Summary: ANZ Bank to issue new hybrid security, AN3PL; likely issue margin 2.90%; expected to initially pay around 7.25% (annualised, including franking credits); slightly above current median sector margin; first call date in March 2031; trading expected to begin on 22 March 2024. In recent years, when one of a company’s existing hybrids approaches its first call date (or first optional exchange date), speculation turns to the likelihood of a...