Emerging markets open up to hybrids

Borrowers from markets such as Russia, Hungary and Mexico have finally cottoned on to the benefits of issuing hybrid debt - and the trend is not just limited to financial institutions. Laurence Neville reports


Hybrid securities have been a major growth area in the US and European capital markets over the past decade. Emerging market bank borrowers finally began to dabble in hybrids a couple of years ago but issuance from one of emerging markets' big guns, Russia, has been scarce.

Now Russia has a new regulatory regime governing hybrids and there are hopes that Alfa Bank's $300 million transaction in February will prompt a slew of similar deals from the region. In a parallel development, emerging market

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