[private role='subscriber'] Readers who clicked on the Hybrids section on Monday may have noticed the 3.25% trading margin available from ANZPA, which is a margin comparable in size to those offered by newly-issued hybrids eighteen months ago. The difference between ANZPA and a newly issued hybrid is of course the difference in the number of years to maturity. ANZPA has a maturity date in December 2016 and typically trading margins...