Letters of the Week

Hybrids and vested interests. The risks around CSG. Shale win.

Hybrid noise
Hybrids have received increasing attention recently and objective comment on them is hard to find. Established bank hybrid prices have softened a little, apparently, as advisers push clients into newer issues; churning for adviser benefit is not ethical but understandable. One factor that makes hybrids attractive is that they can be readily bought and sold without use of specialist brokers who control retail access to most bond investments. Couple this with a better-than-bank-interest return and their popularity is guaranteed. The chance of default on bank hybrids and other blue chip issues is low, as is their suspension of interest payments. It would be nice to feel that objective information on these investments were available, but little is to be found. Everyone seems to be pushing their own loaded barrow.

– P Copleston

CSG danger



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