Summary: Westpac to issue new hybrid security; upcoming call on WBCPE hybrid in September; expected to initially pay around 5.2% (annualised, including franking credits); likely issue margin 3.40%, slightly above the midpoint of margin band, below current median sector margin; first call date in September 2028; trading expected to begin on 21 July 2022. In recent years, when one of a company’s existing hybrids approaches its first call date (or...