Westpac Bank are in the middle of a new hybrid issue which has just had its margin set at 4.90% above the 3 month Bank bill swap rate (BBSW). The book build process, which was open to stockbrokers and investment institutions, closed early as a result of heavy demand. Stockbrokers bid on behalf of their clients but what sort of institutions bid for hybrids? UniSuper revealed it had bought $285...