Summary: Westpac to issue new hybrid security, WBCPM; likely issue margin 3.10%; expected to initially pay around 7.50% (annualised, including franking credits); close to current median sector margin; first call date in September 2031; trading expected to begin on 19 December 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...