Last year, Wachovia took a significant gamble with its heavy investment in equities and advisory. Now it is beginning to pay off, as its head of corporate and investment banking explains to Kathryn Tully.

In January, underwriters and issuers were sure innovations in the US FIG hybrid market would prompt a flood of new issues in 2006. Five months on, that flood is a trickle after NAIC classification concerns significantly stalled the infant market, resulting in a stand-off. Kathryn Tully reports.
There are a lot of disgruntled bankers, issuers and investors in the US hybrid bond market right now.