Off the beaten track: Macquarie ECS

Generally, listed hybrids don’t offer enough compensation for the risks they entail. Macquarie ECS, on a yield of 11%, is a very different proposition.

Financial institutions have been lining up to enter the hot market for convertible hybrid instruments. ANZ, Westpac and IAG have all raided the wallets of retail investors.

You are probably aware by now that we are not huge fans of such offers—the returns on offer are nowhere near enough compensation for the risks they entail.

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