Bell Potter’s fixed income team think investor demand for income will lead to a re-rating of hybrids with high issue margins. In a note sent to clients this week, Bells are recommending a switch from ANZ Capital Notes (ASX code: ANZPD), which have an issue margin of 340bps and a trading margin of 391bps, to Westpac Capital Notes 4 (ASX code: WBCPG) with an issue margin of 490bps and a...