European hybrid bonds continue to underperform
Idiosyncratic risk in the European corporate hybrid bond sector has seen new issuance stall and credit spreads rise.
- European Hybrid bonds have underperformed their senior counterparts over the last year
- Idiosyncratic risk has been key driver, with Volkswagen and Total seeing spreads widen
- Markit iBoxx EUR Liquid High Yield Index yields just 20bps
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