Winner: Wienerberger

Amongst the month's most innovative and ground-breaking deals in the credit markets, we highlight Wienerberger's hybrid, Anderson Valley II CDO and HBOS's $3bn covered bond


After the fanfare that accompanied the expansion of the market for European hybrid corporate capital in 2004 and 2005, total issuance volumes dipped last year. But any suggestion that this modest downturn heralded a longer term decline in investor demand for corporate hybrids was scotched by Austrian brick manufacturer Wienerberger's EUR500m transaction via Deutsche Bank, Dresdner Kleinwort and Erste Bank. The 6.5% Basket C Perpetual non-call 10 issue, due February 2017, reopened the European

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