Bank hybrids turning toxic?

Friday, 13 March 2020

In his final months as ASIC chairman in 2017, Greg Medcraft began lobbying for a ban on hybrid securities being marketed to retail investors.

…NAB’s decision last night to abandon a planned A$2 billion hybrid issue indicates that investors might no longer be prepared to buy in to the uncertain risks they carry.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.