Just wondering whether anyone knows much about about CBA's PERLS and Westpacs TPS? Just reading about them in the latest issue of Smart Investor and they seem like a reasonable buy at the moment. they are currently paying about 10% distribution (grossed up for franking credit). No ordinary share dividends can be paid by the bank until the Hybrid's dividend obligation has been paid, so the yield is quite robust. On top of that, there is potential for capital growth if the bank credit spreads reduce to historical levels over the next few years. Anyone know of any further analysis/commentary on these?