Woolworths announced their half-yearly result and, as expected, it was a shocker. A $973 million first-half loss after writing off its disastrous Masters investment. Dividends were slashed from 67 cents to 44 cents. While that is a bad result for equity holders, of particular interest in the results announcement was the effect on fixed income investors. Woolworths have $700 million of hybrid securities (ASX Code: WOWHC) that have a step-up...