Hybrids Plummet, Private Credit Booms, Pensions Dive: Credit Chat
FICC Focus
00:00
Hybrid Bonds - What's Going On?
These bonds tend to get 50% equity treatment from the rating agencies when you're looking at leverage ratios. They typically have mechanisms for optional deferral coupons. If the company's not paying, anyone needs to share holders by way of dividends or buybacks. The new issuance market though, has been slowed so much.
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