 3.15% 1.52% 105.34 6.45% Westpac WBCPK Capital Notes 8 21-09-2029 2.90% 1.46% 104.74 6.25% ANZ Bank AN3PK Capital Notes 8 20-03-2030 2.75% 1.67% 104.00 6.15% CBA CBAPM PERLS 16 17-06-2030 3.00% 1.45% 105.92 6.27% Suncorp SUNPJ Capital Notes 5 17-06-2030 2.80% 1.90% 103.51 6.23% Nat Aust Bank NABPJ Capital Notes 7 17-09-2030 2.80% 1.69% 104.46 6.17% Bendigo Bank BENPi Capital Notes 2 13-12-2030 3.20% 1.78% 105.85 6.47% Insurance Australia IAGPF Capital Notes 3 15-12-2030 3.20% 1.97% 105.14 6.51% ANZ Bank AN3PL Capital Notes 9 20-03-2031 2.90% 1.80% 104.78 6.25% Westpac WBCPM Capital Notes 10 22-09-2031 3.10% 1.77% 106.14 6.35% Macquarie Group MQGPG Capital Notes 7 15-12-2031 2.65% 2.02% 103.15 6.10% Nat Aust Bank NABPK Capital Notes 8 17-03-2032 2.60% 1.65% 104.76 5.96%