Hybrids have become a savvy corporate treasurer's dream structure

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By Mike Turner
11 Feb 2020

Hybrid capital bonds are the flavour of the month. Their roaring success this week and the absence of any clear event that will knock them off their perch means they will quite likely prove the flavour of the year.

Swedish property company Akelius had a rip-roaring time in the hybrid capital market at the start of the week, getting €500m of 61.25 year non-call 6.25 year debt at 2.25%, after starting its marketing efforts 50bp wide of the final yield.

Property is not a natural fit for many investors. ...

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