Basel III implementation may lead to income securities buyback Income securities were among the earliest hybrids issued and as the hybrids market grew more sophisticated the price of all of them drifted down below the issue price of $100 (par value). For some years now income securities such as NABHA, MBLHB, WOWHB and BENHB have traded consistently below par value. There are two reasons this has occurred. The first, is...