The hybrids really are structured to behave like 'prefernce...

The hybrids really are structured to behave like 'prefernce shares' which were quite prevalent form of equity capital many years ago when hybrids were not used much. Prefernce shares had their own terms and conditions, and often tied distributions, including higher ranking than the ord shares in the event of liquidation, but they usually converted to ordinary shares as per a pre-determined formula.

So the hybrids, although classified as debt by some because the entitlement to be paid par value at some stage, are both debt and equity... and are being treated in statutory documents as such!