Insurance Australia Group (IAG) has followed ANZ’s example and gone early in replacing a hybrid which is within 12 months of its call date. In August, ANZ announced a new issue of ANZ capital Notes 2 (ASX code: ANZPG) which raised $1.6 billion, with just over half used to repay ANZ CPS (ASX code: ANZPA) holders. ANZ’s CPS had a maturity date in December this year but ANZ decided conditions...