flurry of hybrid bonds issued by European corporates last month
featured greater interest payment optionality, leading to more
favourable rating agency treatment.
feature, along with upcoming refinancings of pre-crisis
hybrids, is tipped to continue the momentum behind corporate
hybrid bonds an instrument traditionally dominated by
banks and insurers but gaining renewed traction with European
of Januarys most notable offerings have come out of
record-breaking 4 billion deal and
1.3 billion deal.
The relatively unusual feature of these two deals is
that in addition to receiving equity treatment for accounting
purposes, they are also eligible for...