Summary-
On March 19th, a range of ASX-listed hybrids showed slight movements, with Judo Capital’s (JDOPA) Capital Notes leading the pack, closing at 112.81, reflecting a running yield of 9.49%. ANZ Bank’s Capital Notes 5 (AN3PH) saw a minor decline of -9.00% to close at 101.23, offering a yield of 7.82%. CBA’s PERLS 10 (CBAPG) gained slightly, up by 0.39%, closing at 99.83, with a yield of 7.53%. Investors are observing steady yields across various hybrids, with pricing adjustments reflecting broader market trends.
On March 19th, market movements were relatively subdued as both Nufarm (NFNG) and Ramsay Health Care (RHCPA) preference shares showed slight price fluctuations. Nufarm’s Step-Up Perpetual Preference Share closed at $93.50, with a yield of 4.81%, down by -0.05% from the previous day. Meanwhile, Ramsay Health Care’s Perpetual Preference Share ended flat at $107.01, yielding 4.58%. Despite minimal price changes, both stocks continue to reflect solid yields, with Nufarm offering a higher yield to maturity of 8.92%, compared to Ramsay Health Care’s 8.70%.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | DAY CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | -95.06% | -9.00% | 101.23 | 7.82% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 6.47% | 0.39% | 99.83 | 7.53% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 6.52% | 0.06% | 100.3 | 7.43% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.47% | -0.49% | 101.62 | 8.48% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 2.49% | 0.09% | 101.7 | 8.66% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.49% | 0.01% | 103.06 | 8.50% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 2.12% | -0.27% | 102.4 | 7.93% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 2.25% | 0.10% | 101.05 | 7.04% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.29% | 0.08% | 102.9 | 8.04% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.95% | 0.04% | 101.36 | 6.77% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.33% | 0.99% | 96.71 | 9.29% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 3.10% | 0.05% | 102.65 | 7.46% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.93% | -0.06% | 102.25 | 6.96% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.54% | 0.20% | 103.38 | 7.71% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.28% | -0.04% | 103.3 | 7.66% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.19% | 0.10% | 101.8 | 6.89% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.04% | 0.00% | 103.76 | 7.34% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.91% | -0.12% | 103.04 | 6.90% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.95% | -0.02% | 102.78 | 6.78% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.32% | -0.01% | 101.92 | 6.88% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.68% | -0.04% | 104.29 | 7.34% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 2.23% | 0.07% | 102.55 | 6.85% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.55% | -0.07% | 102.97 | 7.30% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 2.78% | -0.08% | 112.81 | 9.49% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.18% | 0.10% | 102 | 6.68% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.66% | -0.02% | 104 | 7.45% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.11% | 0.02% | 102.55 | 6.69% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 3.04% | -0.07% | 103.65 | 7.47% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.22% | 0.06% | 105.7 | 7.40% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.09% | -0.05% | 104.18 | 6.97% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.60% | -0.04% | 103.25 | 6.91% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.23% | 0.01% | 102.39 | 6.70% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.08% | 0.00% | 104.1 | 6.84% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.41% | -0.07% | 102 | 6.78% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.09% | -0.03% | 103.38 | 6.69% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.30% | -0.25% | 104.39 | 7.01% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.86% | -0.12% | 103.5 | 7.17% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.11% | -0.04% | 103.9 | 6.75% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.52% | 0.00% | 105.01 | 6.99% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.44% | 0.03% | 101.52 | 6.66% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.10% | 0.02% | 103 | 6.52% |
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% | 4.81% | -0.05% | 93.5 | 8.92% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.58% | 0.00% | 107.01 | 8.70% |