27 November 2025

Summary-

The attached ASX-listed hybrids universe (36 lines) remains a steady income play for yield-seeking investors. The sample shows an average running yield of 6.72% (median 6.46%), with the spectrum running from ~5.97% to 9.60%. Major banks dominate the register — NAB, CBA, Westpac, ANZ and Macquarie account for roughly 61% of the listings (22 of 36) — keeping the sector conservative in issuer mix and credit profile. The average market price sits modestly above par at ~104.05c, implying investors are still paying a premium for running income and relative stability.

Key takeaways (data-driven)

• Universe size: 36 ASX-listed hybrids (data dated 27 Nov 2025).

• Running yield: Mean 6.72%, median 6.46%; range 5.97% → 9.60%.

• Top yields (by running yield):

  1. Judo Capital (JDOPA) — 9.60% (day close 111.71c)

  2. Latitude (LFSPA) — 8.51% (98.50c)

  3. Challenger (CGFPC) — 8.01% (102.66c)

  4. Macquarie Group (MQGPD) — 7.58% (102.95c)

  5. NAB (NABPF) — 7.50% (101.94c)

• Market pricing: Average DAY CLOSE ≈ 104.05c — a small premium versus par, reflecting demand for yield and limited supply.

• Trading margin: where reported, the trading-margin metrics average ~1.57%, indicating moderate secondary-market spreads.

What this means for investors

1. Attractive yields, but watch issuer mix. Average running yields in the high-6% area remain compelling versus many low-risk cash alternatives. However, the sector is heavily weighted to big banks (over 60% of listings) — good for credit comfort, but it concentrates issuer risk.

2. Top-yield names reflect issuer-specific drivers. The highest running yields (Judo, Latitude, Challenger) are noticeably above the universe mean — these can represent either higher coupon structures or market repricing reflecting issuer / structural risk. Investors should check call dates, subordination and any reset mechanics before buying.

3. Price premiums indicate demand. With average day-close ≈104c, buyers are paying for ongoing distributions. That premium compresses effective yield-to-call; if rates or credit sentiment shifts, prices could re-rate.

4. Secondary liquidity and trading margin matter. Trading margin averages (~1.6%) suggest modest spreads — useful for investors who may need to trade out before call or maturity. Less-liquid, smaller-issuer hybrids can show wider spreads and more price volatility.

• ASX-Listed Hybrids 27.11.25

  COMPANY	CODE	HYBRID TYPE	MATURITY/ CALL DATE	MARGIN INCL. CREDITS	TRADING MARGIN	DAY CLOSE	RUNNING YIELD**
  Challenger	CGFPC	Capital Notes 3	25/05/2026	4.60%	-1.54%	102.66	8.01%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.38%	101.94	7.50%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.84%	101.13	6.58%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.36%	102.95	7.58%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	101.56	6.30%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.35%	98.50	8.51%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.16%	102.80	6.86%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.12%	102.50	6.49%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.59%	104.19	7.13%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.06%	104.02	7.16%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	1.16%	102.70	6.36%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.43%	103.94	6.88%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.36%	103.50	6.43%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.49%	103.18	6.30%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.57%	103.10	6.35%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	105.30	6.69%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.67%	103.40	6.34%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.85%	104.20	6.77%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.6	111.71	9.60%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	1.74%	102.85	6.17%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.36%	106.50	6.79%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.62%	103.54	6.18%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	1.92%	104.90	6.82%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.55%	107.00	6.87%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.52%	105.34	6.45%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.47%	104.74	6.25%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.67%	104.00	6.15%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.45%	105.92	6.28%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.90%	103.51	6.23%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.69%	104.46	6.17%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.78%	105.85	6.47%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	1.97%	105.14	6.52%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.80%	104.78	6.25%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.77%	106.14	6.36%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.02%	103.15	6.11%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.65%	104.76	5.97%

• ASX-Listed Hybrids (Non-standard) 27.11.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.09%	88	8.74%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.44%	106.75	8.09%