Basel III rules are being finalized around the world, and investors will have to come to terms with a new, complicated $1 trillion debt market as banks start to issue new hybrid debt. “A new era of bank hybrid capital is dawning,” writes Citi analyst Hans Lorenzen. “Banks will still have a strong regulatory incentive to issue hybrid debt – indeed, for US banks it is arguably stronger than previously.” Lorenzen estimates that the total . . .

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