From the Collaborative Bond and Money Market Data Portal
Bonds may be classified as Hybrid because they have both equity and debt characteristics, like a convertible bond, or because their performance is linked to 2 or more different asset classes, f.e. a commodity and a credit index.Â
In the Collaborative Market Data Model the latter appears as Category OTHER-Multi-Linked. The first type of Hybrid is classified either as EQUITY-Convertible Single Stock. Reverse Convertibles and other equity linked instruments are normally not referred to as hybrid.
The term Hybrid is also used in corporate bonds when it ranks below senior bonds. This in the Collaborative Market Data Model is expresses through the field Ranking as various Subordinated Tiers or as Sub - Undisclosed Tier). To filter for Corporate Hybrids, you therefore need to select both Company Type equals Corporate and Ranking equals (Sub-Undisclosed Tier).
Structure or Category is a classification that is given to a Debt Instrument by a market participant or by CMDportal on a best efforts’ basis. This therefore is not a legal term and so is distinct from what may be found in a Term-sheet or Pricing Supplement. It is a classification that is useful in distinguishing different types of Debt Instruments in various market segments.
For information on the size of the Hybrid Bond Market, please use our data sheet tool.
For information on the composition of the Hybrid Bond Market, please use our issuer search tool.
For information on active dealers in the Hybrid Bond Market, please use our dealer search tool.
For information on active investors in the Hybrid Bond Market, please use our investor search tool.
