CEBS aims to stymie hybrid buybacks but roster keeps growing
The Committee of European Banking Supervisors (CEBS) began consultations this week over hybrid capital buybacks that could discourage the practice, even as the number of issuers launching offers continued to grow.
The move by CEBS attracted immediate criticism from market participants.
"CEBS should remember how much core tier one has been generated through these buybacks," said one structuring specialist."This is a loss absorbing instrument and equity investors see it as such. CEBS seems to be hung up on the permanence ...