13 October 2025

Summary-

Hybrid Securities Market Update – 13 October 2025

The Australian hybrid securities market continues to show resilience amid shifting interest rate expectations and investor appetite for yield. Here’s a snapshot of recent performance across both bank-issued hybrids and non-standard instruments:

Bank-Issued Hybrids

  • Trading Margins for major bank hybrids have generally remained stable, with most securities trading between 1.4% and 2.0%, reflecting moderate risk sentiment.
  • Running Yields are clustered around 6.0% to 6.8%, with standout performers like Latitude LFSPA (6.43% trading margin, 8.46% yield) and Judo Capital JDOPA (5.04% margin) offering higher returns, albeit with elevated risk.
  • Longer-dated hybrids such as Westpac WBCPM (Sep 2031) and Macquarie MQGPG (Dec 2031) are trading with margins near 1.75%–1.99%, suggesting investor confidence in long-term bank credit quality.
  • CBA’s PERLS series continues to attract attention, with CBAPM (PERLS 16) offering a 1.42% margin and 6.20% yield, balancing duration and yield appeal.

Non-Standard Hybrids

  • Nufarm NFNG, a step-up perpetual hybrid, is trading at 88 cents, delivering a running yield of 8.61%, supported by a 5.02% trading margin.
  • Ramsay Health Care RHCPA, a preference share, remains strong at $106.75, offering a running yield of 8.10% with a 4.51% margin, reflecting investor confidence in the healthcare sector.

Summary –

  • ASX-Listed Hybrids 13.10.25

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CLOSE    		RUNNING
    YIELD**
    ChallengerCGFPCCapital Notes 325-05-20264.60%-0.07%102.667.94%
    Nat Aust BankNABPFCapital Notes 317-06-20264.00%0.65%101.947.40%
    SuncorpSUNPHCapital Notes 317-06-20263.00%0.89%101.136.48%
    Macquarie GroupMQGPDCapital Notes 410-09-20264.15%0.60%102.957.48%
    CBACBAPJ PERLS 1320-10-20262.75%0.93%101.566.21%
    LatitudeLFSPACapital Notes27-10-20264.75%6.43%98.58.44%
    WestpacWBCPJCapital Notes 722-03-20273.40%1.20%102.86.77%
    CBACBAPI PERLS 1220-04-20273.00%1.11%102.56.39%
    Bank of QueenslandBOQPFCapital Notes 214-05-20273.80%0.94%104.197.06%
    Bendigo BankBENPHCapital Notes15-06-20273.80%1.09%104.027.07%
    Macquarie GroupMQGPECapital Notes 520-09-20272.90%0.83%102.76.24%
    Nat Aust BankNABPHCapital Notes 517-12-20273.50%1.41%103.946.78%
    ANZ BankAN3PICapital Notes 620-03-20283.00%1.35%103.56.34%
    CBACBAPL PERLS 1515-06-20282.85%1.45%103.186.21%
    SuncorpSUNPICapital Notes 417-06-20282.90%1.54%103.16.26%
    WestpacWBCPLCapital Notes 922-09-20283.40%1.31%105.36.61%
    Macquarie BankMBLPDCapital Notes 307-12-20282.90%1.64%103.46.25%
    Bank of QueenslandBOQPGCapital Notes 315-12-20283.40%1.82%104.26.67%
    Judo CapitalJDOPACapital Notes16-02-20296.50%5.04%111.719.55%
    ANZ BankAN3PJCapital Notes 720-03-20292.70%1.72%102.856.09%
    ChallengerCGFPDCapital Notes 425-05-20293.60%1.47%106.56.72%
    CBACBAPK PERLS 1415-06-20292.75%1.59%103.546.09%
    IAGIAGPECapital Notes 215-06-20293.50%1.92%104.96.73%
    Macquarie GroupMQGPFCapital Notes 612-09-20293.70%1.54%1076.78%
    Nat Aust BankNABPICapital Notes 617-09-20293.15%1.50%105.346.36%
    WestpacWBCPKCapital Notes 821-09-20292.90%1.45%104.746.17%
    ANZ BankAN3PKCapital Notes 820-03-20302.75%1.65%1046.07%
    CBACBAPM PERLS 1617-06-20303.00%1.42%105.926.19%
    SuncorpSUNPJCapital Notes 517-06-20302.80%1.86%103.516.14%
    Nat Aust BankNABPJCapital Notes 717-09-20302.80%1.66%104.466.08%
    Bendigo BankBENPiCapital Notes 213-12-20303.20%1.76%105.856.38%
    Insurance AustraliaIAGPFCapital Notes 315-12-20303.20%1.96%105.146.43%
    ANZ BankAN3PLCapital Notes 920-03-20312.90%1.78%104.786.16%
    WestpacWBCPMCapital Notes 1022-09-20313.10%1.75%106.146.27%
    Macquarie GroupMQGPGCapital Notes 715-12-20312.65%1.99%103.156.02%
    Nat Aust BankNABPKCapital Notes 817-03-20322.60%1.62%104.765.88%

  • ASX-Listed Hybrids (Non-standard) 13.10.25

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGINCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.02%888.61%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.51%106.758.10%