Summary: Westpac to issue new hybrid security; offer follows similar issues from Challenger, BoQ and Bendigo; to partially fund redemption of Capital Notes 3; first call date in March 2027; initially to pay around 3.45% (annualised, including franking credits). In recent years, when an existing Australian hybrid approaches its first call date, sometimes referred to as the first optional exchange date, speculation turns to the likelihood of replacement security....