Summary: NAB to issue new hybrid security, NABPJ; expected to initially pay around 6.95% (annualised, including franking credits); likely issue margin 2.80%; 15bps above current median sector margin; first call date in September 2030; trading expected to begin on 15 September 2023. 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...