Hybrid issuance suffers amid Basel confusion

Mark Benstead, Axa: hybrids from insurers have performed well

When Lloyds Banking Group launched a £5.7 billion deal in November last year, it seemed to herald a new start for hybrid issuance. In the first deal of its kind, Lloyds’ contingent capital or ‘CoCo’ bond featured a trigger for conversion into equity if the bank’s core tier 1 capital ratio falls below 5%. The bond met with healthy demand from investors.

But despite the UK bank’s success, the hybrid markets remained deathly quiet during the traditionally busy first two months of 2010, with the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: