1 December 2025

Summary-

Market Overview:
Top 10 bank issuers hold 31 hybrid lines. Average trading margin is around 1.5%, and running yield sits near 6.6%. Call dates range from Jun 2026 to Mar 2032.

Big Four Banks

• CBA (PERLS): Tight pricing, trading margins mostly 0.94–1.63%, strong demand across curve.
• NAB: Similar to CBA, near‑call notes very tight (~0.35%) with gradual steepening to 2032.
• Westpac: Margins 1.16–1.77%, normal tenor premium into 2031.
• ANZ: Margins 1.36–1.80%, slightly wider than CBA/NAB but balanced curve.

Macquarie Group & Bank

• Macquarie Group: Wide range (0.33–2.02%) from 2026 to 2031, reflecting tenor and liquidity.
• Macquarie Bank: Single 2028 line at 1.67%, in line with mid‑curve majors.

Regionals & Others

• Suncorp: Margins 0.83–1.90%, wider at long end.
• Bank of Queensland: Two lines, 0.58–1.86%, competitive running yields.
• Bendigo Bank: Margins 1.06–1.79%, wider than majors.
• Judo Bank: Outlier at 4.60% margin, 9.6% yield, reflecting higher risk premium.

 

 

• ASX-Listed Hybrids 01.12.25

  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%	-1.63%	102.66	8.02%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.35%	101.94	7.51%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.83%	101.13	6.58%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.33%	102.95	7.59%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	101.56	6.31%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.39%	98.50	8.52%
  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	6.50%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.58%	104.19	7.14%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.06%	104.02	7.17%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	1.19%	102.70	6.37%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.43%	103.94	6.89%
  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	6.31%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.58%	103.10	6.36%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	105.30	6.70%
  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%	1.86%	104.20	6.77%
  Judo Capital	JDOPA	Capital Notes	16/02/2029	6.50%	4.60%	111.71	9.60%
  ANZ Bank	AN3PJ	Capital Notes 7	20/03/2029	2.70%	1.74%	102.85	6.18%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.36%	106.50	6.80%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.63%	103.54	6.19%
  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	6.88%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.52%	105.34	6.46%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.47%	104.74	6.26%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.67%	104.00	6.16%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.45%	105.92	6.29%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.90%	103.51	6.24%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.69%	104.46	6.18%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.79%	105.85	6.48%
  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	6.26%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.77%	106.14	6.37%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.02%	103.15	6.12%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.65%	104.76	5.97%

• ASX-Listed Hybrids (Non-standard) 1.12.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.17%	88	8.84%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.51%	106.75	8.17%