great clarification ,Chris. what a poor announcement by NAB especially given the circumstances
I am new to the exotic land of bonds/hybrids, yet I assume there is some blend of a bond and some sort of option? While I understand what you've written here - that the hybrid owners weren't bailed into shares - the actions of the NAB would have diluted the share price or ? Which perhaps illustrates the benefits of a hybrid v share price? Yet what does that say about the NAB considering their common equity tier one capital ratio? Or that $13.00 was where they had a heap of hedging (written options ?) - this week is (equity) option expiry too. The mind boggles at what this intel (if correct) could let you do - a la Billions (TV series). I should keep busy... Lots to read these days.