Summary: Bendigo to issue hybrid security to fund redemption of CPS 2; first call date in 2027; initially to pay around 3.90% (annualised, including franking credits), “basically the same deal” as recent BoQ offer. In recent years, when an existing Australian hybrid approaches its first call date, sometimes referred to as the first optional exchange date, speculation turns to the likelihood of a replacement security. A replacement security makes...