Summary:
From 16 to 20 June 2025, Australian bank hybrids delivered steady performance with selective strength in mid-tier and short-duration issues, reflecting a market still hungry for yield despite looming structural changes.
Top performer: Judo Capital’s JDOPA led with a 9.44% running yield, trading at a premium near $112.
Latitude’s LFSPA followed with 8.98%, offering high yield at a discount ($97.80).
Macquarie’s MBLPC and Challenger’s CGFPC also stood out, yielding 8.50% and 8.38%, respectively.
Westpac’s WBCPH posted the largest trading margin jump, up 3.09%, closing near par—signalling renewed interest in near-term callable hybrids.
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% 19.48% 1.83% 100.1 7.16% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 6.88% 0.41% 101.1 8.28% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 6.22% 0.34% 101.25 8.45% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 5.09% 0.21% 102.6 8.32% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.08% 0.17% 102.22 7.69% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.43% 0.18% 100.69 6.78% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 4.41% 0.12% 101.9 7.85% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.38% 0.12% 101.2 6.48% Latitude LFSPA Capital Notes 27/10/2026 4.75% 11.21% 0.25% 96.51 9.09% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.55% 0.11% 102.35 7.21% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.12% 0.09% 101.88 6.69% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.09% 0.10% 102.74 7.51% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.78% 0.09% 102.4 7.47% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.72% 0.06% 102.18 6.56% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 3.15% 0.07% 103.05 7.12% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.81% 0.04% 102.11 6.65% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.98% 0.05% 101.81 6.55% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 3.24% 0.06% 101.3 6.63% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.44% 0.06% 104.15 7.08% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.82% 0.04% 102.29 6.56% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.35% 0.05% 102.5 7.06% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.15% 0.06% 111.09 9.51% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.79% 0.03% 101.4 6.39% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.37% 0.05% 103.65 7.21% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.87% 0.04% 101.8 6.45% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.68% 0.04% 103.25 7.20% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.98% 0.04% 104.69 7.19% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.72% 0.04% 103.74 6.72% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.26% 0.05% 102.9 6.65% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.72% 0.03% 101.84 6.41% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.58% 0.04% 103.9 6.56% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.89% 0.04% 101.87 6.49% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.79% 0.03% 102.3 6.46% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 3.23% 0.04% 102.37 6.87% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.43% 0.03% 102.7 6.92% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.70% 0.02% 102.66 6.51% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 3.05% 0.03% 104.5 6.74% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.80% 0.03% 101.35 6.36% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.40% 0.03% 103.2 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% 5.19% -0.08% 88.75 8.88% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.67% 0.15% 105.5 8.37%
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