Hybrid bond mart in uproar as NAIC rules Ecaps equity
The US's red-hot hybrid capital securities market was knocked sideways this week when the National Association of Insurance Commissioners, which regulates how insurance companies invest, suddenly and inexplicably decided to redesignate one of the most debt-like structures as common equity.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article: