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<span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon 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.sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks plainlist" style="width: 18em;"><tbody><tr><th class="sidebar-title"><a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg/250px-Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg" decoding="async" width="250" height="206" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg/375px-Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg/500px-Vereinigte_Ostindische_Compagnie_bond_-_Middelburg_-_Amsterdam_-_1622.jpg 2x" data-file-width="640" data-file-height="528" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Financial_market" title="Financial market">Markets</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Stock_market" title="Stock market">Stock market</a></li> <li><a href="/wiki/Commodity_market" title="Commodity market">Commodity market</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter market (OTC)</a></li> <li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Bonds by coupon</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li> <li><a href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</a></li> <li><a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</a></li> <li><a href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li> <li><a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li> <li><a href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Bonds by issuer</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><a href="/wiki/Pfandbrief" title="Pfandbrief">Pfandbrief</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equities (stocks)</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Share</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering (IPO)</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Investment_fund" title="Investment fund">Investment funds</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund (ETF)</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge fund</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Segregated_fund" title="Segregated fund">Segregated fund</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li> <li><a href="/wiki/Agency_security" title="Agency security">Agency security</a></li> <li><a href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li> <li><a href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li> <li><a href="/wiki/Residential_mortgage-backed_security" title="Residential mortgage-backed security">Residential mortgage-backed security</a></li> <li><a href="/wiki/Tranche" title="Tranche">Tranche</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li> <li><a href="/wiki/Collateralized_fund_obligation" title="Collateralized fund obligation">Collateralized fund obligation</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li> <li><a href="/wiki/Credit-linked_note" title="Credit-linked note">Credit-linked note</a></li> <li><a href="/wiki/Unsecured_debt" title="Unsecured debt">Unsecured debt</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivatives</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forward</a></li> <li><a href="/wiki/Futures_contract" title="Futures contract">Futures</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li> <li><a class="mw-selflink selflink">Hybrid security</a></li></ul></div></div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output 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nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a class="mw-selflink selflink">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">personal</a></li> <li><a href="/wiki/Public_finance" title="Public finance">public</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Hybrid securities</b> are a broad group of <a href="/wiki/Securities" class="mw-redirect" title="Securities">securities</a> that combine the characteristics of the two broader groups of securities, <a href="/wiki/Corporate_debt" class="mw-redirect" title="Corporate debt">debt</a> and <a href="/wiki/Share_capital" title="Share capital">equity</a>. </p><p>Hybrid securities pay a predictable (either fixed or floating) rate of return or dividend until a certain date, at which point the holder has a number of options, including converting the securities into the underlying share. </p><p>Therefore, unlike with a share of stock (equity), the holder enjoys a predetermined (rather than <a href="/wiki/Residual_claim" class="mw-redirect" title="Residual claim">residual</a>) cash flow, and, unlike with a fixed interest security (debt), the holder enjoys an option to convert the security to the underlying equity. Other common examples include convertible and <a href="/wiki/Preferred_stock" title="Preferred stock">converting preference shares</a>. </p><p>A hybrid security is structured differently than fixed-interest securities. While the price of some securities behaves more like that of fixed-interest securities, others behave more like the underlying shares into which they may convert. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hybrid_security&action=edit&section=1" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>A <a href="/wiki/Convertible_bond" title="Convertible bond">convertible bond</a> is a <a href="/wiki/Bond_(finance)" title="Bond (finance)">bond</a> (<i>i.e.</i> a loan to the issuer) that can be converted into common <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> of the issuer. A convertible bond can be valued as a combination of a straight bond and an <a href="/wiki/Option_(finance)" title="Option (finance)">option</a> to purchase the company's stock.