AUSTRALIAN HYBRIDS
On February 20, 2025, Judo Capital (JDOPA) recorded the highest yield at 9.85%, closing at $112.00 after a slight weekly increase of 0.43%. Latitude (LFSPA) also demonstrated strong performance, closing at $95.90 and yielding 9.45%. Challenger (CGFPC) and Macquarie Bank (MBLPC) follow in respect of yields, with 8.80% and 8.78% respectively. CBA (CBAPG) saw a pretty good weekly increase of 2.21%, closing at 100.89 with a yield of 7.72%. Challenger (CGFPC) saw the second highest weekly increase of 1.71%, closing at 102.88 with a yield of 8.80%. ANZ Bank (AN3PH) followed in terms of weekly increase of 1.42% closing at 101.00 with a yield of 8.09%. Westpac (WBCPH) saw a significant drop of -0.43%, ending at 101.99 with a yield of 7.42%.
On February 20, 2025, Nufarm’s NFNG closed at $93.60, showing a slight weekly decline of –0.43%, but maintaining a solid 9.00% running yield. Similarly, Ramsay Health Care’s RHCPA fell by -0.33%, finishing at $108.00, while still providing an 8.68% yield, indicating solid performance despite the minor drop.
ASX-Listed Hybrids
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 1.91% | 1.42% | 101.00 | 8.09% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.00% | 2.21% | 100.89 | 7.72% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.47% | -0.43% | 101.99 | 7.42% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.07% | 0.32% | 103.21 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.82% | -0.34% | 103.45 | 8.78% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 3.76% | 1.71% | 102.88 | 8.80% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.79% | 0.04% | 104.05 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.73% | -0.28% | 102.69 | 7.18% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.96% | 0.20% | 104.50 | 8.18% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.65% | -0.31% | 102.79 | 6.93% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.85% | -0.03% | 95.90 | 9.45% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.87% | 0.01% | 104.00 | 7.47% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 2.01% | -0.09% | 103.10 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 1.74% | -0.09% | 104.02 | 7.77% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.17% | -0.18% | 104.69 | 7.82% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.26% | 0.33% | 103.55 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.89% | -0.15% | 105.22 | 7.49% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.85% | -0.12% | 104.00 | 7.07% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.89% | -0.19% | 103.90 | 6.95% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.05% | -0.16% | 103.59 | 7.02% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.90% | -0.02% | 105.66 | 7.36% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.86% | -0.16% | 102.99 | 6.96% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.06% | -0.23% | 105.53 | 7.38% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.50% | 0.43% | 112.01 | 9.85% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.94% | -0.04% | 103.50 | 6.81% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.67% | 0.43% | 105.00 | 7.64% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.96% | -0.23% | 104.00 | 6.85% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.26% | -0.03% | 105.47 | 7.46% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.87% | -0.21% | 107.95 | 7.49% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.88% | -0.34% | 105.92 | 7.11% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.87% | -0.29% | 104.94 | 6.92% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 1.98% | -0.20% | 104.07 | 6.83% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 1.94% | -0.21% | 105.65 | 6.98% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.39% | 0.09% | 103.01 | 6.96% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 1.97% | -0.34% | 104.79 | 6.84% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.27% | -0.14% | 105.46 | 7.19% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.53% | 0.02% | 104.14 | 7.27% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.00% | 0.02% | 105.10 | 6.90% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.02% | -0.09% | 106.40 | 7.02% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.25% | -0.28% | 103.20 | 6.80% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.00% | -0.18% | 104.35 | 6.68% |
ASX-Listed Hybrids (Non-standard)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | WEEK CHANGE | WEEK CLOSE | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 4.69% | -0.43% | 93.6 | 9.00% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.37% | -0.33% | 108 | 8.68% |
** “Clean” running yield. Includes franking credits if present.