In recent years, when one of a company’s existing hybrids approaches its first call date (or first optional exchange date in this case), speculation turns to the likelihood of a replacement hybrid security. There is a sound basis for this speculation; most issuers of ASX-listed hybrids have replaced the hybrids which have been called. Now Suncorp is replacing its Convertible Preference Shares 3 (ASX code: SUNPE) securities which were first...