<sup id="cite_ref-Scotia031509_1-0" class="reference"><a href="#cite_note-Scotia031509-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></li> <li>A redeemable, or callable, <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a> confers the issuer to repurchase the stock at a preset price after a specified date, converting it to <a href="/wiki/Treasury_stock" title="Treasury stock">treasury stock</a>. Therefore, if interest rates decline, the company has the flexibility to redeem the stock and subsequently re-issue it at a lower rate, reducing its <a href="/wiki/Cost_of_capital" title="Cost of capital">cost of capital</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li> <li>A <a href="/wiki/PIK_loan" title="PIK loan">PIK loan</a> may carry a detachable <a href="/wiki/Warrant_(finance)" title="Warrant (finance)">warrant</a> (the right to purchase a certain number of shares of stock or bonds at a given price for a certain period of time) – the loan is the debt (Bond), while the warrant is the equity</li></ul> <div class="mw-heading mw-heading2"><h2 id="Important_terms">Important terms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hybrid_security&action=edit&section=2" title="Edit section: Important terms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><b>Returns</b>: Predictable dividend, often franked therefore possible tax advantage to the holder</li> <li><b>Capital price</b>:</li></ul> <dl><dd><ul><li>Price moves in line with share price (fixed conversion terms e.g. 1 hybrid convert to 1 share)</li> <li>Bond like, price does not move in line with share price (variable conversion terms, face value (usually $100) convert to $100 worth of shares).</li></ul></dd></dl> <ul><li><b>Discount</b>: A discount is usually offered to the share price at the time of conversion.</li> <li><b>Reset/resettable</b>: At the reset date the terms of the security (dividend rate, next reset date) may change. The holder can elect to accept the new reset terms or convert into shares.</li> <li><b>Cumulative/non-cumulative</b> This refers to the event of missed dividend payments.</li></ul> <dl><dd><ul><li>Cumulative: missed dividend payments are added to the next dividend payment.</li> <li>Non-cumulative: missed dividend payments are forgone.</li></ul></dd></dl> <ul><li><b>Redeemable/non-redeemable</b></li></ul> <dl><dd><ul><li>Redeemable: At certain times the holder may have the option to sell the securities back to the company at the face value/issue price.</li> <li>Non-redeemable / irredeemable: The company is not offering to buy the securities back.</li></ul></dd></dl> <div class="mw-heading mw-heading2"><h2 id="Basket_D_security">Basket D security</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hybrid_security&action=edit&section=3" title="Edit section: Basket D security"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The most popular hybrid among financial institutions (banks and insurance companies) is the Basket D security. Basket D is a reference to a point on Moody's debt-equity continuum scale that treats the hybrid as 75% equity and 25% debt. In order to qualify, the security must give the issuer the right (or even the obligation) to roll-over the security at expiry to an indefinite or long maturity bond and to suspend dividends (effectively coupon payments, but to reflect the equity nature of the security, the term "dividend" is used). Most Basket D issuances have been structured in a way that also preserves the tax deductible nature of their interest payments, avoiding double taxation/customs. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hybrid_security&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Convertible_security" title="Convertible security">Convertible security</a></li> <li><a href="/wiki/Convertible_debt" class="mw-redirect" title="Convertible debt">Convertible debt</a></li> <li><a href="/wiki/Monthly_income_preferred_stock" title="Monthly income preferred stock">Monthly income preferred stock</a></li> <li><a href="/wiki/SWORD-financing" title="SWORD-financing">SWORD-financing</a>, a special form of securities used in biotech industry</li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Venture_lending" class="mw-redirect" title="Venture lending">Venture lending</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hybrid_security&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-Scotia031509-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Scotia031509_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090318052924/http://www.ritceyteam.com/pdf/IntroToConverts_ClientFriendly.pdf">"Introduction to Canadian Convertible Debentures"</a> <span class="cs1-format">(PDF)</span>. Voya Vasiljevic, ScotiaMcLeod. March 15, 2009. Archived from <a rel="nofollow" class="external text" href="http://www.ritceyteam.com/pdf/IntroToConverts_ClientFriendly.pdf">the original</a> <span class="cs1-format">(PDF)</span> on March 18, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">March 15,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Introduction+to+Canadian+Convertible+Debentures&rft.date=2009-03-15&rft_id=http%3A%2F%2Fwww.ritceyteam.com%2Fpdf%2FIntroToConverts_ClientFriendly.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHybrid+security" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.accountingtools.com/articles/2017/5/13/redeemable-preferred-stock">"Redeemable preferred stock"</a>. <i>AccountingTools</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">2019-07-08</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Callable+Preferred+Stock&rft.aulast=Kenton&rft.aufirst=Will&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcallablepreferredstock.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHybrid+security" class="Z3988"></span></span> </li> </ol></div></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Hybrid_security&oldid=1249481021">https://en.wikipedia.org/w/index.php?title=Hybrid_security&oldid=1249481021</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Securities_(finance)" title="Category:Securities (finance)">Securities (finance)</a></li><li><a href="/wiki/Category:Financial_markets" title="Category:Financial markets">Financial markets</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Articles_needing_additional_references_from_February_2007" title="Category:Articles needing additional references from February 2007">Articles needing additional references from February 2007</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 5 October 2024, at 04:24<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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