A requiem for hybrids?


Is it time to start composing a requiem for hybrid securities? Reading recent headlines and studying recently adopted legislation makes fans of hybrid securities mournful. Critics of hybrid securities were quick to note that these financial instruments did not perform as expected during the financial crisis and failed to absorb losses or provide financial institutions with much-needed flexibility during a period of stress. Regulators, who were already well on their way to revisiting ‘innovative’ hybrids before the worst days of the financial crisis were upon us, have joined in adirge.

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