Summary:
The ASX-listed hybrid market saw a stable week ending July 18, 2025, with trading margins holding firm amid mixed economic signals. The median trading margin across bank hybrids remained at 3.30%, consistent with last week’s levels, reflecting a market adapting to stable monetary policy expectations following the RBA’s recent hold at 3.85%.
With the RBA’s August cut probability at 94%, hybrid margins are aligning with pre-pandemic norms, suggesting investor confidence despite tariff uncertainties from Trump’s 30% threat on EU and Mexico goods. Focus remains on upcoming US data and Albanese’s China visit outcomes.
ASX-Listed Hybrids
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CHANGEDAY
CLOSERUNNING
YIELD**Westpac WBCPH Capital Notes 5 22/09/2025 3.20% 32.36% 4.64% 100.05 7.23% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 6.87% 0.55% 101.91 8.28% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.48% 0.47% 101.85 8.47% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 4.84% 0.25% 103.54 8.31% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.20% 0.21% 102.77 7.71% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 3.96% 0.20% 101.76 6.76% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 2.56% 0.11% 104.45 7.72% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.49% 0.14% 101.67 6.51% Latitude LFSPA Capital Notes 27/10/2026 4.75% 11.31% 0.29% 97.5 9.08% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.60% 0.13% 102.98 7.22% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.10% 0.10% 102.5 6.71% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 3.75% 0.12% 104 7.49% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.61% 0.10% 103.32 7.47% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.96% 0.07% 102.2 6.60% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.85% 0.07% 104.26 7.10% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.56% 0.05% 103.11 6.63% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.83% 0.06% 102.75 6.54% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 3.09% 0.06% 102.26 6.62% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.59% 0.07% 104.39 7.12% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.63% 0.04% 103.3 6.54% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 2.99% 0.06% 104.11 7.01% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 3.99% 0.08% 112.32 9.49% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.52% 0.04% 102.61 6.36% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.28% 0.06% 104.54 7.21% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.76% 0.05% 102.7 6.44% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.19% 0.04% 105.26 7.12% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.72% 0.04% 106.07 7.15% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.68% 0.05% 104.44 6.73% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.28% 0.05% 103.45 6.67% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.52% 0.03% 103 6.38% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.40% 0.04% 105.15 6.54% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.86% 0.04% 102.57 6.50% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.48% 0.04% 104.08 6.40% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 3.05% 0.04% 103.7 6.84% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.14% 0.03% 104.3 6.86% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.44% 0.03% 104.19 6.46% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.92% 0.04% 105.69 6.72% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.67% 0.03% 102.45 6.34% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.34% 0.03% 104 6.21% 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% 5.33% -0.03% 86.95 9.04% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.55% -0.02% 106.55 8.26%