Beginner
What makes a security a hybrid
A hybrid combines contractual features associated with debt and equity. Start with the legal claim, then examine the choices that can change its cash flows.
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Hybrid Securities Trading Guide
Understand securities that combine features of debt, equity and derivatives. Follow eight stages covering preferred shares, convertibles, corporate hybrids, bank capital and structured notes.
Start with What makes a security a hybrid, then follow the next lesson links. Explore 32 lessons with worked examples, exercises and further reading.
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Hybrid Security Foundations · All lessons
Hybrid Security Foundations
Identify the issuer, legal claim and embedded choices before comparing returns.
Beginner
Mapping your place in the capital structure
Priority determines which claims are paid first, but it does not create assets to pay them. Map the exact issuer and ranking before relying on a...
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Beginner
Reading a hybrid prospectus before the headline yield
The prospectus explains the rights you purchase. Build a concise term sheet from it before using a quoted yield or an issuer presentation.
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Beginner
Coupons dividends and total return are different measures
A coupon is a contractual rate, a dividend is a distribution under share terms, and total return measures the whole investment outcome. Keep their denominators and...
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