APRA’s capital adequacy analysis implies that depositors, and senior and subordinated bond holders, are going to be the winners from the improvement in the majors’ equity buffers, which by definition reduce the probability of loss and the loss given default on these securities. Losers will be equity and AT1 investors. Other beneficiaries will be the majors' smaller regional bank competitors, which will see the playing field very much leveled in capital terms with the majors' historical leverage and return on equity advantages dissipating over time. On this basis, we like the majors’ senior and sub debt, including ASX securities like WBCHB, WBCHA, ANZHA, and WBCHA, but we remain negative on AT1 hybrids, including ANZPF, CBAPD, NABPC, and WBCPE (among others).