Summary: NAB to issue new hybrid security; offer follows similar issues from Challenger, BoQ, Bendigo, Westpac; to partially fund redemption of Converting Preference Shares 2; first call date in December 2027; initially to pay around 3.5% (annualised, including franking credits). In March 2020, just as the COVID-19 pandemic’s effects were really beginning to hit financial markets, NAB pulled its planned issue of Capital Notes 4 (ASX code: NABPG) securities....