About $8 billion in subordinated notes and convertible preference shares have been issued over the past 12 months, and all of them have been listed on the ASX. The leading banks have been big issuers and so have companies such as Woolworths, Tabcorp and, most recently, Caltex.Typical of the returns on offer in this market is an issue of Westpac subordinated notes, launched last month and closing o