Little to like in latest hybrids

There's not much to like in the latest hybrid offerings from ANZ and Westpac; if you must have some hybrids we prefer some already listed alternatives.

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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