Summary –
The Australian bank hybrid securities market continues to offer compelling income opportunities, with updated figures reflecting a stable and attractive yield environment.
- Average Trading Margin: 4.35%
- Average Running Yield: 7.06%
These averages suggest that hybrids remain a strong option for income-focused investors, offering consistent returns above benchmark rates.
Top Performers
- Highest Trading Margin: Latitude’s LFSPA at 13.91%
- Highest Running Yield: Judo Capital’s JDOPA at 9.61%
Bottom Performers
- Lowest Trading Margin: National Australia Bank’s NABPK at 2.57%
- Lowest Running Yield: National Australia Bank’s NABPK at 6.16%
Market Insight
The spread between top and bottom performers highlights the diversity in risk and return profiles across the hybrid landscape. Latitude’s elevated margin reflects higher perceived risk or investor demand for yield, while NABPK’s lower figures suggest a more conservative profile with tighter spreads.
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COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CHANGEDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25-05-2026 4.60% 9.16% 0.06% 102.66 8.42% Nat Aust Bank NABPF Capital Notes 3 17-06-2026 4.00% 8.19% 0.05% 101.7 7.80% Suncorp SUNPH Capital Notes 3 17-06-2026 3.00% 7.84% 0.05% 100.72 6.81% Macquarie Group MQGPD Capital Notes 4 10-09-2026 4.15% 6.21% 0.03% 102.3 7.88% CBA CBAPJ PERLS 13 20-10-2026 2.75% 5.66% 0.03% 101 6.52% Latitude LFSPA Capital Notes 27-10-2026 4.75% 13.91% 0.06% 97.9 9.09% Westpac WBCPJ Capital Notes 7 22-03-2027 3.40% 6.27% 0.03% 102.5 7.26% CBA CBAPI PERLS 12 20-04-2027 3.00% 4.26% 0.02% 102.25 6.70% Bank of Queensland BOQPF Capital Notes 2 14-05-2027 3.80% 5.09% 0.02% 103.73 7.52% Bendigo Bank BENPH Capital Notes 15-06-2027 3.80% 4.63% 0.02% 103.27 7.47% Macquarie Group MQGPE Capital Notes 5 20-09-2027 2.90% 3.52% 0.01% 102.4 6.55% Nat Aust Bank NABPH Capital Notes 5 17-12-2027 3.50% 4.00% 0.01% 103.4 7.15% ANZ Bank AN3PI Capital Notes 6 20-03-2028 3.00% 3.17% 0.01% 102.79 6.60% CBA CBAPL PERLS 15 15-06-2028 2.85% 3.46% 0.01% 102.62 6.52% Suncorp SUNPI Capital Notes 4 17-06-2028 2.90% 3.28% 0.01% 103.19 6.54% Westpac WBCPL Capital Notes 9 22-09-2028 3.40% 4.07% 0.01% 104.75 7.09% Macquarie Bank MBLPD Capital Notes 3 07-12-2028 2.90% 3.23% 0.01% 102.8 6.53% Bank of Queensland BOQPG Capital Notes 3 15-12-2028 3.40% 3.49% 0.01% 104.2 6.99% Judo Capital JDOPA Capital Notes 16-02-2029 6.50% 4.79% 0.01% 112 9.61% ANZ Bank AN3PJ Capital Notes 7 20-03-2029 2.70% 2.62% 0.01% 103.3 6.26% Challenger CGFPD Capital Notes 4 25-05-2029 3.60% 3.76% 0.01% 104.63 7.20% CBA CBAPK PERLS 14 15-06-2029 2.75% 2.99% 0.01% 103.3 6.37% IAG IAGPE Capital Notes 2 15-06-2029 3.50% 3.76% 0.01% 104.8 7.12% Macquarie Group MQGPF Capital Notes 6 12-09-2029 3.70% 2.96% 0.01% 106.49 7.10% Nat Aust Bank NABPI Capital Notes 6 17-09-2029 3.15% 2.74% 0.01% 105.599 6.64% Westpac WBCPK Capital Notes 8 21-09-2029 2.90% 3.70% 0.01% 103.6 6.64% ANZ Bank AN3PK Capital Notes 8 20-03-2030 2.75% 2.67% 0.01% 103.453 6.31% CBA CBAPM PERLS 16 17-06-2030 3.00% 2.63% 0.01% 105.6 6.48% Suncorp SUNPJ Capital Notes 5 17-06-2030 2.80% 2.80% 0.01% 104.07 6.37% Nat Aust Bank NABPJ Capital Notes 7 17-09-2030 2.80% 2.82% 0.01% 104.05 6.38% Bendigo Bank BENPi Capital Notes 2 13-12-2030 3.20% 3.20% 0.01% 104.5 6.76% Insurance Australia IAGPF Capital Notes 3 15-12-2030 3.20% 3.35% 0.01% 104.66 6.80% ANZ Bank AN3PL Capital Notes 9 20-03-2031 2.90% 2.72% 0.00% 104.028 6.42% Westpac WBCPM Capital Notes 10 22-09-2031 3.10% 3.26% 0.01% 105.65 6.71% Macquarie Group MQGPG Capital Notes 7 15-12-2031 2.65% 2.71% 0.01% 103.4 6.24% Nat Aust Bank NABPK Capital Notes 8 17-03-2032 2.60% 2.57% 0.01% 104.2 6.16% -
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN ?DAY CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.24% 0.07% 90.5 8.84% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.64% 0.05% 108.639 8.24%