Hybrid bond sales reach record $65 billion

Companies are selling hybrids at a record pace, seeking to pad their balance sheets while the extra cost of the risky debt hovers near an all-time low.

- Bloomberg

Companies are selling hybrid bonds at a record pace, seeking to pad their balance sheets while the extra cost of the risky debt hovers near an all-time low.

More than $65 billion hybrid bonds in major currencies have been sold year-to-date, the most ever at this point in the year, based on data compiled by Bloomberg. The total has been boosted by debuts from the likes of beer giant Carlsberg Breweries A/S and packaged food company General Mills Inc., as well as repeat issuers including Verizon Communications Inc.