20 November 2025

Summary-

The ASX hybrid market continues to offer a mix of opportunities for income-focused investors, with trading margins and yields reflecting both credit quality and investor sentiment.

Major Bank Hybrids

• Commonwealth Bank PERLS Series: PERLS 13 (CBAPJ) is trading at $101.56 with a running yield of 6.29%, while PERLS 16 (CBAPM) sits at $105.92, yielding 6.27%. Margins remain tight, signaling strong demand for CBA hybrids.
• ANZ Capital Notes: Series 6 (AN3PI) offers a 6.42% running yield at $103.50, while Series 9 (AN3PL) trades at $104.78 with a yield of 6.24%.
• Westpac Capital Notes: WBCPL (Series 9) is priced at $105.30, delivering 6.68%, slightly higher than peers, reflecting its longer call date.

Regional Banks & Challenger

• Bank of Queensland hybrids (BOQPF, BOQPG) maintain yields above 6.7%, appealing to investors seeking diversification.
• Challenger Capital Notes 3 (CGFPC) trades at $102.66 with an attractive 8.03% running yield, though its trading margin is slightly negative, indicating strong secondary market pricing.

Non-Standard Hybrids

• Nufarm Step-Up (NFNG) stands out with a running yield of 8.72% at $88, reflecting higher risk and perpetual structure.
• Ramsay Health Care Preference Shares (RHCPA) trade at $106.75, yielding 8.08%, offering a compelling option for those comfortable with non-standard structures.

• ASX-Listed Hybrids 20.11.25

  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%	-0.53%	$102.66	8.03%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.43%	$101.94	7.49%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.85%	$101.13	6.56%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.40%	$102.95	7.57%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	$101.56	6.29%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.28%	$98.50	8.50%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.17%	$102.80	6.85%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.12%	$102.50	6.48%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.61%	$104.19	7.12%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.06%	$104.02	7.15%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	1.10%	$102.70	6.35%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.43%	$103.94	6.87%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.36%	$103.50	6.42%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.48%	$103.18	6.29%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.57%	$103.10	6.34%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	$105.30	6.68%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.67%	$103.40	6.33%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.85%	$104.20	6.76%
  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	6.17%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.49%	$106.50	6.80%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.62%	$103.54	6.17%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	1.92%	$104.90	6.81%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.55%	$107.00	6.86%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.52%	$105.34	6.44%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	$104.74	6.24%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.66%	$104.00	6.14%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.44%	$105.92	6.27%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.89%	$103.51	6.22%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.69%	$104.46	6.16%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.78%	$105.85	6.46%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	1.97%	$105.14	6.51%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.80%	$104.78	6.24%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.77%	$106.14	6.35%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.02%	$103.15	6.10%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.65%	$104.76	5.96%

• ASX-Listed Hybrids (Non-standard) 20.11.25.

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.08%	88	8.72%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.43%	106.75	8.08%