Evans & Partners recently issued a note looking at Ramsay Healthcare “CARES”, which are “step-up” hybrid securities trading on the ASX. As with other hybrids, step-ups have a face value, typically $100, and pay a percentage of the face value as income. The term “step-up” refers to a penalty rate of interest which is added to the ordinary interest if a step-up hybrid is not redeemed on the step-up date....