Comparing Four Big Four Bank Hybrid Securities Ahead of September Ex-Dates

Key takeaways

• This article groups four ASX-listed income securities around a shared theme: Big Four bank capital notes.
• National Australia Bank Ltd (ASX: NABPI) is scheduled to trade ex-distribution on 3 September 2026, paying $1.34 per security (100% franked), for an indicated yield of 1.27%.
• National Australia Bank Ltd (ASX: NABPH) is scheduled to trade ex-distribution on 3 September 2026, paying $1.41 per security (100% franked), for an indicated yield of 1.37%.
• Commonwealth Bank of Australia (ASX: CBAPI) is scheduled to trade ex-distribution on 4 September 2026, paying $1.32 per security (100% franked), for an indicated yield of 1.29%.
• Commonwealth Bank of Australia (ASX: CBAPJ) is scheduled to trade ex-distribution on 4 September 2026, paying $1.27 per security (100% franked), for an indicated yield of 1.26%.

Hybrid capital notes issued by National Australia Bank Ltd and Commonwealth Bank of Australia offer investors exposure to income securities backed by two of Australia's Big Four banks. Although they are designed for similar purposes, each note line has its own distribution profile, market price and yield, making side-by-side comparison useful for investors assessing relative value.

The four securities: Big Four bank capital notes

National Australia Bank Ltd (ASX: NABPI)

Dividend/distribution details

NABPI carries a fully franked $1.34 per security interim distribution, with the same 3 September 2026 ex-date and 17 September 2026 payment date common to NAB's note lines, for an indicated yield of 1.27% against a $105.50 reference price.

National Australia Bank Ltd (ASX: NABPH)

Dividend/distribution details

NABPH rounds out NAB's four note lines in this calendar, with a fully franked $1.41 per security interim distribution - the largest cash payment of the four - sharing the 3 September 2026 ex-date and 17 September 2026 payment date, for an indicated yield of 1.37% against a $102.90 reference price.

Commonwealth Bank of Australia (ASX: CBAPI)

Dividend/distribution details

CBAPI is a Commonwealth Bank of Australia hybrid note. It shows a fully franked $1.32 per security interim distribution, with a 4 September 2026 ex-date and 15 September 2026 payment date, for an indicated yield of 1.29% against a $101.85 reference price.

Commonwealth Bank of Australia (ASX: CBAPJ)

Dividend/distribution details

CBAPJ is a second CBA note line, priced just under par at $100.80. It carries a fully franked $1.27 per security interim distribution, sharing the same 4 September 2026 ex-date and 15 September 2026 payment date as CBAPI, for an indicated yield of 1.26%.

What links these four

NAB and CBA are two of Australia's four major banks, and all four notes here are fully franked and classified as interim distributions. NABPH carries the largest single cash payment of the group at $1.41 per security, while CBAPJ, trading just under its face value, shows a running yield of 1.26% - a useful reminder that among similarly structured Big Four notes, small differences in price relative to face value can still produce a noticeable spread in indicated yield.

Risks and considerations

Investors weighing any of these four securities should keep several general risks in mind, drawn from the nature of the supplied calendar and the structure of ASX income securities more broadly.

• Amounts, franking levels, indicated yields and dates in the supplied calendar are forward-looking and remain subject to confirmation or change ahead of the actual ex-date.
• Hybrid and capital note distributions are governed by each note's specific terms and are not guaranteed in the way a fixed-interest payment might be assumed to be.
• Ordinary dividends and LIC distributions can vary with company earnings or portfolio performance, and are not fixed obligations.
• Franking credit value depends on each investor's individual tax circumstances and is not the same as receiving additional cash.
• Reference prices move over time, so an indicated yield calculated against a past reference price may not reflect the yield available at today's market price.

What investors may watch next

As each ex-date approaches, investors may wish to confirm the declared amount, franking level and payment date directly against the relevant issuer's official ASX announcement, since figures shown in a forward calendar - particularly for funds and recently issued notes - can be provisional. Where a security shows a placeholder or unconfirmed figure, checking the issuer's latest distribution notice is the most direct way to get a confirmed number ahead of the ex-date.

Conclusion

NABPI, NABPH, CBAPI, CBAPJ span Big Four bank capital notes, illustrating how differently structured ASX income securities can be grouped by timing, issuer or security type even when their individual terms differ. As with any income security, investors should weigh the headline yield alongside the underlying issuer's financial position, the security's specific terms, and their own diversification and tax circumstances before acting, and should treat the figures in this article as indicative pending confirmation from official sources.