By guest contributor Brad Dunn, Senior Credit Analyst, Daintree Capital
In these times where every basis point counts, hybrids stand tall, offering the highest yields for an investment-grade credit rating. As a reminder, a credit rating is simply an opinion of the likelihood that a bond will default during its time on issue. While hybrids are attractive on a gross yield or spread basis, there is no such thing as a free lunch. These higher relative returns come with...