NAB Sub Notes: At sea and no lifejacket

Key Points More attractive than convertible preference shares such as ANZ CPS3 or Westpac CPS Margin is not sufficient compensation for additional risk Investors can learn from overseas experience Those Intelligent Investor members who read the review of ANZ’s Subordinated Notes offer (Avoid - $100) from 20 Feb 11, will have a fair idea of what’s coming. They were not fans. And nor are we fans of NAB’s copycat offer, despite it being the best of a poor crop. The product Investing in hybrids such as this appears a safe, secure activity but right at the moment you need...

Those Intelligent Investor members who read the review of ANZ’s Subordinated Notes offer (Avoid - $100) from 20 Feb 11, will have a fair idea of what’s coming. They were not fans. And nor are we fans of NAB’s copycat offer, despite it being the best of a poor crop.

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