The terms of the hybrids cannot be changed without approval of...

The terms of the hybrids cannot be changed without approval of the hybrid holders. So a payout at less than par will only happen in the event of a liquidation where the assets are less than the liabilities and ordinary shareholders will get zero. again, i repeat also, ordinary shareholders cannot receive any dividend or capital return until hybrids have received a year's worth of distributions. so any scenario that discounts the value of hybrids on the prospect of no distributions for a long time should discount the ordinary's more.. ie. if you think the hybrids are zero coupon perpetuals , the ordinary's are more so..