Summary:
Bank hybrid securities again delivered high income with little price volatility. The YieldReport data shows the average trading margin on major bank AT1 hybrids held around 3½% and running yields sat mostly in the high-6% to mid-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.
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% 41.53% 6.44% 100.25 7.20% AMP Group AMPPB Capital Notes 2 16/12/2025 4.50% 7.94% 0.58% 101.9 8.28% Macquarie Bank MBLPC Capital Notes 2 22/12/2025 4.70% 7.79% 0.51% 101.69 8.47% Challenger CGFPC Capital Notes 3 25/05/2026 4.60% 5.27% 0.24% 103.54 8.31% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 4.70% 0.20% 102.66 7.72% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 4.39% 0.19% 101.7 6.75% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 3.65% 0.12% 103.52 7.78% CBA CBAPJ PERLS 13 20/10/2026 2.75% 3.52% 0.13% 101.9 6.48% Latitude LFSPA Capital Notes 27/10/2026 4.75% 10.70% 0.26% 98.6 8.98% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 4.65% 0.12% 103.23 7.20% CBA CBAPI PERLS 12 20/04/2027 3.00% 3.10% 0.09% 102.75 6.68% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 4.59% 0.12% 103 7.56% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 3.52% 0.09% 103.76 7.43% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 2.92% 0.06% 102.5 6.57% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 2.86% 0.07% 104.5 7.07% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 2.52% 0.04% 103.4 6.59% CBA CBAPL PERLS 15 15/06/2028 2.85% 2.87% 0.06% 102.9 6.52% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 3.09% 0.06% 102.5 6.59% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 3.54% 0.06% 104.8 7.08% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 2.77% 0.04% 103.12 6.54% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 3.11% 0.05% 104.06 7.00% Judo Capital JDOPA Capital Notes 16/02/2029 6.50% 3.93% 0.07% 112.85 9.45% ANZ Bank AN3PJ Capital Notes 7 20/03/2029 2.70% 2.58% 0.03% 102.64 6.34% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 3.26% 0.05% 104.9 7.18% CBA CBAPK PERLS 14 15/06/2029 2.75% 2.59% 0.04% 103.46 6.38% Insurance Australia IAGPE Capital Notes 2 15/06/2029 3.50% 3.43% 0.04% 104.77 7.14% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 2.76% 0.04% 106.16 7.13% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 2.63% 0.04% 104.85 6.69% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 3.26% 0.05% 103.79 6.63% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 2.52% 0.03% 103.18 6.36% CBA CBAPM PERLS 16 17/06/2030 3.00% 2.34% 0.03% 105.597 6.50% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 2.77% 0.04% 103.14 6.45% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 2.41% 0.03% 104.6 6.36% Bendigo Bank BENPI Capital Notes 2 13/12/2030 3.20% 2.85% 0.03% 104.75 6.76% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 3.19% 0.03% 104.32 6.85% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 2.34% 0.02% 104.82 6.40% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 2.90% 0.03% 106.011 6.69% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 2.64% 0.03% 102.81 6.30% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 2.49% 0.03% 103.53 6.22% 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% 5.27% -0.08% 88.3 8.95% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.54% -0.03% 107.61 8.22%