S&P casts shadow over corporate hybrids
Standard & Poor’s warned on Monday that it was about to change its criteria on awarding 100% equity content to corporate hybrid securities, as well as those of North American insurance holding companies.
The policy review centres on a notable quirk of S&Ps attitude to hybrids: it withdraws equity credit a certain number of years before what it regards as a likely call date, such as one with a substantial coupon step-up.
S&P is keen to ensure that hybrid capital has
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