Summary-
The Australian hybrid securities market continues to attract strong investor interest, with major banks offering competitive yields and stable trading margins. Among the top performers, Commonwealth Bank (CBA) leads with multiple PERLS series, including PERLS 13 (CBAPJ) and PERLS 15 (CBAPL), delivering running yields of 6.31% and 6.31% respectively. These instruments maintain robust pricing above $101, signaling confidence in CBA’s capital strength.
National Australia Bank (NAB) follows closely with its Capital Notes 3 (NABPF) and Capital Notes 5 (NABPH), offering yields of 7.52% and 6.89%, supported by attractive margins and strong liquidity. Westpac (WBC) also stands out, with Capital Notes 7 (WBCPJ) and Capital Notes 9 (WBCPL) trading at premiums and yielding 6.87% and 6.71%, making them appealing for income-focused investors.
ANZ Bank maintains competitive positioning through its Capital Notes 6 (AN3PI) and Capital Notes 8 (AN3PK), delivering yields around 6.17%–6.44%, while Macquarie Group continues to impress with Capital Notes 4 (MQGPD) and Capital Notes 6 (MQGPF), offering yields near 6.88% and strong price resilience above $107.
Regional players like Bank of Queensland (BOQ) and Bendigo Bank (BEN) also feature prominently, with yields exceeding 7%, reflecting their appeal in a diversified portfolio strategy. Overall, the hybrid market remains a compelling option for investors seeking steady income and exposure to Australia’s leading financial institutions.
ASX-Listed Hybrids
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -1.68% 102.66 8.02% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.33% 101.94 7.52% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% 0.83% 101.13 6.59% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% 0.32% 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% 6.41% 98.50 8.52% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 1.16% 102.80 6.87% 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% 1.05% 104.02 7.17% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 1.20% 102.70 6.38% 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 6.44% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.50% 103.18 6.31% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.58% 103.10 6.37% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.30% 105.30 6.71% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 1.67% 103.40 6.35% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 1.86% 104.20 6.78% 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% 1.75% 102.85 6.19% 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 6.83% 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 6.47% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 1.47% 104.74 6.27% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.67% 104.00 6.17% 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% 1.70% 104.46 6.19% 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 6.53% 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% 2.03% 103.15 6.12% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.65% 104.76 5.98% ASX-Listed Hybrids (Non-standard) 03.12.25
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.18% 88 8.84% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.51% 106.75 8.17%