Corporate hybrid issuance grows in stable ratings environment

DNA hybrid
By Richard Metcalf
20 Aug 2014

Hybrid capital issuance by western European investment grade corporate borrowers has grown in the past two years, with volumes so far this year reaching $28.8bn, 29% more than at the same time in 2013. The business has brought banks $199m in revenue, according to Dealogic, making it an ever more important source of income for dealers.

The figure represents 27% of all revenue from western European corporate investment grade issuance this year, the largest proportion ever generated by hybrids.

In the same period last year, $22.4bn of hybrid issuance generated $121m in revenue.Hybrid debt has had a surge of popularity among corporate issuers in the ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial