AUSTRALIAN HYBRIDS
The Australian hybrid securities market saw an overall steady performance with running yields continuing to range between 6.72% and 9.93%.
High-yield securities like Judo Capital (JDOPA) and Latitude (LFSPA) stood out, offering 9.93% and 9.54% running yields, respectively. However, Latitude’s discounted trading price (95.02) highlights ongoing market concerns. Meanwhile, Judo Capital, despite its price premium (111.11), remains attractive for investors seeking higher returns.
On the other end, stable performers such as CBA, ANZ, and Westpac maintained their reputation for reliability, with tight trading margins and minimal weekly volatility. Securities like CBA PERLS 14 (CBAPK) and ANZ Capital Notes 6 (AN3PI) continue to trade modestly above face value, reflecting strong investor confidence. Overall, the market remains balanced, with demand spread across both high-yield and lower-risk offerings.
Nufarm (NFNG) offers a higher running yield (9.01%) than Ramsay Health Care (RHCPA) (8.75%) but trades at a discount (93.5), reflecting market concerns. In contrast, RHCPA trades at a premium (107.2), indicating strong investor confidence.
Both securities saw narrowing trading margins last week, with NFNG showing a larger improvement (-0.42% vs. -0.26%), suggesting improving sentiment or increased demand for higher yields.
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% | 1.75% | -0.15% | 101.82 | 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% | 1.83% | 0.08% | 104.00 | 8.07% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.80% | -0.21% | 102.60 | 7.19% |
| 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% | 1.90% | -0.06% | 102.40 | 6.96% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 8.49% | 0.61% | 95.02 | 9.54% |
| 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% | 1.91% | -0.19% | 103.30 | 7.14% |
| 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% | 2.31% | -0.04% | 104.40 | 7.85% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 2.39% | 0.46% | 103.26 | 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% | 1.93% | -0.03% | 103.77 | 7.09% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.98% | -0.10% | 103.66 | 6.97% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.20% | -0.02% | 103.19 | 7.05% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 2.12% | 0.20% | 105.00 | 7.40% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.59% | -0.43% | 103.82 | 6.90% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.53% | 0.24% | 104.06 | 7.48% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.79% | 0.71% | 111.11 | 9.93% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 2.08% | 0.10% | 103.05 | 6.84% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.39% | 0.14% | 105.95 | 7.57% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 2.10% | -0.08% | 103.51 | 6.88% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.25% | -0.04% | 105.52 | 7.46% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.07% | -0.01% | 107.19 | 7.54% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 2.12% | -0.10% | 105.05 | 7.17% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 2.08% | -0.07% | 104.16 | 6.98% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.08% | -0.10% | 103.65 | 6.85% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.05% | -0.10% | 105.19 | 7.01% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.35% | 0.05% | 103.14 | 6.95% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.14% | -0.17% | 104.10 | 6.89% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.27% | -0.15% | 105.50 | 7.19% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.26% | -0.25% | 105.29 | 7.19% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 2.06% | 0.08% | 104.85 | 6.92% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.08% | -0.03% | 106.10 | 7.04% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.22% | -0.31% | 103.35 | 6.79% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.12% | -0.07% | 103.76 | 6.72% |
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% | 4.70% | -0.42% | 93.5 | 9.01% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.44% | -0.26% | 107.2 | 8.75% |
** “Clean” running yield. Includes franking credits if present.