Summary-
Hybrid Market Commentary – 24 June 2025
The Australian hybrid securities market showed strong momentum this week, with investor appetite clearly favoring high-yielding, short-duration instruments. A notable standout was Westpac’s WBCPH, which surged +10.53%, reflecting heightened demand for hybrids nearing their call dates.
Key Market Movements
- WBCPH (Westpac) led the gains, driven by its attractive 19.81% trading margin and a 7.17% running yield. This performance underscores the market’s preference for near-term callable hybrids.
- AMP’s AMPPB and Macquarie’s MBLPC also posted solid gains of +4.14% and +4.10% respectively, supported by robust yields and strong institutional backing.
- Judo Capital’s JDOPA was the only decliner, slipping -0.05%, though it continues to offer the highest running yield in the market at 9.43%.
Market Trends
- Investors are clearly chasing yield, with several hybrids now offering returns above 8%, and some even exceeding 9%.
- Perpetual hybrids like Nufarm’s NFNG and Ramsay’s RHCPA remain attractive for long-term income seekers, offering yields of 9.04% and 8.36% respectively.
- The trading margin spread suggests a growing risk appetite, particularly for lower-rated or less liquid names.
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% | 21.32% | 0.31% | 99.97 | 7.15% |
| AMP Group | AMPPB | Capital Notes 2 | 16/12/2025 | 4.50% | 7.35% | 0.06% | 101 | 8.26% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22/12/2025 | 4.70% | 6.86% | 0.05% | 101.049 | 8.44% |
| Challenger | CGFPC | Capital Notes 3 | 25/05/2026 | 4.60% | 5.36% | 0.03% | 102.47 | 8.31% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17/06/2026 | 4.00% | 4.31% | 0.02% | 102.099 | 7.68% |
| Suncorp | SUNPH | Capital Notes 3 | 17/06/2026 | 3.00% | 4.32% | 0.02% | 100.88 | 6.74% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10/09/2026 | 4.15% | 3.94% | 0.02% | 102.5 | 7.78% |
| CBA | CBAPJ | PERLS 13 | 20/10/2026 | 2.75% | 3.57% | 0.02% | 101.05 | 6.47% |
| Latitude | LFSPA | Capital Notes | 27/10/2026 | 4.75% | 11.35% | 0.03% | 96.5 | 9.07% |
| Westpac | WBCPJ | Capital Notes 7 | 22/03/2027 | 3.40% | 4.72% | 0.01% | 102.197 | 7.19% |
| CBA | CBAPI | PERLS 12 | 20/04/2027 | 3.00% | 3.15% | 0.01% | 101.91 | 6.67% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14/05/2027 | 3.80% | 4.25% | 0.01% | 102.58 | 7.50% |
| Bendigo Bank | BENPH | Capital Notes | 15/06/2027 | 3.80% | 3.77% | 0.01% | 102.5 | 7.44% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20/09/2027 | 2.90% | 3.16% | 0.01% | 101.39 | 6.58% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17/12/2027 | 3.50% | 3.21% | 0.01% | 103 | 7.10% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20/03/2028 | 3.00% | 2.81% | 0.01% | 102.16 | 6.62% |
| CBA | CBAPL | PERLS 15 | 15/06/2028 | 2.85% | 3.03% | 0.01% | 101.76 | 6.53% |
| Suncorp | SUNPI | Capital Notes 4 | 17/06/2028 | 2.90% | 3.37% | 0.01% | 101.05 | 6.62% |
| Westpac | WBCPL | Capital Notes 9 | 22/09/2028 | 3.40% | 3.65% | 0.01% | 103.68 | 7.09% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7/12/2028 | 2.90% | 2.87% | 0.00% | 102.2 | 6.54% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15/12/2028 | 3.40% | 3.35% | 0.01% | 102.601 | 7.03% |
| Judo Capital | JDOPA | Capital Notes | 16/02/2029 | 6.50% | 3.87% | 0.01% | 112 | 9.41% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20/03/2029 | 2.70% | 2.81% | 0.00% | 101.39 | 6.37% |
| Challenger | CGFPD | Capital Notes 4 | 25/05/2029 | 3.60% | 3.45% | 0.01% | 103.5 | 7.20% |
| CBA | CBAPK | PERLS 14 | 15/06/2029 | 2.75% | 2.90% | 0.01% | 101.77 | 6.42% |
| IAG | IAGPE | Capital Notes 2 | 15/06/2029 | 3.50% | 3.78% | 0.00% | 103 | 7.20% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12/09/2029 | 3.70% | 2.82% | 0.01% | 105.3 | 7.13% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17/09/2029 | 3.15% | 2.74% | 0.01% | 103.77 | 6.70% |
| Westpac | WBCPK | Capital Notes 8 | 21/09/2029 | 2.90% | 3.24% | 0.01% | 103.04 | 6.61% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20/03/2030 | 2.75% | 2.73% | 0.00% | 101.86 | 6.39% |
| CBA | CBAPM | PERLS 16 | 17/06/2030 | 3.00% | 2.52% | 0.00% | 104.19 | 6.52% |
| Suncorp | SUNPJ | Capital Notes 5 | 17/06/2030 | 2.80% | 2.94% | 0.00% | 101.76 | 6.47% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17/09/2030 | 2.80% | 2.68% | 0.00% | 102.801 | 6.41% |
| Bendigo Bank | BENPi | Capital Notes 2 | 13/12/2030 | 3.20% | 3.13% | 0.00% | 102.85 | 6.81% |
| Insurance Australia | IAGPF | Capital Notes 3 | 15/12/2030 | 3.20% | 3.44% | 0.00% | 102.7 | 6.90% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20/03/2031 | 2.90% | 2.71% | 0.00% | 102.69 | 6.48% |
| Westpac | WBCPM | Capital Notes 10 | 22/09/2031 | 3.10% | 3.13% | 0.00% | 104.21 | 6.74% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15/12/2031 | 2.65% | 2.78% | 0.00% | 101.5 | 6.32% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17/03/2032 | 2.60% | 2.40% | 0.00% | 103.26 | 6.18% |
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% | -0.04% | 87.2 | 9.02% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | -0.03% | 105.6 | 8.34% |