hybrids back to all-time low - deliberate?, page-36

True

But the main debt like feature is the distribution based on a margin above BBSW.

The equity feature is that for all accounting and insolvency tests the PXUPA is equity.

Different hybrids have different characteristics but this one is as close to full equity as you get. That's why they were so popular for issuers when they came out - full equity treatment but only debt like cost.

It is what it is...and the PXUPA is a form of equity that ranks higher than ordinary shares.