Via Chris Joye:
There was an enormous amount of completely erroneous reporting, and resultant confusion, on NAB’s repayment of the $1.34 billion owing under one of its hybrids yesterday (NABPC), which sparked the biggest fall in ASX hybrids in recorded history.
This is quite ridiculous because NAB did exactly the same thing last year with its NABPA hybrid, as Westpac and others have done in the past. No owners of the NABPC hybrids were converted to equity: they were all paid the $100 per security owed, or $1.34 billion in total.
