Latest style of HybridsMost of the hybrid securities issued...

Latest style of Hybrids
Most of the hybrid securities issued recently are very " Bond " like. Although each has individual characteristics, typically:

they have a set dividend rate for a 5 year period ('reset' period)
are issued at $100
the holder has the ability to take the new 'reset' terms, redeem the face value or convert
the holder can convert into the shares at a discount to the current ordinary share price e.g. 5%
the conversion ratio is into a dollar amount of shares. e.g. $100 worth of the underlying equity