Editor’s note: This issue did not go ahead. It was “pulled” by NAB on 12 March 2020.
In recent years, when an existing Australian hybrid approaches its first call date (or first optional exchange date), speculation turns to the likelihood of a replacement security. Just last week, Macquarie Bank announced a new hybrid security to effectively replace its existing Macquarie Bank Capital Notes. Now it is National Australia Bank’s (NAB) turn as its first series of capital notes is fast approaching its March 2020 call date....