There was news and no news in the hybrid notes market last week. The news there was related to Commonwealth Bank's PERLS VI notes.The new PERLS VI hybrids started trading on the ASX, on a deferred settlement basis, on Thursday. The final size of the issue was also revealed.CBA placed A$2.0 billion of PERLS VI notes, up from the $1.5 billion placed in the bookbuild. Retail investors may have taken the view that CBA will not disappoint them - that is, interest payments will not be deferred and the notes will be redeemed in six years.The coupon on the PERLS VI was set at 4.8685 per cent per annum for the first 90-day period.While the PERLS VI investors are confident that CBA will redeem their investment in six years, investors in Bank of Queensland's PEPS must be wondering what is going on. There was no news last week from BOQ on its intentions regarding A$196 million in hybrid capital securities known as Perpetual Equity Preference Shares.At the investor briefing on Thursday, for its full-year profit, bank management gave little away regarding its thinking on whether, or how, it might redeem the PEPS.BOQ did, on Friday, advise via the ASX of its intention to redeem the last tranche outstanding, of A$60 million of lower tier-two convertible notes, which the bank issued in June 2010.If the Bank of Queensland is intending to launch a new hybrid issue to replace the PEPS, it may have to do so this week. Time is running out.