** Morgan Stanley notes shopping centre operator Scentre Group's SCG.AX efforts to refinance ~A$1 billion of subordinated debt issued on September 20 would replace or restructure all callable hybrids

** Maintains "Overweight" rating at PT of A$4.34

** SCG still has ~A$1.8 billion of original hybrid issued on September 20 outstanding at margin of 475bps, with the first call date in 2030 - MS

** Brokerage also notes SCG has previously replaced A$300 million of hybrids with traditional debt in late 2023; additionally, A$900 million of hybrids were issued on September 24 to replace some of original hybrids

** Stock down 2% YTD

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))