欧洲混合资本：公司混合债——寻找精华中的精华

Corporate hybrids remain one of the best sources of carry in the current market environment, offering a way to boost returns while remaining exposed to solid underlying fundamentals. Overall, we expect European corporate hybrids to achieve a steady performance until year-end. 2026 already marks a record year for European corporate hybrids, with almost €50bn issued, of which more than a third has come from first-time issuers. Although c.50% of the new issues have underperformed since issuance, this intense primary activity was well digested and corporate hybrids (excluding real estate) have performed broadly in line with the overall credit universe year to date, generating solid excess returns and keeping senior sub spread differentials relatively stable around 100bp. Within the hybrid capital universe, corporate hybrids look best placed, notably versus financials hybrids and versus BB seniors, offering higher spread/beta and generally better expected returns on robust IG names, with mo