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Corporate Bonds

Hybrids are here to stay, but formats are not set in stone

The buzzwords in corporate hybrid capital are stability and standardisation. Market participants are delighted to have found a template structure that suits all the rating agencies, enabling the product to take off. Dozens of companies now issue, in deals of €150m to €6bn. But while all welcome this calm, hybrids still rely on a complex interaction of rating, accounting and tax treatments. This precise balance works for now, but is unlikely to go unchanged forever. Jon Hay reports.

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