Hybrids on track in the US


Hybrid capital, fast becoming the financing solution of choice with European companies, is now making its mark on the US corporate bond markets with more than $6.7 billion of issuance in the US dollar markets so far in 2006, according to Morgan Stanley.

Hybrid bonds combine features of debt and equity, providing cost-effective funding without diluting equity stakes or increasing leverage. Junior to all other classes of debt but still benefiting from the tax break associated with interest-bear

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