Four ASX Hybrid Notes To Watch Out in July

Key takeaways

• This article groups four ASX-listed income securities around a shared theme: non-major-bank financial hybrid notes.
• Bank of Queensland Ltd (ASX: BOQPF) is scheduled to trade ex-distribution on 28 July 2026, paying $1.49 per security (100% franked), for an indicated yield of 1.45%.
• Bank of Queensland Ltd (ASX: BOQPG) is scheduled to trade ex-distribution on 28 August 2026, paying $1.39 per security (100% franked), for an indicated yield of 1.33%.
• Judo Capital Holdings Ltd (ASX: JDOPA) is scheduled to trade ex-distribution on 6 August 2026, paying $1.91 per security (100% franked), for an indicated yield of 1.74%.
• Challenger Ltd (ASX: CGFPD) is scheduled to trade ex-distribution on 14 August 2026, paying $1.42 per security (100% franked), for an indicated yield of 1.34%.

This article covers four: two separate Bank of Queensland capital note lines, a Judo Capital Holdings note from the ASX-listed challenger bank focused on small and medium business lending, and a Challenger Ltd note from the annuities and funds-management group. None of the four issuers is a major bank, giving investors a way to compare hybrid income terms across a different part of the financial sector.

The four securities: non-major-bank financial hybrid notes

Bank of Queensland Ltd (ASX: BOQPF)

Dividend/distribution details

BOQPF is a Bank of Queensland capital note trading at $102.72. The supplied calendar lists a fully franked interim distribution of $1.49 per security, with a 28 July 2026 ex-date and 17 August 2026 payment date, for an indicated yield of 1.45%.

Bank of Queensland Ltd (ASX: BOQPG)

Dividend/distribution details

BOQPG is a second Bank of Queensland note line, priced at $104.30. It shows a fully franked interim distribution of $1.39 per security, going ex on 28 August 2026 and paying on 15 September 2026, for an indicated yield of 1.33% - modestly lower than BOQPF, consistent with its higher reference price.

Judo Capital Holdings Ltd (ASX: JDOPA)

Dividend/distribution details

JDOPA is a Judo Capital Holdings hybrid note issued by the challenger bank focused on small and medium business lending. The calendar shows a fully franked $1.91 per security interim distribution, with a 6 August 2026 ex-date and 17 August 2026 payment date, implying an indicated yield of 1.74% against a $110.10 reference price - the highest note price, and one of the higher cash payments, in this group.

Challenger Ltd (ASX: CGFPD)

Dividend/distribution details

CGFPD is a Challenger Ltd hybrid security issued by the annuities and funds-management group. It carries a fully franked interim distribution of $1.42 per security, with a 14 August 2026 ex-date and 25 August 2026 payment date, for an indicated yield of 1.34% against a $105.65 reference price.

What links these four

Bank of Queensland, Judo Capital Holdings and Challenger Ltd operate in different corners of Australian financial services - regional banking, business lending and retirement-income products respectively - but all three raise capital through ASX-listed hybrid notes with broadly similar structures: fixed-ish distributions, full franking in this batch, and entitlement tied to holding the security before it trades ex-distribution. Comparing their indicated yields and reference prices offers a rough read on how the market prices credit and structural risk away from the major banks.

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

BOQPF, BOQPG, JDOPA, CGFPD span non-major-bank financial hybrid 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.