// definition
Hybrid bond
Financing with debt-like and equity-like terms
Short definition
A security whose terms combine debt-like and equity-like features, including payment priority, maturity and the ability to defer coupons. Balance-sheet classification depends on the contract and accounting rules. Issuing it provides financing; its cost and investor rights require separate assessment. Stellantis’s 2026 perpetual instruments are classified as equity, with proceeds in financing cash flow.
risk atlas
Knowledge map
Intuition
Equity classification and financing cost answer different questions.
Related analyses
- Stellantis: the price of the turnaroundIndustrial cash, supplier timing and hybrid financing.
Primary sources
- Stellantis, H1 2026 interim report, page 80Perpetual instrument terms and IAS 32 classification.
- Stellantis, 11 March 2026 hybrid offeringAmounts, currencies, coupons, first call and reset dates.