M&G in hybrid rant as RWE raises Eu1.75bn
M&G, the biggest sterling corporate bond investor, slammed hybrid corporate deals this week, saying they offered “the worst of both worlds: equity type risk with bond type returns”. But few other investors seem to agree. The comments came the same day that RWE raised Eu5bn of orders on the way to printing a Eu1.75bn bond, the biggest ever euro hybrid from a corporate borrower. Read EuroWeek on Friday to find out just how much investor unease there is regarding hybrids.