Cracks are showing in the hull market as doubters flag up risk

摘要

We're at that stage of a bull market when the bulls are still thundering but a lot of other folk — the more conservative investors, bankers and regulators - are sounding notes of caution. The phenomenon appears in several guises in this month's edition of The Banker. As bankers and rating agencies try to push out the structures of hybrid issuance even further, the National Association of Insurance Commissioners put a spanner in the works of the US market by insisting that a Lehman hybrid be considered as straight equity. Kathryn Tully reports on the ensuing hiatus on page 40.