Summary: Commonwealth Bank to issue new hybrid security, CBAPL; CBAPD maturing in December; expected to initially pay around 5.80% (annualised, including franking credits); likely issue margin 2.85%; just above current median sector margin; first call date in June 2028; trading expected to begin on 16 November 2022. In recent years, when one of a company’s existing hybrids approaches its first call date (or first optional exchange date), speculation turns to...