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-Spate of hybrid debt instruments to be issued by Australian banks.

Global Banking News-November 26, 2013--Spate of hybrid debt instruments to be issued by Australian banks(C)2013 ENPublishing -

Global Banking News - 26 November 2013

High demand and convenient local tax codes are driving Australian banks to plan a flurry of hybrid debt instruments in early 2014, Reuters reports.

National Australia Bank (ASX: NAB) will be the first bank to list its sale in 2014. The bank plans to offer a AUD1.5bn planned convertible preference share issue in the market. According to Thomson Reuters, at least AUD8bn of issuance is expected for the year.

Hybrid securities combine features of debt and equity. In Australia they are treated as equity for accounting and tax purposes and traded on the exchange.

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Publication:Global Banking News (GBN)
Date:Nov 26, 2013
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