9 June – 13 June 2025

Summary: 

It was an active week in the ASX-listed hybrid space, with yields holding firm and a few standouts shifts across the curve. 

Judo Capital’s JDOPA once again claimed the top spot with a 9.44% running yield, continuing to trade at a premium near $112. Latitude’s LFSPA followed closely at 8.98%, offering high yield at a discount ($97.80), while Macquarie’s MBLPC and Challenger’s CGFPC delivered impressive yields of 8.50% and 8.38%, respectively. 

Westpac’s WBCPH drew attention with the highest trading margin of the week at 18.74%, rising 3.09%, and closing near par. The movement signals renewed market activity in near-term callable hybrids. 

 Most major bank hybrids including CBA’s CBAPJ, ANZ’s AN3PJ, and NABPI saw minor shifts, reflecting steady demand in the 2028–2031 maturity band. Longer-dated notes like NABPK and MQGPG traded within tight ranges, with lower yields around 6.2–6.3%, reflecting their duration and pricing stability. 

 Highlights: 

• JDOPA remains the yield leader at 9.44% 

• LFSPA offers high yield at a discounted price 

• WBCPH saw the biggest trading margin jump, up 3.09% 

• Premium names stayed firm with minimal movement in margins  

Market Tone: 

Investors chased yield this week, especially among mid-tier names and short-duration hybrids. Trading margins in premium issuers remained tight, while names like Westpac, AMP, and Macquarie showed relative activity across both ends of the curve. 

• 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%	18.74%	3.09%	99.85	7.20%
  AMP Group	AMPPB	Capital Notes 2	16/12/2025	4.50%	6.95%	0.77%	100.87	8.32%
  Macquarie Bank	MBLPC	Capital Notes 2	22/12/2025	4.70%	6.55%	0.66%	100.92	8.50%
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	5.52%	0.41%	102.05	8.38%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	4.02%	0.32%	102.119	7.72%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	4.36%	0.33%	100.6	6.80%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	3.76%	0.22%	102.501	7.83%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	3.11%	0.22%	101.38	6.50%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	9.78%	0.43%	97.8	8.98%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	4.56%	0.22%	102.171	7.24%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	3.15%	0.17%	101.7	6.73%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	3.87%	0.20%	102.95	7.52%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	3.64%	0.17%	102.49	7.49%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	3.26%	0.12%	101	6.66%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	3.15%	0.13%	102.9	7.15%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	2.82%	0.09%	102	6.68%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	3.01%	0.11%	101.6	6.58%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	3.21%	0.11%	101.25	6.66%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	3.67%	0.12%	103.4	7.15%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	2.93%	0.08%	101.86	6.61%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	3.28%	0.10%	102.58	7.08%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	3.78%	0.12%	111.99	9.44%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	2.75%	0.07%	101.399	6.42%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	3.26%	0.10%	103.86	7.22%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	2.67%	0.08%	102.3	6.44%
  Insurance Australia	IAGPE	Capital Notes 2	15/06/2029	3.50%	3.72%	0.08%	103	7.24%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	2.84%	0.07%	105.05	7.19%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	2.71%	0.08%	103.66	6.75%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	3.03%	0.09%	103.5	6.63%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	2.70%	0.06%	101.81	6.44%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	2.65%	0.07%	103.5	6.61%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	2.91%	0.07%	101.7	6.52%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	2.65%	0.07%	102.71	6.46%
  Bendigo Bank	BENPI	Capital Notes 2	13/12/2030	3.20%	3.11%	0.07%	102.73	6.87%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	3.44%	0.06%	102.55	6.96%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	2.64%	0.05%	102.85	6.52%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	3.04%	0.07%	104.39	6.77%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.67%	0.05%	101.85	6.35%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	2.35%	0.05%	103.32	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%	5.35%	0.08%	87.1	9.08%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.59%	0.07%	106.32	8.32%

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