There was a moment during the period from April to June this year when it looked like the European corporate hybrid market might have run its course. While all fixed-income markets suffered from a bout of the jitters, volatility on outstanding hybrid issues ballooned, magnified by the wider spreads that hybrid paper usually trades at as a result of its subordination.

At the same time, insurers, a mainstay investor in the market, were sitting nervously on the sidelines worried that regulators

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