Daily

Summary-

The ASX-listed hybrid market remained steady this week, continuing to demonstrate its reputation as a reliable income-generating segment despite ongoing volatility in broader credit markets. Investor interest across major Australian banks, including CBA, NAB, Westpac, ANZ and Macquarie, remains firm as hybrid securities offer attractive yields compared to term deposits and government bonds—a key driver of continued allocation from income-focused investors and SMSFs.

Among the top trading bank hybrids, Commonwealth Bank’s PERLS 13 (CBAPJ) closed at 101.56, delivering a running yield of 6.30%, supported by strong institutional demand and CBA’s stable outlook. NAB Capital Notes 3 (NABPF) also saw modest gains, closing at 101.94 with a 7.50% running yield, benefiting from improving sentiment as expectations for interest rate cuts in 2025 strengthen.

Macquarie Group Capital Notes 4 (MQGPD) remained well supported, closing at 102.95 and offering one of the more competitive yields within the major bank segment at 7.57%, attracting investors seeking a balance between return and credit strength. Meanwhile, Suncorp’s SUNPH and Challenger’s CGFPC continue to deliver robust income returns, with 6.57% and 8.00% running yields respectively—highlighting strong pricing in non-major issuers.

 

 

• ASX-Listed Hybrids 25.11.25

  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%	-1.49%	102.66	8.00%
  Nat Aust Bank	NABPF	Capital Notes 3	17/06/2026	4.00%	0.39%	101.94	7.50%
  Suncorp	SUNPH	Capital Notes 3	17/06/2026	3.00%	0.84%	101.13	6.57%
  Macquarie Group	MQGPD	Capital Notes 4	10/09/2026	4.15%	0.37%	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%	6.33%	98.50	8.50%
  Westpac	WBCPJ	Capital Notes 7	22/03/2027	3.40%	1.16%	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%	0.60%	104.19	7.13%
  Bendigo Bank	BENPH	Capital Notes	15/06/2027	3.80%	1.06%	104.02	7.16%
  Macquarie Group	MQGPE	Capital Notes 5	20/09/2027	2.90%	1.14%	102.70	6.36%
  Nat Aust Bank	NABPH	Capital Notes 5	17/12/2027	3.50%	1.43%	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%	1.49%	103.18	6.30%
  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%	1.67%	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%	1.36%	106.50	6.78%
  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	6.87%
  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%	1.67%	104.00	6.15%
  CBA	CBAPM	PERLS 16	17/06/2030	3.00%	1.45%	105.92	6.27%
  Suncorp	SUNPJ	Capital Notes 5	17/06/2030	2.80%	1.90%	103.51	6.23%
  Nat Aust Bank	NABPJ	Capital Notes 7	17/09/2030	2.80%	1.69%	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	6.36%
  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%	1.65%	104.76	5.96%

• ASX-Listed Hybrids (Non-standard) 25.11.25

  COMPANY	CODE	BOND TYPE	CALL DATE	ISSUE MARGIN (inc frank)	TRADING MARGIN	CLOSING PRICE	RUNNING YIELD
  Nufarm	NFNG	Step Up	Perpetual	3.90%	5.06%	88	8.71%
  Ramsay Health Care	RHCPA	Preference Share	Perpetual	4.85%	4.41%	106.75	8.07%