Daily

Summary:

Australian hybrid securities delivered strong investor outcomes as of 21 July 2025, with running yields ranging from 6.2% to over 9%. Major bank-issued hybrids remained well supported, while selected non-bank and “non-standard” hybrids offered notably higher returns for investors willing to accept more complexity.

•Bank hybrid yields remain elevated: Most Big Four bank notes offer 7% to 8.5% running yields, maintaining steady price levels.

•Price stability across the sector: Day-to-day changes were modest—generally under 0.10%—signalling low volatility and solid demand.

•Higher yields in rising credit names: Select names such as Latitude (LFSPA), Judo Bank (JDOPA), and AMP continue to offer returns well above the average.

•Non-standard hybrids outperform: Yield-seeking investors are turning to perpetual and step-up hybrids offering up to 9% running yields.

• 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	22/09/2025	3.20%	34.37%	2.06%	99.97	7.21%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	9.45%	0.27%	101	8.34%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	8.64%	0.23%	101.049	8.51%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	6.28%	0.11%	102.47	8.39%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	5.05%	0.09%	102.099	7.75%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	5.07%	0.09%	100.88	6.80%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	4.43%	0.06%	102.5	7.85%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	4.07%	0.06%	101.05	6.53%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	12.39%	0.12%	96.5	9.16%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	5.18%	0.05%	102.197	7.26%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.50%	0.04%	101.91	6.73%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.68%	0.05%	102.58	7.58%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	4.13%	0.04%	102.5	7.51%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	3.41%	0.03%	101.39	6.64%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	3.48%	0.03%	103	7.16%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.99%	0.02%	102.16	6.67%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	3.25%	0.02%	101.76	6.58%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.61%	0.03%	101.05	6.68%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.89%	0.03%	103.68	7.15%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	3.04%	0.02%	102.2	6.59%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	3.56%	0.02%	102.601	7.09%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.12%	0.03%	112	9.50%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.95%	0.01%	101.39	6.41%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.64%	0.02%	103.5	7.27%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	3.07%	0.02%	101.77	6.48%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.95%	0.02%	103	7.26%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.96%	0.02%	105.3	7.18%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.90%	0.02%	103.77	6.76%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	3.42%	0.02%	103.04	6.68%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.84%	0.01%	101.86	6.43%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.66%	0.02%	104.19	6.58%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	3.09%	0.02%	101.76	6.53%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.81%	0.01%	102.801	6.46%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	3.27%	0.01%	102.85	6.87%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.56%	0.01%	102.7	6.95%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.81%	0.01%	102.69	6.53%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	3.27%	0.01%	104.21	6.80%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.89%	0.01%	101.5	6.38%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.51%	0.01%	103.26	6.23%

• ASX-Listed Hybrids (Non-standard)

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	?DAY	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.28%	-0.02%	87.2	8.97%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.61%	-0.02%	105.6	8.30%