Daily

Summary-

Australian listed hybrids continued to trade in a stable range this week, with most major bank securities maintaining firm pricing despite ongoing uncertainty around interest rate expectations and broader market volatility. Investor demand for high-quality income products remains solid, keeping trading margins compressed across the top-tier bank-issued notes.

Major Bank Hybrids – Margins Hold Firm, Yields Ease Slightly

Among the major issuers — CBA, NAB, Westpac, ANZ, and Macquarie — trading margins mostly drifted modestly lower, reflecting resilience in hybrid valuations.
Key highlights include:

• CBA PERLS 13 (CBAPJ) closed at $101.56 with a running yield of 6.30%, supported by strong institutional demand and its upcoming call date in late 2026.

• NAB Capital Notes 3 (NABPF) traded at $101.94 and delivered a 7.49% running yield, one of the more attractive yields among the major bank resets.

• Westpac Capital Notes series showed similar behaviour, with margins tightening slightly as investors rotated into high-quality FRN-style hybrids.

• Macquarie Capital Notes 4 (MQGPD) held at $102.95 with a 7.57% running yield, continuing to offer a premium relative to the major banks due to higher perceived volatility in Macquarie’s earnings outlook.

• ANZ hybrids similarly remained well bid, reflecting stable tier-1 capital positioning and strong credit fundamentals.

• ASX-Listed Hybrids 18.11.25

  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%	-0.50%	102.66	8.04%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.44%	101.94	7.49%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.85%	101.13	6.57%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.41%	102.95	7.57%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	101.56	6.30%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.26%	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%	1.09%	102.70	6.35%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	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	6.35%
  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%	1.66%	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	6.81%
  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	6.81%
  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	6.45%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.25%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.66%	104.00	6.15%
  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	6.23%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.68%	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	6.51%
  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	6.35%
  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%	1.64%	104.76	5.96%

• COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.10%	88	8.75%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.44%	106.75	8.09%