12 November 2025

Summary-

Hybrid securities remain a popular choice for income-seeking investors, offering attractive yields backed by Australia’s leading banks and regional institutions. Current market trends show major banks like NAB and Westpac delivering strong returns, while regional players such as Bank of Queensland and Bendigo Bank are closing the gap with competitive yields. With call dates ranging from 2026 to 2030, these instruments provide a mix of short- and medium-term opportunities, balancing income stability with issuer strength.

1. Nat Aust Bank (NABPF – 7.48%)

NAB leads the pack with its Capital Notes 3 offering, delivering a robust 7.48% running yield. With a call date in mid-2026, this hybrid appeals to investors seeking near-term income stability and strong institutional backing.

2. Bank of Queensland (BOQPF – 7.14%)

BOQ’s Capital Notes 2 ranks high for yield, reinforcing its position as a competitive regional bank. The 2027 call date provides a medium-term horizon for income-focused portfolios.

3. Bendigo Bank (BENPH – 7.14%)

Matching BOQ, Bendigo Bank’s hybrid offers similar yield strength. Its strong regional presence and consistent performance make it a reliable choice for conservative investors.

4. Nat Aust Bank (NABPH – 6.86%)

Another NAB entry, Capital Notes 5, underscores the bank’s dominance in hybrid issuance. Investors benefit from diversification within the same issuer across different maturities.

5. Westpac (WBCPJ – 6.84%)

Westpac’s Capital Notes 7 combines solid yield with a 2027 call date, appealing to those seeking exposure to one of Australia’s major banks with a strong capital position.

6. Bank of Queensland (BOQPG – 6.75%)

BOQ’s second entry offers a slightly longer horizon (2028), balancing yield and duration for investors planning ahead.

7. Westpac (WBCPL – 6.68%)

Westpac’s Capital Notes 9 provides a competitive yield and extended maturity, ideal for those comfortable with longer-term commitments.

8. Suncorp (SUNPH – 6.56%)

Suncorp’s hybrid stands out for its insurance-banking blend, offering diversification benefits alongside a healthy yield.

9. CBA (CBAPI – 6.47%)

CBA’s PERLS 12 remains a staple for hybrid investors, backed by Australia’s largest bank. While yield is slightly lower, the security of the issuer adds significant appeal.

10. Bendigo Bank (BENPi – 6.45%)

Bendigo’s second entry offers a long-dated option (2030), catering to investors seeking extended income streams with regional bank exposure.

  • ASX-Listed Hybrids 12.11.25

    COMPANYCODEHYBRID TYPEMATURITY/
    CALL
    DATE    		MARGIN
    INCL. CREDITS    		TRADING
    MARGIN    		DAY
    CLOSE    		RUNNING
    YIELD**
    ChallengerCGFPCCapital Notes 325/05/20264.60%-0.42%102.668.02%
    Nat Aust BankNABPFCapital Notes 317/06/20264.00%0.48%101.947.48%
    SuncorpSUNPHCapital Notes 317/06/20263.00%0.86%101.136.56%
    Macquarie GroupMQGPDCapital Notes 410/09/20264.15%0.45%102.957.56%
    CBACBAPJ PERLS 1320/10/20262.75%0.94%101.566.28%
    LatitudeLFSPACapital Notes27/10/20264.75%6.21%98.508.49%
    WestpacWBCPJCapital Notes 722/03/20273.40%1.18%102.806.84%
    CBACBAPI PERLS 1220/04/20273.00%1.12%102.506.47%
    Bank of QueenslandBOQPFCapital Notes 214/05/20273.80%0.91%104.197.14%
    Bendigo BankBENPHCapital Notes15/06/20273.80%1.07%104.027.14%
    Macquarie GroupMQGPECapital Notes 520/09/20272.90%1.04%102.706.33%
    Nat Aust BankNABPHCapital Notes 517/12/20273.50%1.42%103.946.86%
    ANZ BankAN3PICapital Notes 620/03/20283.00%1.36%103.506.41%
    CBACBAPL PERLS 1515/06/20282.85%1.48%103.186.28%
    SuncorpSUNPICapital Notes 417/06/20282.90%1.56%103.106.33%
    WestpacWBCPLCapital Notes 922/09/20283.40%1.30%105.306.68%
    Macquarie BankMBLPDCapital Notes 37/12/20282.90%1.66%103.406.32%
    Bank of QueenslandBOQPGCapital Notes 315/12/20283.40%1.84%104.206.75%
    Judo CapitalJDOPACapital Notes16/02/20296.50%4.60%111.719.60%
    ANZ BankAN3PJCapital Notes 720/03/20292.70%1.73%102.856.16%
    ChallengerCGFPDCapital Notes 425/05/20293.60%1.48%106.506.79%
    CBACBAPK PERLS 1415/06/20292.75%1.61%103.546.16%
    IAGIAGPECapital Notes 215/06/20293.50%1.92%104.906.80%
    Macquarie GroupMQGPFCapital Notes 612/09/20293.70%1.55%107.006.85%
    Nat Aust BankNABPICapital Notes 617/09/20293.15%1.51%105.346.44%
    WestpacWBCPKCapital Notes 821/09/20292.90%1.46%104.746.24%
    ANZ BankAN3PKCapital Notes 820/03/20302.75%1.66%104.006.14%
    CBACBAPM PERLS 1617/06/20303.00%1.44%105.926.26%
    SuncorpSUNPJCapital Notes 517/06/20302.80%1.88%103.516.21%
    Nat Aust BankNABPJCapital Notes 717/09/20302.80%1.68%104.466.16%
    Bendigo BankBENPiCapital Notes 213/12/20303.20%1.77%105.856.45%
    Insurance AustraliaIAGPFCapital Notes 315/12/20303.20%1.96%105.146.50%
    ANZ BankAN3PLCapital Notes 920/03/20312.90%1.79%104.786.23%
    WestpacWBCPMCapital Notes 1022/09/20313.10%1.76%106.146.34%
    Macquarie GroupMQGPGCapital Notes 715/12/20312.65%2.01%103.156.09%
    Nat Aust BankNABPKCapital Notes 817/03/20322.60%1.64%104.765.95%

  • ASX-Listed Hybrids (Non-standard) 12.11.25

    COMPANYCODEBOND TYPECALL DATEISSUE MARGIN (inc frank)TRADING MARGINCLOSING PRICE RUNNING YIELD
    NufarmNFNGStep UpPerpetual3.90%5.07%888.71%
    Ramsay Health CareRHCPAPreference SharePerpetual4.85%4.42%106.758.06%