Summary –
AS of 15 January 2026, ASX‑listed bank hybrids show steady performance across the majors, with ANZ, CBA, NAB and Westpac clustering around 1.1%–1.6% trading margins and 6.3%–6.7% running yields, while regional banks such as BOQ and Bendigo offer slightly higher yields. Macquarie Group and Macquarie Bank remain aligned with major‑bank pricing, whereas Judo Bank stands out with a materially wider 4.60% margin, 9.60% yield, and a double‑digit premium, reflecting higher risk‑reward dynamics. Call dates span 2026–2032, with near‑call securities showing natural margin compression. This snapshot positions bank hybrids as a stable, income‑focused segment within the ASX, appealing to investors seeking yield, issuer diversity and well‑defined call ladders.
ASX-Listed Hybrids 15.01.2026
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -3.09% 102.66 8.10% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% -1.13% 101.94 7.57% Suncorp SUNPH Capital Notes 3 17/06/2026 3.00% -0.19% 101.13 6.64% Macquarie Group MQGPD Capital Notes 4 10/09/2026 4.15% -0.62% 102.95 7.64% CBA CBAPJ PERLS 13 20/10/2026 2.75% 0.43% 101.56 6.37% Latitude LFSPA Capital Notes 27/10/2026 4.75% 6.93% 98.50 8.61% Westpac WBCPJ Capital Notes 7 22/03/2027 3.40% 0.81% 102.80 6.93% CBA CBAPI PERLS 12 20/04/2027 3.00% 0.80% 102.50 6.56% Bank of Queensland BOQPF Capital Notes 2 14/05/2027 3.80% 0.47% 104.19 7.22% Bendigo Bank BENPH Capital Notes 15/06/2027 3.80% 0.69% 104.02 7.23% Macquarie Group MQGPE Capital Notes 5 20/09/2027 2.90% 0.58% 102.70 6.39% Nat Aust Bank NABPH Capital Notes 5 17/12/2027 3.50% 1.21% 103.94 6.94% ANZ Bank AN3PI Capital Notes 6 20/03/2028 3.00% 1.21% 103.50 6.50% CBA CBAPL PERLS 15 15/06/2028 2.85% 1.35% 103.18 6.37% Suncorp SUNPI Capital Notes 4 17/06/2028 2.90% 1.44% 103.10 6.42% Westpac WBCPL Capital Notes 9 22/09/2028 3.40% 1.15% 105.30 6.76% Macquarie Bank MBLPD Capital Notes 3 7/12/2028 2.90% 1.57% 103.40 6.41% Bank of Queensland BOQPG Capital Notes 3 15/12/2028 3.40% 1.73% 104.20 6.83% 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% 1.67% 102.85 6.25% Challenger CGFPD Capital Notes 4 25/05/2029 3.60% 1.35% 106.50 6.88% CBA CBAPK PERLS 14 15/06/2029 2.75% 1.53% 103.54 6.25% IAG IAGPE Capital Notes 2 15/06/2029 3.50% 1.83% 104.90 6.89% Macquarie Group MQGPF Capital Notes 6 12/09/2029 3.70% 1.43% 107.00 6.94% Nat Aust Bank NABPI Capital Notes 6 17/09/2029 3.15% 1.42% 105.34 6.52% Westpac WBCPK Capital Notes 8 21/09/2029 2.90% 1.38% 104.74 6.32% ANZ Bank AN3PK Capital Notes 8 20/03/2030 2.75% 1.61% 104.00 6.22% CBA CBAPM PERLS 16 17/06/2030 3.00% 1.37% 105.92 6.34% Suncorp SUNPJ Capital Notes 5 17/06/2030 2.80% 1.83% 103.51 6.30% Nat Aust Bank NABPJ Capital Notes 7 17/09/2030 2.80% 1.63% 104.46 6.24% Bendigo Bank BENPi Capital Notes 2 13/12/2030 3.20% 1.71% 105.85 6.54% Insurance Australia IAGPF Capital Notes 3 15/12/2030 3.20% 1.91% 105.14 6.59% ANZ Bank AN3PL Capital Notes 9 20/03/2031 2.90% 1.75% 104.78 6.32% Westpac WBCPM Capital Notes 10 22/09/2031 3.10% 1.71% 106.14 6.43% Macquarie Group MQGPG Capital Notes 7 15/12/2031 2.65% 1.98% 103.15 6.18% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.60% 104.76 6.03% ASX-Listed Hybrids (Non-standard) 15.01.2026
COMPANY CODE BOND TYPE CALL DATE ISSUE MARGIN (inc frank) TRADING MARGIN CLOSING PRICE RUNNING YIELD Nufarm NFNG Step Up Perpetual 3.90% 5.22% 88 8.96% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.53% 106.75 8.27%