Summary-
The hybrid securities market continues to offer attractive income opportunities, particularly among Australia’s leading banks. Based on running yield performance, the top 10 bank-issued hybrids reflect a mix of strong investor demand, stable credit outlooks, and varying levels of risk premium.
Judo Capital’s hybrid (JDOPA) stands out as the highest-yielding bank hybrid in the market, offering a running yield of 9.60% and a trading margin of 4.60%. Its elevated yield reflects both its relatively higher credit risk and investor appetite for enhanced returns.
Among the major banks, Macquarie Group’s MQGPD delivers a notable 7.55% yield with a low trading margin of 0.46%, suggesting strong market confidence in its credit quality. NAB’s NABPF follows closely with a 7.47% yield, also supported by a modest margin of 0.49%.
Regional banks are also well represented in the top 10. Bank of Queensland’s BOQPF and Bendigo Bank’s BENPH both offer 7.13% yields, with trading margins under 1.1%, indicating competitive income potential with moderate risk.
Other strong performers include Westpac’s WBCPJ and WBCPL, both yielding above 6.6%, and Macquarie Group’s MQGPF, which matches NABPH with a 6.85% yield.
ASX-Listed Hybrids 10.11.25
COMPANY CODE HYBRID TYPE MATURITY/
CALL
DATEMARGIN
INCL. CREDITSTRADING
MARGINDAY
CLOSERUNNING
YIELD**Challenger CGFPC Capital Notes 3 25/05/2026 4.60% -0.39% 102.66 8.01% Nat Aust Bank NABPF Capital Notes 3 17/06/2026 4.00% 0.49% 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% 0.46% 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% 6.19% 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% 0.91% 104.19 7.13% 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% 1.03% 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% 1.54% 107.00 6.85% 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% 1.88% 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% 1.79% 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 6.08% Nat Aust Bank NABPK Capital Notes 8 17/03/2032 2.60% 1.64% 104.76 5.94% ASX-Listed Hybrids (Non-standard) 10.11.25
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 8.70% Ramsay Health Care RHCPA Preference Share Perpetual 4.85% 4.42% 106.75 8.06%