Summary:
Bank hybrid securities again delivered high income with little price volatility. The YieldReport data shows the average trading margin is 2.92 % and running yields sat mostly in 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% 114.66% 34.49% 100.53 7.10% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 10.13% 1.04% 102.15 8.19% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 8.12% 0.55% 102.38 8.34% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 8.81% 0.36% 101.9 8.39% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.80% 0.41% 103.25 7.60% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.70% 0.60% 102.11 6.64% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.33% 0.06% 104.34 7.64% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.35% -0.15% 102.66 6.35% Latitude LFSPA Capital Notes 27/10/2026 4.75% 12.34% 0.73% 98.1 8.97% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.79% 0.12% 103.7 7.09% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.20% 0.18% 103.17 6.57% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.44% 0.09% 103.94 7.42% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.13% 0.07% 104.98 7.27% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.47% -0.16% 103.8 6.40% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.87% 0.06% 105.02 6.96% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.38% -0.01% 104.1 6.46% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.65% 0.07% 103.96 6.37% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 2.49% -0.19% 104.49 6.38% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.57% 0.08% 105.35 6.97% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.51% 0.05% 104.27 6.38% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.15% 0.01% 104.5 6.89% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 4.51% 0.07% 112 9.50% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.34% 0.11% 103.72 6.18% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.53% -0.16% 104.69 7.12% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.56% 0.01% 104.08 6.26% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.11% -0.07% 106.23 6.95% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.80% -0.06% 106.51 7.03% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.60% 0.12% 105.5 6.57% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.12% 0.23% 104.8 6.49% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.45% 0.11% 103.82 6.22% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.43% 0.02% 105.8 6.40% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.70% 0.02% 103.91 6.32% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.44% 0.04% 104.99 6.25% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 2.67% 0.00% 106 6.60% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 2.94% 0.05% 105.75 6.67% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.31% 0.00% 105.34 6.28% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.91% 0.09% 106.53 6.58% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.61% -0.10% 103.36 6.18% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.40% 0.02% 104.45 6.08% 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% 5.15% 5.15% 89.9 8.71% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.55% 4.59% 108.2 8.11%