Question 1: What are your thoughts on the upcoming NAB hybrid?
Answer: I think that the new issue (NAB Capital Notes 4) will be keenly sought. The margin of 2.95% over the 90-day bank bill will be attractive to investors seeking relatively secure income. You can read what I had to say in Switzer Daily here.
One note of caution – hybrid securities are complex securities. Remember the old adage – if you don’t understand something, don’t invest in it.