Summary-
As of late 23 June 2025, the Australian bank hybrid securities market remains active, with notable shifts in trading margins and yields across issuers.
Key Performance Highlights:
- Top Yielding Hybrid: Judo Capital’s JDOPA continues to lead with a 9.43% running yield, trading at a premium of $112.
- Biggest Mover: Westpac’s WBCPH surged 11.73% in a single day, with its trading margin spiking to 21%, reflecting strong demand for near-term callable hybrids.
- High-Yield Standouts:
- Latitude’s LFSPA: 9.10% yield, trading at a discount ($96.5).
- Macquarie’s MBLPC: 8.47% yield.
- AMP’s AMPPB: 8.29% yield.
- Challenger’s CGFPC: 8.33% yield.
Major Bank Hybrids:
- CBA’s PERLS series (CBAPJ, CBAPI, CBAPL): Yields between 6.5%–6.7%, showing price stability and consistent demand.
- NAB, ANZ, and Westpac hybrids: Mostly yielding 6.4%–7.2%, with modest price movements.
Market Trends:
- Investors are favoring shorter-dated, high-margin hybrids, especially those nearing call dates.
- Trading margins have widened in select names, suggesting a rotation toward yield-enhancing opportunities amid refinancing expectations.
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% | 21.00% | 11.73% | 99.97 | 7.17% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 7.29% | 4.39% | 101 | 8.29% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 6.81% | 4.31% | 101.049 | 8.47% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.33% | 0.91% | 102.47 | 8.33% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.28% | 2.27% | 102.099 | 7.70% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.30% | 1.86% | 100.88 | 6.77% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.93% | 2.06% | 102.5 | 7.81% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.55% | 1.63% | 101.05 | 6.50% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 11.32% | 1.38% | 96.5 | 9.10% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.70% | 1.54% | 102.197 | 7.22% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 3.14% | 1.09% | 101.91 | 6.70% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.24% | 1.03% | 102.58 | 7.53% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.76% | 1.57% | 102.5 | 7.47% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 3.15% | 0.95% | 101.39 | 6.61% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 3.20% | 0.98% | 103 | 7.13% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.81% | 0.80% | 102.16 | 6.65% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 3.02% | 0.73% | 101.76 | 6.55% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 3.37% | 1.19% | 101.05 | 6.65% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.64% | 0.69% | 103.68 | 7.12% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.87% | 0.47% | 102.2 | 6.57% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 3.34% | 0.74% | 102.601 | 7.06% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.86% | -0.01% | 112 | 9.43% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.81% | 0.62% | 101.39 | 6.39% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.44% | 0.56% | 103.5 | 7.23% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.89% | 0.66% | 101.77 | 6.45% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.78% | 0.91% | 103 | 7.23% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.81% | 0.40% | 105.3 | 7.15% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.73% | 0.47% | 103.77 | 6.72% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 3.23% | 0.38% | 103.04 | 6.64% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.73% | 0.44% | 101.86 | 6.41% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.52% | 0.38% | 104.19 | 6.55% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.94% | 0.47% | 101.76 | 6.50% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.68% | 0.29% | 102.801 | 6.44% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 3.13% | 0.55% | 102.85 | 6.84% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.44% | 0.54% | 102.7 | 6.93% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.71% | 0.52% | 102.69 | 6.51% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 3.13% | 0.49% | 104.21 | 6.77% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.78% | 0.48% | 101.5 | 6.35% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.40% | 0.21% | 103.26 | 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% | 5.36% | 0.66% | 87.2 | 9.06% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.67% | 0.22% | 105.6 | 8.37% |