Corporate hybrids: not if, but who and when

19 Oct 2009

Whispers about the return of corporate hybrids have grown louder, with bankers now confident such a structure would find demand. But some key obstacles remain, namely finding the right issuer and overcoming ratings methodology changes for hybrids, which could dampen investors’ enthusiasm.

It was the first corporate hybrid capital bond in Europe since a one-off deal in 2008, but it failed to set the market alight when it was launched two weeks ago. When Hero, the privately-owned Swiss jam maker, priced a Sfr400m 6.5% perpetual non-call seven year issue on ...

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