AUSTRALIAN HYBRIDS
The Australian hybrid securities market saw small changes in prices from yesterday’s close. Judo Capital (JDOPA)remained a standout, offering the highest running yield of 9.80% and closing at AUD 112.49, reflecting strong investor interest. Latitude (LFSPA) also attracted attention with a competitive yield of 9.46% and a price of AUD 95.89. Among the majors, ANZ Bank (AN3PH) and CBA (CBAPG) delivered steady results, closing at AUD 100.70 and AUD 100.60, with running yields of 8.11% and 7.74%, respectively. The hybrid market continues to showcase attractive yields across a variety of securities.
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% | 4.66% | 4.17% | 100.64 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 4.71% | 2.92% | 100.75 | 7.73% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.79% | -0.11% | 101.79 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.08% | 0.33% | 103.20 | 8.62% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.87% | -0.30% | 103.41 | 8.79% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.01% | -0.04% | 105.01 | 8.62% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.70% | -0.05% | 104.17 | 8.06% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.88% | -0.14% | 102.50 | 7.20% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.89% | 0.13% | 104.60 | 8.17% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.90% | -0.06% | 102.40 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.23% | 0.34% | 95.38 | 9.51% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.90% | 0.04% | 103.94 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.96% | -0.14% | 103.20 | 7.15% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.01% | 0.18% | 103.46 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.33% | -0.02% | 104.35 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.24% | 0.31% | 103.60 | 7.09% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.98% | -0.06% | 105.01 | 7.51% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.88% | -0.08% | 103.91 | 7.08% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.13% | 0.05% | 103.25 | 7.00% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.27% | 0.05% | 102.99 | 7.06% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.06% | 0.13% | 105.20 | 7.39% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.57% | -0.44% | 103.88 | 6.90% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.23% | -0.06% | 105.00 | 7.41% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.19% | 0.12% | 113.00 | 9.76% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.00% | 0.03% | 103.30 | 6.83% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.23% | -0.02% | 106.50 | 7.53% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.73% | -0.46% | 104.80 | 6.79% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.19% | -0.10% | 105.72 | 7.45% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 1.99% | -0.09% | 107.50 | 7.52% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.95% | -0.27% | 105.67 | 7.12% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.01% | -0.14% | 104.41 | 6.96% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.09% | -0.09% | 103.62 | 6.86% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.00% | -0.15% | 105.38 | 7.00% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.41% | 0.11% | 102.93 | 6.97% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.09% | -0.22% | 104.30 | 6.88% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.42% | 0.00% | 104.85 | 7.23% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.25% | -0.25% | 105.30 | 7.18% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.08% | 0.10% | 104.75 | 6.93% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.02% | -0.09% | 106.38 | 7.02% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.20% | -0.34% | 103.46 | 6.78% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.02% | -0.16% | 104.23 | 6.69% |
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% | 4.42% | -0.28% | 107.4 | 8.73% |
** “Clean” running yield. Includes franking credits if present.