Australian mum and dad investors are being marketed new bank hybrid securities that are paying yields well below that available in global credit markets, exposing a growing disconnect in value between retail and institutional markets.
On Monday, Bank of Queensland joined the Commonwealth Bank in offering new Tier I hybrid securities to new investors as a panel of stockbrokers sought interest in the deals that will be listed on the ASX.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
