To be fair, it hasn't been difficult to turn a quid with hybrids...

To be fair, it hasn't been difficult to turn a quid with hybrids over the last 6 months as risk capital has started entering the market again. FIIG's analysts do know their stuff though, you can even buy into non-listed fixed interest notes through them; for example they were recently offering some Heritage Building Society notes yielding 10%, that were going to be listed on the ASX eventually that look good. Offer is still available i believe.