Old-style hybrids set for regulatory reprieve

06 Jan 2012

Expectations for subordinated debt and hybrid capital issuance this year have leapt following a European Parliament report proposing that such issues be grandfathered under the capital requirements regulation (CRR I).

A draft report from the European Parliament’s Committee on Economic and Monetary Affairs, released over Christmas, proposed changing the grandfathering cut-off date for old-style capital securities to the end of 2012.

Banks have been reluctant to issue hybrid and subordinated securities since the CRRI and the fourth capital ...

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