Two big banks have moved to kill off their hybrid listings.

In announcements to the ASX this week, National Australia Bank said it would scrap its Capital Notes 4 hybrid offering, Macquarie Group cut Capital Notes 2.

Both say they are pulling their offers due to substantially changed market conditions.

Investors who contributed to NAB's $1.95 billion raising efforts last month will be refunded their money on March 23.

Macquarie has withdrawn its $500 million offer, and says investors will be repaid “as soon as practicable”.

The listed hybrid market saw its worst single day's trade in history on Monday.

“NAB considers that the withdrawal of the offer is in the best interests of relevant stakeholders, including the large number of retail investors who had expressed interest in participating in the offer,” NAB said.

“Other options, including potential repricing, were not considered appropriate in the absence of an orderly market.”

Other raisings have been pulled too, including Metrics' $640 million listed investment trust offering and Neuberger Berman's $685 million rights issue.