Summary: ANZ to issue new hybrid security, AN3PK; expected to initially pay around 6.25% (annualised, including franking credits); likely issue margin 2.75%; 5bps above current median sector margin; first call date in March 2030; trading expected to begin on 27 March 2023. 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 replacement...