Avoid ANZ Capital Notes 3

ANZ's latest hybrid securities aren't bonds, aren't stock, and aren't worth investing in.

When a banker offers you a hybrid security and 124-page prospectus, hold on to your wallet. Since all the hybrid securities we bought during the GFC have become overvalued, we’ve pretty much had a ‘no hybrid’ policy (see No NAB or AMP hybrids for this model portfolio). ANZ’s latest Capital Notes 3 are no exception.

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