Data from AUSIEX shows hybrid securities recorded the highest traded value in December 2022 since at least 2018, more than double that of the value in the previous December.

Hybrid securities are a type of capital note, which are debt securities that have equity-like features and pay franked dividends.

Financial advisers accounted for half of the demand, with much of the remainder being institutional investors. Trade volume among financial advisers increased 15.7 per cent over the 2022 calendar year, compared with 2021.

Across generations, for advised accounts Gen X showed a significant lift in interest, with the proportion of trades increasing from 31 per cent to 37.7 per cent.

Notes have been issued by a number of organisations in recent times including Commonwealth Bank, Macquarie Bank, ANZ, Insurance Australia Group, Westpac and NAB.