The performance of recent hybrid issues since they listed on the Australian Securities Exchange has been poor, with the prices of some securities falling below their issue prices, and credit spreads widening 20 to 50 basis points.According to analysis by fixed-interest broker FIIG Securities, Westpac's A$1.2 billion issue of mandatory convertible preference shares (ASX code: WBCPC) has been the worst performer among recent issues. Since listing on March 23, the price of the $100 securities has fallen to $98.45, at Friday's close. The margin on the Westpac securities has widened almost 50 basis points from 325 basis points at issue to the current margin of 371 basis points.ANZ's $1.5 billion unsecured subordinated floating-rate notes (ANZHA), issued on March 20, closed at $100.71 on Friday and are trading on a margin of 294 basis points, compared with their margin of 275 basis points at issue.Colonial's $1 billion issue of unsecured floating-rate subordinated notes (CNGHA), listed on March 29, closed at $99.95 on Friday and are trading on a margin of 355 basis points - 30 basis points higher than their margin at issue.The best of the recent issues is Woolworths' $700 million hybrid (WOWHC), which was issued last November. The securities (which had an issue price of $100) closed at $103.55 on Friday. The credit spread on the Woolworths issue has tightened 95 basis points, to 230 points, from its issue margin of 325 basis points.FIIG has calculated a total return, based on the change in the price of the securities plus dividends. Compared with the 7.42 per cent return on the Woolworths Securities, ANZ's notes have returned 0.5 per cent, Colonial's are flat and Westpac's are down 0.83 per cent.