Summary:
Bank hybrid securities again delivered high income with little price volatility. The YieldReport data shows the average trading margin is 3.6% and running yields sat mostly between 6 and 7%. Key “capital note” issues remained in tight ranges (day-to-day price moves <0.1%), reflecting balanced demand. Notably, Westpac Capital Notes 5 (WBCPH) traded with a very wide margin (~40%) owing to its imminent call date. Overall, the average trading margin of hybrid securities is below the long-term average and demonstrates lower-level compensation for the risk taken by investors. This type of tight spread is also observed in the local and global corporate bond markets, particularly in the investment-grade segment.
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% 61.18% 12.62% 100.401 7.14% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 7.83% 0.64% 102.36 8.20% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.87% 0.51% 102.39 8.37% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 7.39% 0.30% 102.4 8.37% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.37% 0.20% 103.25 7.63% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.67% 0.21% 101.8 6.69% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.73% 0.13% 103.7 7.72% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.21% 0.13% 102.53 6.39% Latitude LFSPA Capital Notes 27/10/2026 4.75% 11.29% 0.27% 98.54 8.94% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.76% 0.12% 103.41 7.14% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.16% 0.09% 102.95 6.62% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.80% 0.12% 103.04 7.51% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.31% 0.09% 104.4 7.34% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.61% 0.06% 103.3 6.47% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.96% 0.07% 104.56 7.02% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.54% 0.04% 103.53 6.53% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.58% 0.05% 103.85 6.40% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.93% 0.06% 103.16 6.50% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.62% 0.06% 104.901 7.03% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.57% 0.04% 103.89 6.43% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 2.74% 0.05% 105.36 6.86% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.25% 0.07% 112.34 9.47% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.46% 0.03% 103.17 6.25% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.41% 0.05% 104.72 7.15% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.41% 0.04% 104.29 6.28% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.20% 0.04% 105.7 7.02% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.62% 0.04% 106.85 7.04% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.60% 0.04% 105.24 6.62% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.09% 0.05% 104.6 6.53% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.36% 0.03% 103.94 6.25% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.42% 0.03% 105.57 6.45% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.66% 0.04% 103.8 6.36% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.49% 0.03% 104.53 6.31% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 2.77% 0.03% 105.32 6.67% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 2.91% 0.03% 105.68 6.70% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.34% 0.02% 105.02 6.34% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.90% 0.03% 106.3 6.62% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.54% 0.03% 103.45 6.20% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.34% 0.03% 104.5 6.11% 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% 5.17% -0.10% 89.6 8.79% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.53% -0.01% 108.25 8.14%