The Ins and Outs of European Hybrids

Know More. Risk Better. Podcast | Season 10, Episode 22

In this episode of the Know More. Risk Better. podcast, the conversation explores the growth, structure, and investment appeal of corporate hybrids, and how evolving market dynamics are shaping their role in issuer capital structures. Logan Miller is joined by Andrew Moulder to discuss the expansion of the hybrid market beyond utilities, the key benefits including higher yields, tax and accounting advantages, and the associated risks such as extension risk and refinancing challenges.
They examine investor demand, market sentiment, and future growth prospects, offering practical insights on valuation and positioning. The episode delivers clear, forward-looking perspective to help investors better understand and navigate opportunities in the hybrid credit market.

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Speakers:

Logan Miller, Head of European Strategy, CreditSights:
Logan leads European strategy across investment grade and leveraged finance markets, developing market views and investment recommendations for institutional investors.

Andrew Moulder, Head of Utilities, CreditSights:
Andrew is a senior European utilities analyst with over 25 years of experience and strong expertise in corporate hybrids and credit markets.

Timestamps:

00:00 Introduction to Corporate Hybrids
02:45 The Growth of the Hybrid Market
06:55 Investor Attraction to Hybrids
09:50 Hybrid Issuance in Non-Utility Sectors
11:45 Tax Advantages and Accounting Treatment
12:40 Risks and Limitations of Hybrids
16:00 Extension Risk and Its Implications
20:50 Market Demand and Investor Sentiment
23:00 Future of the Hybrid Market
25:40 Investor Questions and Concerns
28:40 Conclusion and Recommendations

Related Resources:

Hybrids 101: Explore hybrid bond structures to understand how they blend equity and debt features, shaping both risk exposure and return potential. https://know.creditsights.com/insight…

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