1 July 2025

Summary-

ASX-Listed Hybrids Market Update – 1 July 2025 (For Australian Banks)

The hybrid securities market has shown signs of stability and yield compression, particularly among major bank-issued instruments. With cash rates holding steady, investor appetite for fixed income assets has been resilient.

Key Observations for Australian Banks:

• Hybrid Prices Firming: Major bank hybrids have seen mild price appreciation, driven by strong demand in the secondary market. The average trading margin across Tier 1 bank hybrids has tightened, reflecting reduced perceived credit risk.

• AT1 Instruments in Focus:

  • Recent performance of Additional Tier 1 (AT1) securities like NABPH, CBAPG, and AN3PF indicates growing investor confidence in the capital strength of Australia’s major banks.

  • Most major bank-issued hybrids are now trading above face value, with margins tightening to the 2.5%–3.2% range.

 

• ASX-Listed Hybrids

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CHANGE	DAY CLOSE	RUNNING YIELD**
  Westpac	WBCPH	Capital Notes 5	22/09/2025	3.20%	23.78%	0.38%	99.97	7.09%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	7.83%	0.07%	101	8.22%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	7.27%	0.06%	101.049	8.39%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	5.58%	0.03%	102.47	8.26%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.49%	0.03%	102.099	7.63%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.50%	0.03%	100.88	6.69%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	4.06%	0.02%	102.5	7.73%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	3.69%	0.02%	101.05	6.42%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	11.60%	0.04%	96.5	9.02%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	4.83%	0.02%	102.197	7.14%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.24%	0.01%	101.91	6.62%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	4.36%	0.02%	102.58	7.45%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	3.86%	0.01%	102.5	7.39%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	3.22%	0.01%	101.39	6.53%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	3.27%	0.01%	103	7.05%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.86%	0.01%	102.16	6.57%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	3.08%	0.01%	101.76	6.47%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.43%	0.01%	101.05	6.57%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.71%	0.01%	103.68	7.04%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	2.91%	0.01%	102.2	6.49%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	3.40%	0.01%	102.601	6.98%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	3.94%	0.01%	112	9.37%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.84%	0.00%	101.39	6.31%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.50%	0.01%	103.5	7.15%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	2.94%	0.01%	101.77	6.37%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.82%	0.01%	103	7.15%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.85%	0.01%	105.3	7.08%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.78%	0.01%	103.77	6.65%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	3.28%	0.01%	103.04	6.56%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.76%	0.00%	101.86	6.33%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.56%	0.00%	104.19	6.47%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	2.98%	0.00%	101.76	6.42%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.71%	0.00%	102.801	6.36%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	3.17%	0.00%	102.85	6.76%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.47%	0.00%	102.7	6.85%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.73%	0.00%	102.69	6.43%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	3.17%	0.00%	104.21	6.69%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.81%	0.00%	101.5	6.27%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.43%	0.00%	103.26	6.13%

• 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%	5.38%	0.01%	87.2	8.99%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.71%	0.01%	105.6	8.31%