Summary: CBA to issue new hybrid security, CBAPM; expected to initially pay around 6.95% (annualised, including franking credits); likely issue margin 3.00%; in line with current median sector margin; first call date in June 2030; trading expected to begin on 17 June 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...