Former Colonial First State and Virgin Money chief executive Brian Bissaker has joined the board of MyState Ltd as a non-executive director. Bissaker replaces long-serving director Ian Mansbridge, who is retiring. Bissaker is also an adjunct professor of management education at the University of Sydney Business School. Moody's Investors Service has reported that delinquencies in excess of 30 days among the car loans that are collateral for the Australian asset-backed securities it rates fell to 1.49 per cent in February 2016. This was down from 1.52 per cent in January 2016, although well above the 30-plus delinquency rate of 1.20 per cent for February 2015. At the same time, the Australian prime RMBS 30-plus delinquency rate rose to 1.44 per cent in February 2016, up from 1.35 per cent in January 2016 and 1.34 per cent a year ago. The Moody's semi-annual study of RMBS delinquency rates showed NSW declined to its lowest level since 2005, while Western Australia had the country's highest delinquency rate. Westpac Banking Corp is preparing to kick off a hybrid issue in the order of A$1 billion within the next two weeks, according to sources cited by the AFR's Street Talk. In its presentation to investors on Monday, Westpac flagged a potential refinancing of its $755 million trust preferred securities, issued a decade ago and which no longer qualify as regulatory Tier 1 capital from June 30. The average trading margin of major bank hybrids and capital notes has declined from a peak of 5.42 percentage points over the bank bill rate in mid-February to about 4.32 per cent, according to Bell Potter.