Daily

Summary-

Hybrid securities remain a popular choice for income-seeking investors, offering attractive yields backed by Australia’s leading banks and regional institutions. Current market trends show major banks like NAB and Westpac delivering strong returns, while regional players such as Bank of Queensland and Bendigo Bank are closing the gap with competitive yields. With call dates ranging from 2026 to 2030, these instruments provide a mix of short- and medium-term opportunities, balancing income stability with issuer strength.

1. Nat Aust Bank (NABPF – 7.48%)

NAB leads the pack with its Capital Notes 3 offering, delivering a robust 7.48% running yield. With a call date in mid-2026, this hybrid appeals to investors seeking near-term income stability and strong institutional backing.

2. Bank of Queensland (BOQPF – 7.14%)

BOQ’s Capital Notes 2 ranks high for yield, reinforcing its position as a competitive regional bank. The 2027 call date provides a medium-term horizon for income-focused portfolios.

3. Bendigo Bank (BENPH – 7.14%)

Matching BOQ, Bendigo Bank’s hybrid offers similar yield strength. Its strong regional presence and consistent performance make it a reliable choice for conservative investors.

4. Nat Aust Bank (NABPH – 6.86%)

Another NAB entry, Capital Notes 5, underscores the bank’s dominance in hybrid issuance. Investors benefit from diversification within the same issuer across different maturities.

5. Westpac (WBCPJ – 6.84%)

Westpac’s Capital Notes 7 combines solid yield with a 2027 call date, appealing to those seeking exposure to one of Australia’s major banks with a strong capital position.

6. Bank of Queensland (BOQPG – 6.75%)

BOQ’s second entry offers a slightly longer horizon (2028), balancing yield and duration for investors planning ahead.

7. Westpac (WBCPL – 6.68%)

Westpac’s Capital Notes 9 provides a competitive yield and extended maturity, ideal for those comfortable with longer-term commitments.

8. Suncorp (SUNPH – 6.56%)

Suncorp’s hybrid stands out for its insurance-banking blend, offering diversification benefits alongside a healthy yield.

9. CBA (CBAPI – 6.47%)

CBA’s PERLS 12 remains a staple for hybrid investors, backed by Australia’s largest bank. While yield is slightly lower, the security of the issuer adds significant appeal.

10. Bendigo Bank (BENPi – 6.45%)

Bendigo’s second entry offers a long-dated option (2030), catering to investors seeking extended income streams with regional bank exposure.

• ASX-Listed Hybrids 12.11.25

  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%	-0.42%	102.66	8.02%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.48%	101.94	7.48%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.86%	101.13	6.56%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.45%	102.95	7.56%
  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	8.49%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.18%	102.80	6.84%
  CBA	CBAPI	PERLS 12	20/04/2027	3.00%	1.12%	102.50	6.47%
  Bank of Queensland	BOQPF	Capital Notes 2	14/05/2027	3.80%	0.91%	104.19	7.14%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.07%	104.02	7.14%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	1.04%	102.70	6.33%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.42%	103.94	6.86%
  ANZ Bank	AN3PI	Capital Notes 6	20/03/2028	3.00%	1.36%	103.50	6.41%
  CBA	CBAPL	PERLS 15	15/06/2028	2.85%	1.48%	103.18	6.28%
  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	6.68%
  Macquarie Bank	MBLPD	Capital Notes 3	7/12/2028	2.90%	1.66%	103.40	6.32%
  Bank of Queensland	BOQPG	Capital Notes 3	15/12/2028	3.40%	1.84%	104.20	6.75%
  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	6.16%
  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	6.80%
  Macquarie Group	MQGPF	Capital Notes 6	12/09/2029	3.70%	1.55%	107.00	6.85%
  Nat Aust Bank	NABPI	Capital Notes 6	17/09/2029	3.15%	1.51%	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	6.26%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.88%	103.51	6.21%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.68%	104.46	6.16%
  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	6.50%
  ANZ Bank	AN3PL	Capital Notes 9	20/03/2031	2.90%	1.79%	104.78	6.23%
  Westpac	WBCPM	Capital Notes 10	22/09/2031	3.10%	1.76%	106.14	6.34%
  Macquarie Group	MQGPG	Capital Notes 7	15/12/2031	2.65%	2.01%	103.15	6.09%
  Nat Aust Bank	NABPK	Capital Notes 8	17/03/2032	2.60%	1.64%	104.76	5.95%

• ASX-Listed Hybrids (Non-standard) 12.11.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.07%	88	8.71%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.42%	106.75	8.06%