ANZ Capital Notes and Westpac Sub Notes II: Nothing new in latest hybrids

Key Points ANZ Capital Notes are a replica of Westpac Capital Notes Westpac Sub Notes II are an inferior version of Westpac Sub Notes Plenty of alternatives already listed on the ASX We thought it was safe to open our email inboxes without fear of being bombarded with more hybrid sales pitches. We were wrong. Two major banks – ANZ and Westpac – are out chasing investors in maturing income securities and any hybrid money not invested in one of the twenty or so offers we’ve reviewed already. There’s nothing new in the latest offers. It’s two big yawns....

We thought it was safe to open our email inboxes without fear of being bombarded with more hybrid sales pitches. We were wrong. Two major banks – ANZ and Westpac – are out chasing investors in maturing income securities and any hybrid money not invested in one of the twenty or so offers we’ve reviewed already.

There’s nothing new in the latest offers. It’s two big yawns. There are no new conversion trigger events and the banking regulator (APRA) hasn’t gone and changed its rules again.

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