STRAIGHT EQUITY ISSUERS remained in hibernation this spring but hybrid capital issuers woke up to inviting conditions.
Issuers have found that low interest rates, tightening credit spreads and the continued volatility of the equity market make hybrid products across the spectrum from subordinated debt structures to hybrid convertibles highly attractive. Yield-hungry investors have shown a big appetite for the extra basis points offered by subordinated debt from credits with which they are fundamentally happy. And the strong demand for convertibles from long-starved convertible arbitrage hedge funds has helped issuers get away with some bargain terms.
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