ANZ has become the first of the major banks not to call a perpetual hybrid security when expected.While a regional bank and a few corporate issuers have already done this, ANZ may have set a precedent the other major banks could choose to follow. This may herald the start of what could become a distressing trend for retail investors.ANZ's actions have reminded retail investors once more of the meaning of a call option and perpetual. On Friday, ANZ New Zealand advised the mostly retail investors who had bought NZ$835 million of the tier-one hybrid notes issued in April 2008 that it will not be calling the notes as expected in April this year. The notes will be allowed to run for another five years, at the end of which time a coupon step-up will come into effect if the notes are not called.In the meantime, the credit spread on the coupon remains unchanged at 200 basis points. However, the five-year swap rate will be re-set in April. That means investors will go from receiving 9.66 per cent per annum at present, to around 5.5 per cent, based on the current five-year swap rate.Investors can't complain about the re-setting of the swap rate, but the 200 bps credit spread is well below market value, given the 320 bps being paid on current tier-one capital issues.Clearly, ANZ considers leaving the hybrid notes in place to be cost-effective, but the bank could find that it receives a less than enthusiastic reception the next time it tries to sell hybrid notes to retail investors in New Zealand at least.