Summary-
AMP Group’s (AMPPB) Capital Notes 2, maturing in December 2025, traded with a moderate increase in price (+2.56%) and a strong yield of 8.50%, indicating continued investor confidence in financial institutions. The CBA (CBAPG) PERLS 10, with a 7.54% running yield, saw a noticeable increase in trading margin (+7.80%), highlighting the bank’s solid performance and investor interest. Judo Capital (JDOPA) offered an attractive running yield of 9.50%, maintaining the highest position in the list, reflecting the growing appeal of non-bank lenders offering strong returns.
Nufarm (NFNG) continues to see a positive day, with a slight increase in trading margin (+0.02%) and a healthy running yield of 9.10%. The perpetual step-up hybrid remains an attractive option for yield-seeking investors. Ramsay Health Care (RHCPA) showed a minor decrease in price (-0.09%), but its perpetual preference shares still offer a solid yield of 8.68%, reflecting stability despite slight fluctuations.
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% | 7.80% | 7.80% | 99.93 | 7.54% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 6.56% | 6.56% | 100.46 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.56% | 2.56% | 101.66 | 8.50% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.41% | 2.41% | 101.85 | 8.67% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.11% | 2.11% | 103.6 | 8.48% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.91% | 1.91% | 102.75 | 7.92% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.08% | 2.08% | 101.35 | 7.04% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.70% | 1.70% | 103.8 | 7.99% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.71% | 1.71% | 101.82 | 6.76% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.41% | 7.41% | 98.1 | 9.18% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 2.95% | 2.95% | 103.05 | 7.44% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.70% | 1.70% | 102.78 | 6.94% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.38% | 2.38% | 103.81 | 7.70% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.14% | 2.14% | 103.69 | 7.65% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.88% | 1.88% | 102.58 | 6.85% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.88% | 1.88% | 104.25 | 7.32% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.80% | 1.80% | 103.4 | 6.89% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.81% | 1.81% | 103.26 | 6.76% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.12% | 2.12% | 102.55 | 6.86% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.44% | 2.44% | 105.1 | 7.30% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.17% | 2.17% | 102.85 | 6.85% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.31% | 2.31% | 103.81 | 7.26% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.77% | 2.77% | 112.97 | 9.50% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.09% | 2.09% | 102.37 | 6.67% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.24% | 2.24% | 105.5 | 7.36% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.81% | 1.81% | 103.67 | 6.64% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.66% | 2.66% | 104.99 | 7.39% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.05% | 2.05% | 106.41 | 7.37% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.83% | 1.83% | 105.19 | 6.92% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.40% | 2.40% | 104.05 | 6.87% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.06% | 2.06% | 103.1 | 6.67% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.86% | 1.86% | 105.1 | 6.79% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.19% | 2.19% | 103 | 6.73% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.83% | 1.83% | 104.59 | 6.63% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.41% | 2.41% | 104.03 | 7.05% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.52% | 2.52% | 105 | 7.08% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.80% | 1.80% | 105.35 | 6.67% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.33% | 2.33% | 105.97 | 6.94% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.03% | 2.03% | 103.57 | 6.55% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 1.92% | 1.92% | 104 | 6.47% |
| 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% | 4.98% | 0.02% | 93.4 | 9.10% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.56% | -0.09% | 108.93 | 8.68% |