ELDPA does not have accumulated coupons, right? Really, with...

ELDPA does not have accumulated coupons, right? Really, with this sort of hybrid, one takes the risk of it not paying an annual return. That is why they are so unpopular.

What is probably most interesting is that the really old school holders of these hybrids- the ones who paid $100 for ELDPA, for example, being willing to take a haircut, as per AFR, whereas those who come on board when the hybrids are a fraction of their value, demand $100.