Rate shock calls time on funky debt boom [Reuters]
Telefonica SA (TEF)
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Source: Reuters
LONDON, Nov 29 (Reuters Breakingviews) - Property group Aroundtown (AT1.DE) just flouted a bond market convention by saying it wouldn't repay hybrid bonds at the first opportunity. The Luxembourg-based group's move portends a shakeout in the once vibrant market for funky debt that has equity-like characteristics. Hybrid debt boomed during the low-rate era, with issuance topping 35 billion euros last year, according to ING. The securities typically don't have a maturity date and are treated as similar to equity by rating agencies. But the rise in interest rates has put companies on the spot: the notes are generally designed to be repaid after only a few years to keep borrowing costs low. Yet calling bonds now means issuing new securities at a high cost, especially for weaker companies. Some, like Telefonica (TEF.MC) , are still issuing, even at a higher cost . But Aroundtown has taken a hard-nosed approach. On Tuesday it chose to leave outstanding a 369 million euro bond due to be
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