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sales of corporate hybrids, a five-year high |
Hybrid securities were once considered a cheap form of equity or a costly form of debt but demand for fixed-income assets, and prolonged low interest rates, have changed all that. Along with a favourable judgement by rating agencies on how hybrids affect an issuer’s credit rating, sales of European corporate hybrid bonds have surged to a five-year high of €5.2 billion in little more than a month. In September alone, UK power company Scottish & Southern Energy sold £1.2
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