Summary: NAB to issue new hybrid security, NABPK; likely issue margin of 2.60%; expected to initially pay around 7.00% (annualised, including franking credits); first call date in March 2032; trading expected to begin on 7 June 2024. 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 replacement hybrid security. A replacement security...