The Basel Committee on Banking Supervision is, after months of talk, finally getting tough on hybrid capital. Panglossian banks that ignored repeated warnings about the future eligibility of the product may regret their enthusiasm.
Regulators have repeatedly told banks over the last year that they will face curbs on the issuance of hybrid capital. But instead of eschewing the product, banks jumped back into the market as soon as they could and hoped that somehow, if the worst came to the
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