Four Bank Hybrid Notes Compared: Yields, Franking and Ex-Dates

Key takeaways

• This article groups four ASX-listed income securities around a shared theme: Macquarie Bank and Bendigo and Adelaide Bank hybrid notes.
• Macquarie Bank Ltd (ASX: MBLPD) is scheduled to trade ex-distribution on 20 August 2026, paying $1.58 per security (35% franked), for an indicated yield of 1.53%.
• Macquarie Bank Ltd (ASX: MBLPC) is scheduled to trade ex-distribution on 3 September 2026, paying $1.99 per security (35% franked), for an indicated yield of 1.96%.
• Bendigo and Adelaide Bank Ltd (ASX: BENPI) is scheduled to trade ex-distribution on 1 September 2026, paying $1.34 per security (100% franked), for an indicated yield of 1.27%.
• Bendigo and Adelaide Bank Ltd (ASX: BENPH) is scheduled to trade ex-distribution on 2 September 2026, paying $1.46 per security (100% franked), for an indicated yield of 1.43%.

This article groups four ASX-listed bank hybrid notes from two separate mid-tier lenders: two Macquarie Bank Ltd note lines and two Bendigo and Adelaide Bank Ltd note lines, all scheduled to go ex-distribution between late August and early September 2026. Comparing an issuer's own note pair alongside another issuer's pair offers a sense of both intra-issuer and cross-issuer differences in hybrid pricing.

The four securities: Macquarie Bank and Bendigo and Adelaide Bank hybrid notes

Macquarie Bank Ltd (ASX: MBLPD)

Dividend/distribution details

MBLPD is a Macquarie Bank hybrid note, distinct from the Macquarie Group lines above. It shows a $1.58 per security interim distribution, franked at 35%, with a 20 August 2026 ex-date and 7 September 2026 payment date, for an indicated yield of 1.53% against a $103.69 reference price.

Macquarie Bank Ltd (ASX: MBLPC)

Dividend/distribution details

MBLPC is a second Macquarie Bank note line, trading closer to par at $101.60. It carries a $1.99 per security interim distribution - the largest single cash payment among the Macquarie-related notes in this calendar - franked at 35%, with a 3 September 2026 ex-date and 21 September 2026 payment date, for an indicated yield of 1.96%.

Bendigo and Adelaide Bank Ltd (ASX: BENPI)

Dividend/distribution details

BENPI is a Bendigo and Adelaide Bank hybrid note. The calendar shows a fully franked $1.34 per security interim distribution, with a 1 September 2026 ex-date and 14 September 2026 payment date, for an indicated yield of 1.27% against a $104.99 reference price.

Bendigo and Adelaide Bank Ltd (ASX: BENPH)

Dividend/distribution details

BENPH is a second Bendigo and Adelaide Bank note line, priced closer to par at $101.95. It carries a fully franked $1.46 per security interim distribution, with a 2 September 2026 ex-date and 15 September 2026 payment date, for an indicated yield of 1.43%.

What links these four

Macquarie Bank's two notes are franked at 35%, while Bendigo and Adelaide Bank's two notes in this calendar are fully franked at 100%, a distinction that can matter for the after-tax outcome for eligible Australian investors. Reference prices across all four sit within a fairly narrow band either side of $100-105, and indicated yields range from 1.27% up to 1.96%, with Macquarie Bank's MBLPC showing the highest running yield of the group.

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

MBLPD, MBLPC, BENPI, BENPH span Macquarie Bank and Bendigo and Adelaide Bank 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.