Hybrid Capital Sfandoff Concludes

Lewis, Janet
December 2005
Investment Dealers' Digest;12/5/2005, Vol. 71 Issue 46, p7
Trade Publication
The article reports that bankers in the U.S. are predicting increase in the number of issues of hybrid capital securities in the coming year. These securities provide more equity credit and their dividends are tax deductible. These securities were first issued by Lehman Brothers Inc. for its own account in mid-August of the year 2005. On November 15, 2005, Stanley Works sold $450 million of enhanced trust preferred securities in a transaction structured by Citigroup. The Stanley securities were both tax deductible and received some equity credit. Reinsurance Group of America sold $400 of sub-ordinated structured by Morgan Stanley & Co. Inc. that achieved 75 per cent equity credit and Zurich Financial issued a Lehman-structured enhanced capital advantaged preferred security.


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