European corporates that sold hybrid bonds in 2005 and 2010 should think about buying back their securities and issuing new deals to take advantage of current low interest rates and benign markets, say coverage bankers. At least 10 European corporates with more than €8bn in subordinated hybrid structures face their first call date in the next 12 months, prompting a flurry of conversations with investment banks keen to undertake liability management exercises. And there are at least four more European issuers due to call in 2016, followed by a further 10 in 2017, meaning the total amount of callable hybrid structures stands at €22bn minimum in the next three years.
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