After much long term nudging, I have taken the time to build a Marcus Today spreadsheet of Hybrids, convertible preference shares and capital notes. Here it is. The most recent issues are at the top and the most recent issue from each of the major issuers (mostly the Banks and Macquarie) are highlighted in orange – these are their most ‘current’ hybrids:
Hybrids. Are they shares? Well, sort of. You can deal in them like shares and they have some relationship to shares. But they're not like normal shares.
In short they are company debt issued by companies in the share market rather than the government in the bond market.