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The last 18 months have seen non-financial companies embracing Europe’s market for hybrid securities. Already a popular option with banks and insurers, a total of 15 non-financial companies also used the market to raise the equivalent of around $18 billion. The pace of issuance was only briefly slowed by market turmoil in May and June, and issuers as diverse as sports-car maker Porsche and family owned mail-order retailer Otto rubbed shoulders with the likes of Italian lottery operator Lottomatica and French construction giant Vinci. General Electric Co. even joined the party in September, issuing an innovative security with one tranche denominated in euros and one in British sterling.

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