Recently, Bell Potter’s fixed income desk recommended holders of Westpac CPS (ASX code: WBCPC) switch into NAB Notes (ASX code: NABPC). Not because there is anything particularly wrong with the Westpac hybrids but simply due to the yield differential and the potential gain to be had. NAB’s hybrids have a March 2019 call date while Westpac’s have a March 2018 call date, so one would expect the NABs to have...