March 05, 2026

DCM Perspectives Series: Corporate Hybrids

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Corporate hybrid bonds have characteristics of both equity and debt securities. These are long-dated, sometimes perpetual, securities. Rating agency methodologies ascribe some equity credit to corporate hybrids depending on their particular features, which we will discuss. In recent years, issuance volumes have increased in Europe as well as the United States. Some U.S. issuers have undertaken reverse Yankee hybrid issuances in recent months. What's next for this market?

Additional Speakers

Matthew Palmer
Senior Director
Fitch Ratings

Jakub Zasada
Director
Fitch Ratings

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