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FOLITIC / HYBRID SECURITIES
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.
Issuer incentives · All lessons
Read subordination, payment deferral, extension and issuer funding incentives.
Intermediate
An issuer and an investor evaluate the same hybrid from different perspectives. Funding flexibility for the company can create payment, conversion or extension risk for the...
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