Daily

Summary-

Trading margins across major bank hybrids have tightened slightly, reflecting strong demand and confidence in the sector. Prices are generally above $100 face value, indicating robust investor appetite. Running yields for the Big Four banks hover between 6.15% and 6.33%, offering competitive income compared to term deposits and traditional bonds.

Top Bank Hybrids Snapshot

• Commonwealth Bank (CBA): PERLS 16 (CBAPM) trades at $105.92 with a margin of 3.00% and a running yield of 6.25%. PERLS 15 and 14 also remain well-supported, signaling continued investor trust in CBA’s stability.
• National Australia Bank (NAB): Capital Notes 8 (NABPK) offers a margin of 2.60%, trading at $104.76 with a yield of 5.94%. Longer-dated notes like NABPJ (2030) provide slightly higher yields at 6.15%.
• ANZ Bank: Capital Notes 9 (AN3PL) delivers a 2.90% margin and a yield of 6.23%, priced at $104.78. ANZ hybrids maintain competitive spreads, appealing to conservative investors.
• Westpac: Capital Notes 10 (WBCPM) stands out with a 3.10% margin and a running yield of 6.33%, trading at $106.14. Westpac hybrids remain among the most attractive for yield seekers.

• ASX-Listed Hybrids 13.11.25

  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%	-0.43%	102.66	8.01%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.47%	101.94	7.47%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.86%	101.13	6.55%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.44%	102.95	7.55%
  CBA	CBAPJ	PERLS 13	20/10/2026	2.75%	0.94%	101.56	6.28%
  Latitude	LFSPA	Capital Notes	27/10/2026	4.75%	6.21%	98.50	8.48%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.18%	102.80	6.83%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.12%	102.50	6.46%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.62%	104.19	7.10%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.07%	104.02	7.13%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	1.05%	102.70	6.32%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.85%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.36%	103.50	6.40%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.48%	103.18	6.27%
  Suncorp	SUNPI	Capital Notes 4	17/06/2028	2.90%	1.56%	103.10	6.33%
  Westpac	WBCPL	Capital Notes 9	22/09/2028	3.40%	1.30%	105.30	6.67%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.66%	103.40	6.31%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.84%	104.20	6.74%
  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%	1.73%	102.85	6.15%
  Challenger	CGFPD	Capital Notes 4	25/05/2029	3.60%	1.48%	106.50	6.79%
  CBA	CBAPK	PERLS 14	15/06/2029	2.75%	1.61%	103.54	6.16%
  IAG	IAGPE	Capital Notes 2	15/06/2029	3.50%	1.92%	104.90	6.79%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.55%	107.00	6.84%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.51%	105.34	6.43%
  Westpac	WBCPK	Capital Notes 8	21/09/2029	2.90%	1.46%	104.74	6.23%
  ANZ Bank	AN3PK	Capital Notes 8	20/03/2030	2.75%	1.66%	104.00	6.13%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.44%	105.92	6.25%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.89%	103.51	6.21%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.68%	104.46	6.15%
  Bendigo Bank	BENPi	Capital Notes 2	13/12/2030	3.20%	1.77%	105.85	6.45%
  Insurance Australia	IAGPF	Capital Notes 3	15/12/2030	3.20%	1.96%	105.14	6.49%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.80%	104.78	6.23%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.76%	106.14	6.33%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.01%	103.15	6.08%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.64%	104.76	5.94%

• COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.09%	88	8.73%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.44%	106.75	8.08%