Originally published in the Practical Law Company Multi-Jurisdictional guide 2012/13: Capital Markets.

The history of hybrid securities may well be divided into two periods: pre-financial crisis and post-financial crisis. Before the crisis, hybrid issuances were quite significant and product structuring efforts resulted in a vast array of hybrid products. Following the financial crisis, regulators have been focused on enhancing the regulatory capital requirements applicable to financial institutions and ensuring that there is greater transparency regarding financial instruments. Regulatory reform will continue to affect the future of hybrid capital.

This chapter provides a brief overview of the principal structuring, legal, tax, regulatory and accounting considerations related to the issuance of hybrid securities. In particular, it...

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