2006 Hybrid Issuance: Estimates Still Rising

Lewis, Janet
February 2006
Investment Dealers' Digest;2/6/2006, Vol. 72 Issue 5, p11
Trade Publication
The article reports that bankers keep increasing their estimates for the amount of issuance of tax-deductible, high-equity-credit hybrid capital instruments they expect to see in 2006. The action is due to the success of Wachovia Corp.'s mandatory convertible trust preferred. Bankers believe that internationally active bank holding companies may be issuing more of this type of security now that the Federal Reserve has raised the percentage of Tier 1 capital it will accept in this form to 25 percent from the 15 percent limit.


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