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.
As of today, February 12th, both Nufarm (NFNG) and Ramsay Health Care (RHCPA) remain strong contenders for yield-focused investors, despite slight declines from yesterday’s close. Nufarm closed at AUD 93.60, delivering an impressive 9.00% running yield and a trading margin of 4.69%, presenting a compelling case for those prepared to navigate short-term volatility for significant income potential. Ramsay Health Care’s preference shares closed at AUD 107.25, offering a solid running yield of 8.75% and a trading margin of 4.44%, providing a steady and appealing option for investors seeking high returns in perpetual securities. These instruments highlight the promise of resilient income in today’s evolving Australian market.
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% | 4.20% | 3.70% | 100.70 | 8.11% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 5.47% | 3.68% | 100.60 | 7.74% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.92% | 0.02% | 101.71 | 7.44% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 2.20% | 0.45% | 103.10 | 8.63% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.71% | -0.46% | 103.55 | 8.77% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 2.17% | 0.12% | 104.81 | 8.64% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.87% | 0.12% | 103.95 | 8.08% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.52% | -0.49% | 102.96 | 7.16% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 2.03% | 0.27% | 104.40 | 8.19% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.96% | 0.00% | 102.31 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.86% | -0.02% | 95.89 | 9.46% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.92% | 0.06% | 103.90 | 7.48% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.77% | -0.32% | 103.56 | 7.12% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.02% | 0.19% | 103.45 | 7.81% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.40% | 0.06% | 104.20 | 7.86% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.39% | 0.45% | 103.27 | 7.11% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 2.04% | 0.00% | 104.85 | 7.52% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 1.99% | 0.02% | 103.63 | 7.10% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 2.06% | -0.02% | 103.44 | 6.98% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.19% | -0.02% | 103.20 | 7.05% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.11% | 0.18% | 105.05 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.60% | -0.42% | 103.81 | 6.90% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.33% | 0.04% | 104.70 | 7.43% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.35% | 0.28% | 112.49 | 9.80% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.05% | 0.08% | 103.13 | 6.84% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.44% | 0.19% | 105.80 | 7.58% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.10% | -0.08% | 103.50 | 6.88% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.13% | -0.16% | 105.95 | 7.43% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | -0.01% | 107.20 | 7.54% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.03% | -0.18% | 105.35 | 7.14% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.07% | -0.08% | 104.20 | 6.97% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.11% | -0.07% | 103.56 | 6.86% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.05% | -0.10% | 105.20 | 7.01% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.41% | 0.11% | 102.91 | 6.97% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.11% | -0.20% | 104.21 | 6.88% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.38% | -0.03% | 105.00 | 7.22% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.30% | -0.20% | 105.10 | 7.20% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.12% | 0.14% | 104.60 | 6.94% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.06% | -0.05% | 106.20 | 7.03% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.27% | -0.27% | 103.13 | 6.80% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.07% | -0.12% | 104.02 | 6.70% |
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% | 4.44% | -0.26% | 107.25 | 8.75% |
** “Clean” running yield. Includes franking credits if present.