CBA’s newest hybrid has started trading in the last week and Westpac’s latest replacement for its soon-to-be-redeemed Westpac TPS units has had a trading margin set at 4.90% above the Bank Bill rate. Now NAB has announced that it too will be issuing a hybrid security, NAB Capital Notes 2 (ASX code: NABPD). These instruments will qualify as Additional Tier 1 (AT1) capital under the Basel III bank regulatory framework....