Westpac’s latest hybrid, the Capital Notes 3 (ASX code WBCPF) has had a poor debut on the first day of trading. The opening price was $1 below the $100 par value and the hybrids quickly moved to be 3.50% down within the first fifteen minutes. The Notes closed the first day at $97.27. The Notes were issued at a 400bps margin to the BBSW but as YieldReport’s Hybrids section...