National Australia Bank’s income securities were among the first of the floating rate hybrids to be issued in the late 1990s. Adelaide Bank, Macquarie Bank and a few others, including NAB, issued securities with $100 face values and floating-rate coupons. Prior to the issue of these securities which became known as income securities, hybrids in the 1990s had been issued as fixed-rate converting preference shares. Before converting preference shares, hybrids...