Practical Law UK Glossary 0-501-0447 (Approx. 3 pages)
Glossary
Hybrid securities
Also known as hybrid capital instruments, hybrid instruments or hybrid bonds. Securities which are legally debt securities but that have some equity-like features.
Debt characteristics of hybrid securities include deferred or scheduled interest payments.
Equity characteristics include modified repayment terms, such as extended or perpetual maturity dates, with the right to redeem the instrument at the discretion of the issuer.
For securities that convert from debt to equity (or vice versa), see convertible securities.