In the absence of any other indicators,it is still possible to tell that markets have been tuned to 'risk on', because corporate hybrid capital is back in vogue. These subordinated equity-cum-debt structures have been hitting fresh highs in issuance volumes and deal size, while attracting new issuer types and new investors. And one of the busiest banks in the segment in 2013 has been Citigroup. As a bookrunner on all hybrid issues, both corporate and financial, Citi has been among the market leaders in the Europe, Middle East and Africa (EMEA) region since the start of 2012.
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