Summary: Macquarie Group to issue new hybrid security; no upcoming hybrid maturities until 2024; expected to initially pay around 5.45% (annualised, including franking credits); likely issue margin 3.70%; above current median sector margin; first call date in September 2029; trading expected to begin on 18 July 2022. In recent years, when one of a company’s existing hybrids approaches its first call date (or first optional exchange date), speculation turns to...