Why corporate hybrids are not all they’re dressed up to be
Right now, the future of the corporate hybrid market hangs in the balance. There are signs that it is becoming more institutionalized; the rating agencies’ publication of their equity treatment for different structures gave it a new legitimacy last year. In January 2006, the new corporate hybrids were included in the iBoxx indices, giving them a further boost to be considered a new asset class.
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